There's an interesting phenomenon I want to discuss—are the buying actions of these two companies really influencing Bitcoin's price movement?

Let's start with the timeline. MicroStrategy founder Saylor mentioned in a September interview that Metaplanet would become Japan's most valuable company. Then I looked into their purchasing trends: from January, as BTC retreated, through April, Metaplanet began accumulating. After BTC bottomed out and rebounded to their average cost basis in April, both companies started increasing their purchases from May onward.

The key point is, relying solely on MicroStrategy's buying activity doesn't seem enough to absorb the market’s large sell-offs. But what happens when Metaplanet's buying joins in? BTC begins a steady upward trend with only gains, holding until the crash on October 11. Before that, both companies paused their purchases. Then Bitcoin kept sliding all the way to December.

Is this just a coincidence?

Now, let's look at Metaplanet itself. Its current market cap is about $340 million, but the Bitcoin they hold (at the current price of $90,000) is worth over 1.17 times the company's total market value. Comparing to global hotel giants—Marriott with a $70 billion market cap, Hilton with $63 billion—Metaplanet's scale is completely disproportionate.

Based on the information leaked by MicroStrategy, there are only two ways to justify Metaplanet's valuation: either BTC rises to $2.27 million (assuming they stop buying), or Metaplanet continues to buy an additional 77,7800 BTC.

Currently, Metaplanet holds only 30,823 BTC, meaning they have allocated just 4% of their target funds. Meanwhile, Saylor from MicroStrategy has said they hope to accumulate up to 2.1 million BTC if luck is on their side.

Interestingly, MicroStrategy already revealed in September that Metaplanet would continue large-scale purchases, and subsequent events proved they weren't lying. According to this logic, just the buying power of these two companies alone could trigger a super bull market—other institutional buyers haven't even been factored in yet. So, what they really need is for market participants to sell off their holdings.