Fidelity's MetaPlanet Bet, WEMIX Case Win, and More
APAC Crypto Morning Brief
Here's your quick look at the major overnight crypto developments impacting Asia Pacific markets and the broader crypto landscape.
Institutional interest in crypto is growing, highlighted by Fidelity's support for MetaPlanet's Bitcoin strategy, Henry Chang's legal victory concerning WEMIX, and SharpLink's substantial Ethereum holdings.
Fidelity Increases Stake in MetaPlanet
National Financial Services, a Fidelity Investments subsidiary, now holds a 12.9% stake in MetaPlanet Corporation, valued at ¥130 billion as of June 30. This move indicates strong institutional confidence in Bitcoin-related investments.
MetaPlanet, often called “Asia’s MicroStrategy,” has raised over ¥150 billion this year to increase its Bitcoin reserves. The company now holds 16,352 BTC, ranking fifth among public companies globally with Bitcoin holdings. These holdings, acquired for ¥239.6 billion, now show unrealized gains of around ¥47 billion at a valuation of ¥291.2 billion.
This substantial backing underscores the changing attitudes of traditional financial firms toward digital assets.
Henry Chang Acquitted in WEMIX Case
The Seoul Southern District Court acquitted Henry Chang, former CEO of Wemade and current head of Nexus, of violating capital market laws related to WEMIX token liquidation statements. The court found insufficient evidence to directly link WEMIX price movements to Wemade stock performance.
Judge Kim Sang-yeon stated that “WEMIX pricing and Wemade stock don’t necessarily move together,” dismissing claims of market manipulation based on Chang’s statements about halting WEMIX liquidation.
The court noted differences between WEMIX tokens and Wemade shares, including distinct legal frameworks and trading mechanisms. WEMIX is trading approximately 7% higher on global exchanges like Bybit, Bitget, MEXC, and Gate.io, despite its exclusion from Korean platforms. An appeal may follow this initial verdict.
SharpLink Gaming: Top Corporate ETH Holder
SharpLink Gaming (SBET), listed on Nasdaq, has become the largest corporate holder of Ethereum, surpassing the Ethereum Foundation with 280,706 ETH as of July 13. The company acquired 74,656 ETH between July 7-13 at an average price of $2,852, funded by $413 million in equity raises.
SharpLink has allocated 99.7% of its holdings to staking protocols, generating 415 ETH in rewards since June. Including unreported purchases through Coinbase Prime, their total holdings are approximately 294,000 ETH, with an average acquisition cost of $2,695.
This aggressive strategy has resulted in about $92 million in unrealized gains at current prices. With $257 million in uninvested capital, SharpLink is positioned for further expansion. SharpLink’s stock has surged 116% over the past month, including a 21.31% gain on Tuesday.
Disclaimer: All information is for general knowledge. Conduct thorough research before making decisions. If you are interested in crypto asset security, Codeum specializes in smart contract audits and custom blockchain development.