Today in Crypto: BTC Hashrate, JPMorgan Trading, Metaplanet
Key developments in digital assets today include a decline in Bitcoin’s hashrate that VanEck says could favor future price performance, JPMorgan Chase evaluating crypto trading services for institutional clients, and Metaplanet approving a capital structure revision to issue dividend-paying preferred shares targeted at overseas institutions.
VanEck: Miner capitulation could indicate a market bottom
Bitcoin’s hashrate fell 4% over the month to Dec. 15, which VanEck analysts attributed to shutdowns among Chinese miners. In a report published Monday, VanEck said prolonged periods of hashrate compression have historically aligned with improved forward returns, characterizing miner capitulation as a contrarian bullish indicator.
Since 2014, Bitcoin’s 90-day forward returns have been positive 65% of the time following a 30-day decline in network hashrate, compared with 54% when hashrate increased, according to VanEck crypto research lead Matt Sigel and senior investment analyst Patrick Bush. The dynamic could benefit Bitcoin (BTC) miners if higher prices expand margins or bring previously unprofitable operations back online.
JPMorgan weighs institutional crypto trading: Report
JPMorgan Chase is considering offering cryptocurrency trading to institutional clients, Bloomberg reported Monday, citing a person familiar with the matter. The bank is assessing potential products and services within its markets division, which could include spot and derivatives trading for digital assets, according to the report.
The initiative is reportedly in early development and responds to client interest amid a shifting U.S. regulatory landscape. Under U.S. President Donald Trump, the government has enacted several crypto-friendly policies since January, including signing the GENIUS Act, a stablecoin payments bill, into law.
Separately, JPMorgan has faced criticism from Strike CEO Jack Mallers, who said in November that the bank closed his accounts without explanation. CEO Jamie Dimon said in a December interview that the company does not debank customers based on religious or political views.
Metaplanet approves dividend-paying preferred shares for foreign institutions
Metaplanet approved changes to its capital structure on Monday, enabling Japan’s largest corporate Bitcoin holder to raise capital through dividend-paying preferred shares aimed at institutional investors. Shareholders passed five proposals expanding the company’s ability to issue preferred shares, introducing new dividend mechanisms, and allowing participation by overseas institutional capital, according to Bitcoin strategy director Dylan LeClair.
The measures include reclassifying capital reserves to support preferred share dividends and potential buybacks, doubling the authorized Class A and Class B preferred shares, and revising dividend terms to add floating and periodic payments. Metaplanet also cleared the issuance of Class B preferred shares to international institutional investors.
Metaplanet held about 30,823 Bitcoin (BTC) at the time of publication, valued at $2.75 billion, according to Bitcoin Treasuries. The company is the largest corporate Bitcoin holder in Asia and the fourth largest globally.
Source: Dylan LeClair
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