Crypto World
Why Multiple Resistance Tests Actually Increase Breakout Probability: Technical Analyst Reveals Market Truth
TLDR:
- Each resistance test removes sell liquidity, gradually weakening the barrier rather than strengthening it.
- Short positions accumulate above tested resistance, creating stop-loss clusters that fuel explosive breakouts.
- Horizontal resistance levels with three or more touches demonstrate institutional recognition and setup quality.
- Repeated price returns to resistance signal market acceptance and persistent demand, not rejection behavior.
Breakout probability increases with multiple tests at resistance levels, contrary to traditional technical analysis teachings.
Technical analyst Aksel Kibar challenges conventional market wisdom in a detailed explanation of modern market dynamics. The analysis focuses on liquidity pools, order flow, and auction theory.
Classical teachings suggest resistance strengthens with repeated failures. However, market behavior demonstrates the opposite trend through systematic liquidity depletion. Each test removes available sell orders and transfers inventory from sellers to buyers.
Liquidity Depletion Weakens Resistance Over Time
Resistance levels function as liquidity pools rather than solid barriers. Modern markets reveal these zones contain clusters of limit orders and resting sell liquidity.
Each price movement into resistance consumes available sell orders through transactions. This process gradually removes supply from the level.
The technical analyst compares resistance to ice being chipped away with each touch. Every test fills sell orders and reduces available supply at that price point.
Eventually, insufficient sellers remain to maintain the resistance level. This creates conditions favorable for eventual breakouts.
Buyers consistently absorb demand at these levels through repeated transactions. The inventory transfers from sellers to buyers during each test. This systematic reduction in available supply makes future breakouts structurally easier to achieve.
Short Positions Create Breakout Fuel Above Resistance
Market participants tend to initiate new short positions after repeated failures at resistance. Confidence in the level grows with each rejection, leading to tighter stop-loss clustering above. This accumulation of stops creates latent energy that fuels eventual breakouts.
When resistance finally breaks, short sellers must cover their positions simultaneously. Breakout traders and momentum participants enter the market at the same time. This combination creates a liquidity vacuum that accelerates price movement upward.
Aksel Kibar notes on his platform that strong breakouts frequently occur after multiple failed attempts. The concentration of stop-loss orders above well-tested levels amplifies the breakout move. This pattern explains why persistent testing often leads to decisive directional moves.
Horizontal Boundaries Signal Institutional Recognition
Horizontal levels carry particular significance in technical analysis, according to the analyst. These boundaries indicate institutional recognition and shared market memory across time periods. Multiple touches increase participant awareness and order clustering around these levels.
The analyst emphasizes mature chart patterns with a minimum of three touch points to pattern boundaries. This selection criterion improves signal quality and setup probability in trading decisions. Horizontal patterns from global exchanges demonstrate this principle consistently.
Markets operate as auction systems where repeated price returns signal ongoing negotiation. Persistence at specific levels indicates acceptance behavior rather than rejection.
Strong markets build bases through consolidation near resistance before continuation moves. This base-building process incorporates multiple tests as part of the natural market structure.
Coinbase Chief Legal Officer Paul Grewal has signaled that FIT21 – the Financial Innovation and Technology for the 21st Century Act – is set to see meaningful legislative movement within 48 hours, a claim that lands at precisely the moment Senate negotiations over crypto market structure are reaching a critical inflection point.
The immediate market implication is not abstract: jurisdictional clarity between the SEC and CFTC is the single largest regulatory risk premium embedded in institutional crypto pricing right now, and a credible path to resolution moves that premium.
For institutional market makers, RIAs, and hedge funds that have been sidelined from altcoin exposure by unresolved ‘unregistered security’ risk, Grewal’s timing signal is the most direct legislative catalyst in months.
Crypto regulation has been inching forward since the GENIUS Act established a stablecoin framework in 2025 – but broader market structure has remained in limbo, and that limbo has a measurable cost in market liquidity and asset pricing spreads.
Grewal stated plainly that ‘clarity is coming,’ framing the current moment as the industry’s transition out of regulation-by-enforcement and into a structured legislative era. That framing is deliberate – Coinbase has been the most aggressive corporate actor pushing for FIT21 passage, and Grewal’s public confidence signal is a strategic move as much as a factual one. When a company’s CLO goes on record with a 48-hour window, the message to Senate negotiators is as loud as the message to markets.
Key Takeaways:
- Grewal’s signal: Coinbase CLO Paul Grewal publicly stated FIT21 would see legislative progress within 48 hours, the most direct timing claim from a major industry actor in the current cycle.
- What FIT21 defines: A decentralization test that determines whether digital assets fall under SEC (securities) or CFTC (commodities) jurisdiction – the central unresolved question in U.S. crypto regulation.
- The SEC vs CFTC boundary: Post-passage, sufficiently decentralized tokens become CFTC-regulated digital commodities; centralized issuances remain SEC-regulated securities.
- Market liquidity implication: Institutional market makers, RIAs, and hedge funds currently avoiding altcoins due to enforcement risk get a codified compliance standard – unlocking capital that has been on the sideline.
- What to watch: Senate Banking Committee markup targeted for April 2026; stablecoin yield compromise must resolve by end of week to keep the floor vote timeline intact.
Discover: The best crypto to diversify your portfolio with
What FIT21 Actually Does – and Why the SEC vs CFTC Question Is the Only One That Matters
FIT21’s core mechanism is a decentralization test – a ‘Howey-style’ framework applied specifically to digital assets to determine whether a token is an investment contract under SEC jurisdiction or a digital commodity under CFTC authority.
The bill passed the House 279-136 in May 2024 with meaningful bipartisan support, stalling in the Senate as stablecoin yield provisions became the primary friction point.
In practice, the bill draws the regulatory boundary this way: assets issued by sufficiently decentralized networks – where no single issuer controls 20% or more of the supply or development roadmap – qualify as digital commodities and fall under CFTC oversight.
BREAKING: $60 BILLION COINBASE JUST SAID LIVE ON FOX:#BITCOIN AND CRYPTO MARKET STRUCTURE DEAL WILL BE ANNOUNCED "IN THE NEXT 48 HOURS" — The Bitcoin Historian (@pete_rizzo_) April 1, 2026
MARKUP WILL TAKE PLACE "WITHIN WEEKS"
CLARITY IS HAPPENING 
pic.twitter.com/kkUpZpbbLi
Assets that fail that test remain securities under SEC jurisdiction. Section 202 of the bill would also exempt qualifying digital commodity offerings from securities registration, provided issuers meet disclosure requirements covering source code, transaction history, and token economics – effectively enabling U.S.-based token fundraising that currently routes offshore.
For exchanges like Coinbase, the practical unlock is immediate: a definitive decentralization test means listing decisions on top-20 altcoins no longer carry open-ended SEC enforcement risk.
For institutional participants navigating ongoing regulatory framework debates around crypto oversight, FIT21 passage shifts compliance from a judgment call to a codified standard. That difference in kind – not degree – is what reprices institutional participation.
Explore: Best Crypto Projects With High Growth Potential in 2026
The post Coinbase CLO Predicts FIT21 Breakthrough: What It Means for Markets appeared first on Cryptonews.
Crypto World
BitGo launches unified crypto financing platform for institutional lending and borrowing
BitGo has rolled out a new financing platform that allows institutions to borrow and lend against a range of crypto holdings.
Summary
- BitGo has introduced a financing platform that enables institutions to borrow and lend against liquid, staked, and locked assets from a single custody account.
- The platform replaces fragmented lending workflows with a portfolio-based model, allowing clients to access liquidity against a combined pool of assets without moving collateral.
According to the announcement, the platform brings together features like borrowing, lending, and collateral management to eliminate the need for multiple counterparties and fragmented workflows.
Instead of setting aside collateral for each individual loan, the platform uses a portfolio-based structure that allows clients to access liquidity from a combined pool of assets held in custody.
“We’ve built this offering to pair responsive, high-touch support from our team with an on-platform experience that makes financing easy to manage. That combination of flexibility, service, and control is what institutions have been missing in digital asset markets,” Adam Sporn, the firm’s head of prime brokerage and institutional sales, said in an accompanying statement.
Support for staked and locked tokens adds another layer, allowing borrowers to access liquidity without exiting positions tied to staking or vesting schedules, while still maintaining oversight of assets held in custody. Clients can also lend assets from the same account, either to generate yield or to free up capital for trading and treasury operations.
All activity takes place within BitGo’s custody framework, where collateral is held in segregated wallets, and credit is extended against assets such as Bitcoin, Ether, Solana, and stablecoins. Funds can be routed into trading via the firm’s brokerage services or used for broader liquidity needs.
Demand for credit against crypto holdings has risen over the past year, and this has led exchanges, institutional providers, and DeFi platforms to expand lending offerings tied to digital assets.
Some of the leading players include firms like Anchorage Digital, which, alongside Mezo, has introduced Bitcoin-backed stablecoin loans and short-term yield strategies, allowing institutions to borrow against BTC held in custody while earning returns on locked positions.
Meanwhile, in the exchange segment, platforms like Kraken have rolled out products such as Flexline, offering fixed-term crypto-backed loans, while Coinbase has reintroduced Bitcoin-backed borrowing in the United States, enabling users to access USDC liquidity against BTC collateral.
Zcash has patched a major vulnerability that would have allowed bad actors to drain funds from the protocol’s deprecated Sprout shielded pool.
Summary
- Zcash patched a critical flaw in zcashd nodes that skipped proof verification in the legacy Sprout pool, a bug that could have exposed more than 25,000 ZEC to potential draining.
- The vulnerability remained present from July 2020 until the release of v6.12.0, with no exploitation detected and all user funds confirmed safe.
A disclosure report from security researcher Alex “Scalar” Sol, published on Tuesday, claims that a critical flaw was discovered in zcashd nodes that resulted in skipping proof verification for transactions involving the legacy Sprout pool.
Zcash’s Sprout pool is the original “shielded pool” that launched with the network in 2016. It was the first implementation of zero-knowledge proofs (zk-SNARKs) in a production cryptocurrency, allowing users to send and receive ZEC privately.
Although the pool was closed to new deposits in November 2020, it still holds approximately 25,424 ZEC, which are yet to be migrated to newer shielded pool versions.
According to the disclosure, the vulnerability spanned releases from July 2020 onward but was fixed through v6.12.0, which was released on Tuesday. So far, the flaw has not been exploited, and user funds remain safe.
Major mining pools, including Luxor, F2Pool, ViaBTC, and AntPool, have already deployed the fix by March 26, the report added.
The report added that the Zebra full node implementation was not affected. In the event of an attempted exploit, it would have resulted in a chain fork, acting as an additional safeguard.
Despite the severity of the issue, the Zcash Open Development Team has clarified that the network’s “turnstile” mechanism, which enforces that any coins exiting the Sprout pool must have previously entered it, would have prevented broader supply inflation.
For the Zcash network, this marks the second time a critical, systemic vulnerability has been uncovered within its shielded pools. In 2019, the Zcash team disclosed a “counterfeiting” bug, a flaw in the underlying cryptography that could have allowed an attacker to create an infinite amount of ZEC without detection.
Bitcoin gave back a large portion of its recent gains on Thursday, now trading at $66,700 having lost 2.4% of its value since midnight UTC.
Ether (ETH) performed even worse, tumbling by 4.4% as the broader crypto market struggles to deal with continued risk-off sentiment.
The latest plunge was spurred by U.S. president Donald Trump, who said on Wednesday evening that the war in Iran would continue with extensive strikes on Iran.
“Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” he said.
The comments led to an immediate spike in oil prices, with brent crude rising by around 10% to $108 per barrel as U.S. equities diverged.
Nasdaq 100 and S&P 500 futures lost 1.5% and 1.1% respectively while the U.S. dollar increased by 0.5% to above 100 points.
Derivatives positioning
- BTC’s price has dropped over 2% since midnight UTC hours alongside a slightly uptick in open interest in major USD- and USDT-denominated futures. Plus, perpetual funding rates have dropped to their most negative since March 12. This combination suggests that traders are bearish and shorting the falling market.
- In ether’s case, funding rates are most negative since October last year, a sign of strong bias for bearish bets. Meanwhile, bearishness in solana (SOL) is surprisingly more measured despite the overnight hack.
- Privacy-focused zcash (ZEC) and have seen a notable decline in open interest (OI) in 24 hours, a sign of capital outflows.
- Nearly $400 million in futures positions have been liquidated due to margin shortfalls. That’s a 17% increase in losses compared to the previous day.
- Despite renewed risk-off tone, bitcoin and ether’s 30-day implied volatility indices remain flat in recent ranges. It points to orderly selling in the spot market rather than panic.
- There is little scope for panic because traders are already positioned for market swoon. They have been consistently chasing bitcoin and ether put options (downside hedges) since the start of the year. As of writing, bitcoin and ether puts remained pricier than calls across all tenors on Deribit.
- Block flows featured demand for ether straddles, a volatility strategy, and put spreads and bitcoin call spreads.
Token talk
- The worst performing benchmark on Thursday was CoinDesk’s DeFi Select Index (DFX), which lost 5.9% since midnight UTC, closely followed by the CoinDesk Computing Select Index (CPUS) that tumbled by 5%.
- Ethena (ENA) led the downside move as it fell by more than 10% on Thursday, there was also a heavy drawdown among DeFi tokens UNI, LDO, SKY and AAVE – all shedding between 4.2% and 6.5% during Asian and European hours on Thursday.
- Algorand (ALGO) bucked the bearish market trend, rising by around 0.8% on Thursday as it continues its rich vein of form having rallied by 22% in the past week.
- CoinMarketCap’s “altcoin season” index is down from 50/100 to 42/100 since March 30, highlighting relative weakness across the sector.
Coinbase chief legal officer Paul Grewal said the US Digital Asset Market Clarity Act is “moving toward” a markup hearing in the US Senate Banking Committee and could eventually move to a floor vote if senators resolve the stablecoin yield dispute and schedule a markup.
Speaking in a Wednesday interview on Fox Business, Grewal said lawmakers are nearing agreement on core elements of the crypto market structure bill, even as debate continues over stablecoin yield. “I think we’re very close to a deal,” he said.
The remarks point to possible movement on one of the last major sticking points in Senate talks over crypto market structure legislation: whether stablecoin issuers or platforms should be allowed to offer yield or similar rewards. The dispute has helped delay a Senate Banking Committee markup, leaving the broader effort to set federal rules for digital asset oversight still unresolved.
US banks have pushed for restrictions, arguing that such incentives could draw deposits away from traditional institutions and disrupt the banking system. Grewal pushed back on that claim, saying there is no evidence to support fears of deposit flight.
The US House of Representatives passed the CLARITY Act on July 17, 2025. In January, Senate Banking Committee Chair Tim Scott delayed a planned markup, which has yet to be rescheduled.
Related: Crypto investor sentiment will rise once CLARITY Act is passed: Bessent
Trump blames banks for stalling crypto bill
Last month, US President Donald Trump accused banks of undermining efforts to pass crypto market structure legislation, saying they are blocking progress over disagreements on stablecoin yield payments. “The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage,” he wrote.
It was later reported that Trump met privately with Coinbase CEO Brian Armstrong just hours before issuing the statement.
In January, Armstrong said Coinbase could not back the market structure bill “as written,” pointing to draft amendments that would eliminate stablecoin rewards and let banks restrict competition.
Related: CLARITY Act 2026 odds ‘extremely low’ if not passed before April: Exec
CLARITY delay could expose crypto to crackdowns
Last week, Coin Center executive director Peter Van Valkenburgh warned that failure to pass the CLARITY Act could leave the crypto industry vulnerable to a future US administration taking a tougher stance. He argued that rejecting developer protections in favor of short-term business interests risks creating a system shaped by political shifts rather than clear law.
“The point of passing CLARITY is not to trust this administration. It is to bind the next one,” he said.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
OpenEden has introduced HYBOND, the first tokenized product tied to BNY Investments’ Global Short-Dated High-Yield Bond strategy, expanding the scope of institutional-grade investments available onchain.
The new token gives qualified investors 1:1 exposure to a managed portfolio of short-dated corporate bonds overseen by BNY Investments, a unit of BNY.
The product introduces higher-yield fixed income exposure to a market segment that has so far been dominated by tokenized cash-equivalent and treasury strategies. Data from rwa.xyz shows over $12 billion of the more than $27 billion in the tokenized real-world asset market are U.S. Treasury debt.
HYBOND is issued by OpenEden Digital Limited, a Bermuda-regulated entity licensed under the Digital Asset Business Act, according to a press release on Wednesday.
While BNY Investments serves as the investment manager for the underlying bond portfolio, it has no direct involvement in the token itself, which is managed and issued by OpenEden.
“Tokenization has proven its product market fit with cash-equivalent and treasury strategies. HYBOND represents the next step by bringing actively managed corporate bond exposure on-chain within a regulated framework,” said Jeremy Ng, OpenEden’s CEO.
BNY and OpenEden previously collaborated on TBILL, a tokenized U.S. Treasury bill product. HYBOND builds on that relationship by pushing into riskier credit instruments, which may appeal to investors seeking greater yield.
As of year-end 2025, BNY oversaw $2.2 trillion in assets under management and more than $59 trillion in assets under custody.
Crypto World
Bitcoin treasury sell-off accelerates as Riot, Bhutan, and public companies exit positions
Those who rushed into bitcoin over the past two years are now heading for the exits and it’s not a great sign for the market.
Public companies, once seen as long-term holders, are increasingly selling bitcoin as prolonged price weakness weighs on balance sheets and strategic plans.
Take Empery Digital (EMPD), which announced on Wednesday that it sold 370 BTC at an average price of $66,632, generating $24.7 million, leaving the company with 2,989 BTC. The firm used part of the proceeds to repay its outstanding term loan fully and also released approximately 1,800 BTC that had previously been held as collateral.
Empery Digital began building its bitcoin treasury in July 2025 and accumulated a peak position of roughly 4,000 BTC. The firm’s shares are down 75% from its 2025 all time high of $15.80.
Genius Group (GNS), an AI-powered, bitcoin-focused education company that held up to 440 BTC in March last year, has completely sold off its stash. Recently, it liquidated its last remaining 84 BTC to repay $8.5 million in debt. The company stated it will resume building its bitcoin treasury when it believes market conditions are more favorable.
This trend is not restricted to just mid-sized players. Riot Platforms (RIOT), one of the largest publicly traded bitcoin mining companies in the U.S., has also reportedly been selling, according to blockchain data tracked by Lookonchain.
The company supposedly moved 500 BTC for roughly $34.13 million on Wednesday as it continues to tap its bitcoin treasury to fund its pivot into AI and high-performance computing, a strategy increasingly seen across the mining industry.
Riot sold approximately $200 million worth of bitcoin in the final two months of 2025. Riot Platforms has accumulated bitcoin continuously through its mining operations, rather than adopting a single start date for a treasury strategy, and reached peak holdings of over 19,000 BTC. The company now holds roughly 17,500 BTC.
Meanwhile, the Bhutan government continues to reduce its bitcoin holdings, having sold a total of 3,103 BTC. A single transaction on March 30 alone is said to have liquidated 375 BTC, further trimming its position, according to Glassnode data. Bhutan’s government built its bitcoin holdings over several years through state-backed mining operations, reaching a peak of over 13,000 BTC in October 2024.
While the recent trend of liquidations is certainly disappointing for bulls, all is not lost yet.
Public bitcoin treasury companies still hold around 1,164,800 BTC, according to BitcoinTreasuries.net. That’s over 5% of the total BTC supply of 21 million.
As of writing, bitcoin changed hands at $66,500, down over 2% since midnight UTC, according to CoinDesk data.
Read More: MARA Holdings higher by 10% after selling $1.1 billion in bitcoin to fund debt buyback
Solana price fell nearly 9% following a major exploit on its Drift Protocol DeFi platform that drained nearly $300 million in digital assets.
Summary
- Solana price dropped about 9% after a $285 million exploit on Drift Protocol, one of the largest hacks in the network’s history.
- Broader market weakness tied to escalating U.S.–Iran tensions and rising oil prices added to selling pressure on SOL.
- Technical indicators signal continued downside risk, with key support at $75, while a move above $93 could invalidate the bearish setup.
According to data from crypto.news, Solana (SOL) price fell 9% to an intraday low of $78.6 on April 2, bringing its market cap down to $45.5 billion. Over the past 7 days, SOL price has fallen by over 10%, marking the steepest loss among the top 10 cryptocurrencies in the market.
Solana price crashed following a major exploit on the Drift Protocol that left investors concerned about the security of decentralized finance applications on the network. Notably, the $285 million hack stands as one of the largest hacks in the Solana ecosystem over the past 5 years.
The token also fell along with a broader market drop as investors retreated to the sidelines on news of an escalation of the U.S. and Iran conflict in the Middle East, which has led oil prices to climb back above $100.
Solana price has also suffered due to lackluster demand from institutional investors. Data from SoSoValue show that spot Solana ETFs have recorded no inflows over the past nine days aside from the $4.64 million inflow seen last Thursday.
On the daily chart, Solana price has followed a descending channel pattern that it has respected since mid March. Cryptocurrencies tend to form lower lows and lower highs within this range as long as they remain under bearish pressure.
Technical indicators suggest more caution for traders over the short term. Notably, the 20-day SMA has formed a bearish crossover with the 50-day SMA.
Additionally, the Chaikin Money Flow index shows a negative reading of 0.04, a sign that investors are drawing away capital or funds from the Solana market, likely due to the recent security breach.
For now, $75, a support level that aligns with a strong pivot reverse of the Murrey Math lines, serves as the next key floor that traders should keep an eye on. A sharp drop below this level can accelerate the downward momentum.
On the contrary, a rebound above $93, a level where previous resistance sits, could signal the start of a new uptrend for the asset.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Bitfarms’ (BITF) shares rose about 6.6% on Tuesday even as the miner reported a widened net loss for 2025, underscoring the market’s focus on its strategic pivot from Bitcoin mining to high-performance computing and artificial intelligence infrastructure.
The company’s full-year results show revenue climbing 72% year over year to $229 million, but cost of revenue running at $248 million produced a gross loss. General and administrative expenses also increased, contributing to a challenging bottom line. The change in fair value of digital assets swung to a $50.5 million loss in 2025 from a $26 million gain in 2024, though a $28.2 million realized gain on the sale of digital assets helped soften the impact.
The earnings backdrop highlights the pressure facing Bitcoin miners as the cycle shifts. Bitcoin mining profitability margins have narrowed as the price of Bitcoin has fallen about 46% from its October peak, and mining difficulty has risen roughly 58.5% since the last halving in May 2024, according to market trackers.
During the earnings call, Bitfarms CEO Ben Gagnon outlined the company’s bold strategic pivot. The firm “made the decision to walk away” from its Bitcoin mining operations in November and has since built a new business focused on HPC and AI data centers. He said, “No half-measures, no compromises, and in time, no Bitcoin. We built a new company.” The plan includes rebranding to Keel Infrastructure and relocating the company’s legal base from Canada to the United States, with shareholder approval already secured.
As part of the pivot, Bitfarms indicates it still holds approximately $161 million in unencumbered Bitcoin, a asset base it intends to leverage as it scales its new infrastructure strategy. Gagnon stressed that the HPC/AI thesis requires “top-tier infrastructure” to support hyperscalers and neoclouds for the next wave of AI applications, and the company is pursuing a large-scale build-out across North America. The filing describes a 2.2 gigawatt digital infrastructure development pipeline designed to deliver this capability.
Bitfarms is part of a broader wave among Bitcoin miners expanding into AI and HPC to pursue higher-margin opportunities. Peers such as Iris Energy, Cipher Mining, Riot Platforms, and MARA Holdings have all signaled or pursued AI-enabled hosting and data-center strategies to diversify beyond pure BTC mining. The competitive backdrop underscores a larger industry transition as miners seek to align their capital-intensive operations with the growing demand for AI-ready compute capacity.
“We are not here to compete with hyperscalers or Neoclouds. We are here to enable them. Our focus is providing the critical and largely invisible foundation that will allow the world’s most advanced AI platforms to deploy on time and scale without interruption.”
Bitfarms is actively advancing the infrastructure push, with a 2.2 GW pipeline across North America intended to support the transition to HPC/AI workloads. The company’s leadership argues that the shift is essential to capture the growth in AI-enabled compute demand, even as the current Bitcoin cycle weighs on near-term profitability.
Market context remains important for readers assessing the viability of Bitfarms’ pivot. The mixed signals from the sector—persistent BTC price volatility, rising mining difficulty, and the capital intensity of large-scale HPC deployments—mean investors will be watching not only the execution of the Keel Infrastructure plan but also how the business manages cash flow during the transition. The company’s 2025 results and the pace at which it converts its unencumbered Bitcoin into strategic capital will shape how the market price of BITF responds in the coming quarters.
BITF shares closed Tuesday trading hours up 6.64% to C$2.73, with investors parsing the company’s long-run opportunity as a strategic reorientation rather than a conventional mining update. For context, the full-year results and the pivot plan were outlined in the company’s results statement available here: full-year results statement. Market data on the stock can be followed at Google Finance.
Bitcoin price data referenced in market coverage shows a substantial decline from October’s highs, while mining difficulty metrics corroborate the tougher operating environment for traditional miners. These dynamics help explain why Bitfarms’ management is pursuing a long-horizon transformation into a scalable AI-ready infrastructure provider, rather than relying solely on cyclical BTC mining margins.
As the transition unfolds, investors should monitor how Keel Infrastructure positions itself with hyperscalers, the pace of North American site development, and any changes to the company’s capital structure or debt strategy. The next earnings cycle and potential partnerships will be telling indicators of whether the new infrastructure-focused strategy can translate into sustainable profitability amid a still-choppy crypto market.
Looking ahead, the key questions are how quickly Bitfarms can scale its HPC/AI deployments, how the company manages the cost of capital during the transition, and whether the pivotal rebrand and US relocation can unlock the longer-term value of its unencumbered Bitcoin and new compute assets.
Metaplanet (3350) acquired 5,075 BTC for approximately $398 million during the first quarter of 2026, pushing its total holdings to 40,177 BTC and vaulting past MARA Holdings in the global bitcoin treasury rankings.
The Tokyo-listed firm now sits behind only Strategy (MSTR) and Twenty One Capital (XXI) among publicly traded companies by bitcoin held on their balance sheets.
MARA’s Sell-Off Opens the Door
Metaplanet’s rise to third place owes as much to its own accumulation as to MARA Holdings’ (MARA) significant retreat.
The US-based miner sold 15,133 BTC between March 4 and March 25 for roughly $1.1 billion, using the proceeds to repurchase $1 billion in convertible senior notes due 2030 and 2031.
That sale cut MARA’s holdings to 38,689 BTC, down from 53,822 BTC at the start of the year. The company framed the move as balance sheet management, noting it reduced outstanding convertible debt by approximately 30%.
MARA had already posted a $1.7 billion net loss in the fourth quarter of 2025 after taking a $1.5 billion write-down on its digital asset holdings.
Its pivot toward AI infrastructure and data centers added further reason to lighten the bitcoin stack.
Metaplanet’s Accumulation Strategy
Metaplanet paid an average of roughly $78,000 per coin for its Q1 purchases. Its total cost basis across all 40,177 BTC sits at approximately $97,000, implying a total outlay of about $3.9 billion.
The firm has reported a BTC yield of 2.8% year-to-date. Metaplanet’s broader ambitions are far larger.
Under its “555 Million Plan,” it targets 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027.
To fund continued purchases, the company has raised capital through international stock offerings and warrant exercises.
It recently secured approximately $255 million from global institutional investors with the potential for an additional $276 million.
However, shares have not kept pace with the bitcoin buying spree. Metaplanet stock traded at 302 yen ($1.89) on April 2, down roughly 2% on the day and well below its June 2025 peak of 1,930 yen.
A Widening Gap at the Top
The gap between the top two holders and the rest of the field remains vast. Strategy holds 762,099 BTC, more than 18 times Metaplanet’s stack. Twenty One Capital sits at 43,514 BTC.
Below Metaplanet, the competition includes firms like Bitcoin Standard Treasury Corp (CEPO) at 30,021 BTC and Bullish (BLSH) at 24,300 BTC, according to BitcoinTreasuries data.
Whether Metaplanet can hold its new ranking depends on continued access to capital and MARA’s willingness to sell further.
With Bitcoin trading for $66,372 as of this writing, and Metaplanet’s average cost basis roughly 46% above that level, the firm’s treasury remains significantly underwater even as its position on the leaderboard improves.
The post MARA’s $1.1 Billion Bitcoin Sell-Off Hands Metaplanet the Number 3 Spot appeared first on BeInCrypto.
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