According to research from 10x, Japanese company Metaplanet is currently trading at an astonishing $596,154 per Bitcoin. This figure has raised alarms regarding potential overvaluation, as it suggests that retail investors may be paying a significant 447% premium for Bitcoin exposure through the company’s stock.
Data indicates that Metaplanet is the most shorted stock in Japan, reflecting increasing skepticism among hedge funds about the company’s valuation and a perceived distortion in its net asset value (NAV).
Trading at 1,116 yen, Metaplanet’s stock has skyrocketed more than 400% over the past six months, with over a 200% increase just this month. This surge is largely attributed to the company’s proactive Bitcoin accumulation strategy.
Since adopting a Bitcoin-focused treasury model in 2024, often referred to as “Japan’s Strategy,” Metaplanet has experienced a remarkable stock rally. The company currently holds 7,800 BTC, valued at approximately $850 million, following its recent acquisition of 1,004 BTC earlier this month.
Apparently Metaplanet is the most shorted stock in Japan. Do they really think betting against Bitcoin is a winning strategy? pic.twitter.com/SAKsOMO4MX
— Simon Gerovich (@gerovich) May 21, 2025
Japan’s Most Shorted Stock Metaplanet Continues to Rise
Despite its distorted NAV prompting hedge fund managers to question the sustainability of its valuation, Metaplanet’s stock continues to rise, gaining 15% in just one day.
As the market sees an influx of investment options offering Bitcoin exposure, retail investors are urged to tread carefully, mindful of the potential risks and sizeable premiums they might be paying.
Japanese Retail Pours Into Metaplanet via Tax-Free NISA Accounts
Last week, Metaplanet emerged as the top stock purchased through NISA accounts at SBI Securities, Japan’s largest online brokerage, showcasing a surge in retail demand for indirect exposure to Bitcoin.
Many Japanese investors are utilizing the tax-free NISA investment scheme to tap into Bitcoin’s upside without facing capital gains taxes. Metaplanet’s CEO, slated to speak at the Bitcoin Conference in Las Vegas this week, recently labeled the company as “Japan’s ultimate Bitcoin proxy.”
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