Metaplanet, Japan's Most Shorted Stock, Surges 24% with ¥2.25B Bond and 200% May Gain on Bitcoin Treasury Trend

Metaplanet Inc., a Japanese company known for its Bitcoin treasury strategy, has become the most shorted stock in Japan, with 25% of its shares outstanding borrowed.

Metaplanet Inc, the Japanese company that has become the most shorted stock in the country and is known for its Bitcoin treasury strategy, has issued ¥2.25 billion in zero-coupon bonds to acquire more Bitcoin, converging on a multiple of 4.6 times mNAV.

For the full year 2023, analysts polled by Refinitiv expect Metaplanet to report a net loss of ¥4.48 billion and an adjusted net loss of ¥3.07 billion.

As of April, the company had allocated a portion of its treasury to Bitcoin, aiming to reduce its equity portion over time. This strategy, similar to MicroStrategy's model, focuses heavily on Bitcoin.

Earlier this week, shares of Metaplanet fell 13% after surging more than 240% in a single day. The stock is currently trading at about 4.6 times its market net asset value (mNAV), which is relatively low considering the recent surge.

This surge is part of a broader trend where so-called "pure-play Bitcoin corporate treasury companies" have seen their stock prices triple on average, with one showing a 626% increase over the past month.

This trend reflects the growing interest from investors in companies adopting Bitcoin as a treasury reserve asset, a strategy that has been gaining traction globally since 2020.

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The post Most Shorted Stock in Japan Surges 24% as Bitcoin Treasury Trend Heats Up appeared first on The Defiant.

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