在日本的危機中，Metaplanet的比特幣押注吸引了短賣家

日本的長期通貨膨脹正在咆哮重生，遍布美國的債券市場和財政預測。在不斷上升的問題中

Japan's once-dormant inflation is roaring back to life, leaving a ripple effect on the nation's bond markets and fiscal projections. In the midst of this economic unrest, a rather unlikely company has come into the crosshairs of the market: Metaplanet.

日本曾經不穩定的通貨膨脹正在重生，對國家的債券市場和財政預測產生了連鎖反應。在這一經濟動蕩之中，一家不太可能的公司進入了市場的十字準線：Metaplanet。

The Tokyo-listed firm, which shot up over 5,000% in 2024 following its bold Bitcoin treasury strategy, is now the most shorted stock in Japan, according to its CEO.

根據其首席執行官的說法，在其大膽的比特幣國庫策略之後，這家上市的公司在2024年上漲了5,000％，現在是日本最短暫的股票。

Metaplanet: Japan’s Most Shorted Stock Amid Financial Turmoil

Metaplanet：日本在金融動盪中最短的股票

The rise in short positions against Metaplanet comes as an unfolding crisis is engulfing Japan's long-term debt market.

反對Metaplanet的短期位置上升是因為不斷發展的危機席捲了日本的長期債務市場。

Inflation in the country has now hit 3.6%, surpassing the US Consumer Price Index (CPI).

現在，該國的通貨膨脹率已經達到3.6％，超過了美國消費者價格指數（CPI）。

"Apparently, Metaplanet is the most shorted stock in Japan. Do they really think betting against Bitcoin is a winning strategy?" CEO Simon Gerovich asked.

“顯然，Metaplanet是日本最短缺的股票。他們真的認為對比特幣的賭注是一項勝利策略嗎？”首席執行官西蒙·格羅維奇（Simon Gerovich）問。

The stellar inflation has brought about an unprecedented selloff in Japanese government bonds (JGBs). The 40-year yields have surged 1% since April to reach an astounding 3.56%, the highest level in over two decades. Similarly, the 30-year yields have shot up to a 25-year high.

恆星通貨膨脹導致日本政府債券（JGB）的前所未有的拋售。自4月以來，40年的收益率飆升了1％，達到了驚人的3.56％，這是二十年來最高水平。同樣，30年的收益率達到了25年的高度。

"It’s not just a ‘sell America’ trade that’s driving yields higher. In Japan, 30-year yields surged to the highest levels in 25 years after a very weak bond auction. The Prime Minister [Shigeru Ishiba] called Japan’s fiscal situation extremely poor, worse than Greece’s," wrote Lisa Abramowicz, co-host at Bloomberg Surveillance.

“不僅僅是'賣美國'貿易的收益率更高。在日本，在非常弱的債券拍賣後，在日本的25年內，30年的收益率飆升至最高水平。總理[Shigeru Ishiba]稱日本的財政狀況極為差，比希臘差。”

Against this backdrop, the Bank of Japan (BoJ) has begun to aggressively cut bond purchases, offloading 25 trillion yen ($172 billion) since the beginning of 2024.

在這種背景下，日本銀行（BOJ）已開始積極地削減債券購買，自2024年初以來，卸載了25萬億日元（1720億美元）。

Despite this tightening, real yields remain negative. Investors who previously purchased low-yield JGBs are now facing steep losses, prompting a shift in capital flows.

儘管有這種收緊，但實際產量仍然為負。以前購買低收益JGB的投資者現在面臨著巨大的損失，促使資本流動的轉移。

"Japan’s long-term bond market is in free fall, causing yields to spike, losses to spread, and global fallout," Thuan Capital noted in a post.

Thuan Capital在郵政中指出：“日本的長期債券市場處於自由跌倒，導致收益率飆升，損失損失以及全球後果。”

The structural shift in Japanese bond demand has also raised alarms abroad, particularly in the US, where Japan holds $1.13 trillion in Treasuries. A sustained retreat could further pressure the already fragile American bond markets.

日本債券需求的結構性轉變也引起了國外警報，尤其是在美國，日本擁有11.3萬億美元的國債。持續的撤退可能會進一步向已經脆弱的美國債券市場施加壓力。

Metaplanet’s Bitcoin Bet Draws Short Sellers in Japan’s Crisis

Metaplanet的比特幣下注在日本危機中吸引了短賣家

Amid this macroeconomic upheaval, Japanese investors are searching for a refuge. For many younger citizens who are wary of the traditional salaryman paths, Bitcoin, and by extension, Metaplanet, have emerged as a radical alternative.

在這種宏觀經濟的動盪中，日本投資者正在尋找避難所。對於許多對傳統薪資人道路的年輕公民來說，比特幣和擴展是Metaplanet，已成為一種根本性的選擇。

"Younger Japanese are looking for an escape hatch to avoid toiling as salarymen till the grave," one user remarked on X.

一位用戶在X上評論說：“年輕的日本人正在尋找逃生艙口，以避免像工資一樣勞作。”

Metaplanet's Bitcoin-centric strategy, which is reminiscent of MicroStrategy's in the US, has made it a standout. As BeInCrypto reported, its stock, MTPLF, hit a three-month high after a $104 million Bitcoin purchase. Similarly, its Q1 revenue reached $6 million, with Bitcoin earnings contributing 88%. The firm also surpassed El Salvador on metrics of Bitcoin holdings following a recent BTC purchase worth $126.7 million.

Metaplanet的以比特幣為中心的策略讓人聯想到美國的MicroStrategy，這使它成為了傑出的。正如Beincrypto所報導的那樣，其股票MTPLF在購買了1.04億美元的比特幣後達到了三個月的高點。同樣，其第一季度收入達到了600萬美元，比特幣的收入貢獻了88％。在最近一次購買BTC購買價值1.267億美元之後，該公司還超過了El Salvador的比特幣控股指標。

However, its rise has drawn heavy scrutiny from hedge funds and institutional traders. Some analysts suggest the short positions may be part of sophisticated arbitrage strategies.

但是，它的崛起受到了對沖基金和機構商人的嚴格審查。一些分析師認為，短職位可能是複雜套利策略的一部分。

"Sell meta / buy MSTR! Or sell meta / buy BTC spreads alone will look like shorts but in fact are spreads — it’s too wide," investor Gary Cardone explained.

投資者Gary Cardone解釋說：“出售元 /購買MSTR！或僅出售元 /購買BTC差價看起來像短褲，但實際上是差價 - 它太寬了。”

This suggests traders are exploiting valuation differentials between Metaplanet, Bitcoin, and Bitcoin proxy stocks like MicroStrategy. These dynamics mirror the Jim Chanos playbook, shorting MSTR while going long BTC.

這表明貿易商正在利用Metaplanet，Bitcoin和Bitcoin代理股票（如MicroStrategy）之間的估值差異。這些動態反映了Jim Chanos劇本，在長時間BTC時短路MSTR。

As BeInCrypto reported, he cited an unsustainable premium in the stock relative to Bitcoin itself. Yet others view the shorts with disbelief.

正如Beincrypto報導的那樣，他列舉了相對於比特幣本身的股票的不可持續保費。還有其他人難以置信地看待短褲。

"Japanese hedge funds bet against a Bitcoin treasury in the land of yield curve control and 263% debt-to-GDP? You really can’t make this up," remarked finance analyst Peruvian Bull.

財務分析師秘魯公牛說：“日本對沖基金在收益曲線控制的土地和263％的債務到GDP中對比特幣財政部進行了賭注？您真的無法彌補這一點。”

Japan is teetering on the edge of a sovereign debt crisis. Meanwhile, Metaplanet has become a lightning rod for domestic financial anxiety and a broader ideological clash between fiat fragility and crypto conviction.

日本正在席捲主權債務危機的邊緣。同時，Metaplanet已成為國內財務焦慮的避雷針，並在法定脆弱性和加密定罪之間發生了更廣泛的意識形態衝突。

"The Japanese bond market is imploding, and Metaplanet is the exit," said Joe Burnett, director of market research at UnChained.

Unchained市場研究總監Joe Burnett說：“日本債券市場正在崩潰，Metaplanet是出口。”

Whether the shorts are opportunistic or misguided, Metaplanet has become ground zero in Japan's historic financial reset.

無論短褲是機會主義的還是誤導的，Metaplanet在日本歷史性的財務重置中都已成為零地面。