Metaplanet（MTPL）股票又增加了15％，在東京證券交易所達到1,160個JPY水平

這個大型集會引起了投資者的關注，因為股價現在以447％的溢價交易，彷彿每個BTC的價值為596,000美元

Metaplanet stock price has rallied another 15%, hitting 1,116 JPY levels on the Tokyo Stock Exchange on Friday, further extending its monthly gains to more than 224%. This mega rally in the Japanese stock has caught investors’ attention as the price is now trading at a 447% premium to Bitcoin, as if each BTC was worth $596,154 i.e. more than five times its actual price. Analysts at 10x Research have flashed warning signs in this valuation gap.

Metaplanet股票價格又增加了15％，週五在東京證券交易所達到了1,116個JPY水平，將其每月收益延長至224％以上。日本股票中的大型集會引起了投資者的關注，因為現在的價格正在以447％的溢價交易，彷彿每個BTC的價值為596,154美元，即實際價格的五倍以上。 10倍研究的分析師在此估值差距中閃爍了警告標誌。

Is Metaplanet Stock A Risk Bet From Here?

Metaplanet股票是否從這裡押注？

While Bitcoin price has managed to add $15,000 to its value, gaining over 16% over the past month, the Japanese stock has seen a mega rally of 224% during the same period.

儘管比特幣價格已設法增加了15,000美元的價值，在過去一個月中增長了16％以上，但日本股票在同一時期的大型集會為224％。

Analysts at 10x research noted that the Metaplanet stock was trading as if Bitcoin were valued at $596,154, nearly 5x of its current pricing. Thus, the stock price is trading at a massive 447% premium to BTC.

10倍研究的分析師指出，Metaplanet股票正在交易，好像比特幣的價值為596,154美元，幾乎是目前價格的5倍。因此，股票價格的交易價格為BTC的447％溢價。

Analysts observed a concerning Net Asset Value (NAV) distortion developing, signaling potential underlying risks. Furthermore, with decreasing volatility and realigning of retail investors’ flows, analysts believe that the stock is now reaching an inflection point. The below image shows a comparison between Metaplanet, Strategy (MSTR), and Bitcoin price on a one-year chart, and the valuation gap that exists.

分析師觀察到涉及淨資產價值（NAV）的扭曲，信號潛在的潛在風險。此外，隨著散戶投資者流量的波動性和重新調整的減少，分析師認為，該股票現在已經達到拐點。下圖顯示了一年圖表上的Metaplanet，策略（MSTR）和比特幣價格與存在的估值差距之間的比較。

Adding to the market anxiety further is the uncertainty in the Japanese bond market, currency movements, rising yields, etc. In such uncertainties, Metaplanet has attracted further investor attention and demand, as per 10x Research.

根據10倍的研究，Metaplanet在這種不確定性的情況下進一步增加了日本債券市場，貨幣變動，收益率上升等的不確定性，Metaplanet吸引了進一步的投資者關注和需求。

High Bitcoin Taxes In Japan Raise Demand For Proxies

日本的高比特幣稅提高了對代理的需求

It is worth noting that Japan, despite being one of the most crypto-friendly nations, taxes Bitcoin as “miscellaneous income,” which can be subject to rates as high as 55%. This is significantly higher than the 20% tax applied to standard capital gains.

值得注意的是，儘管日本是最友好的國家之一，但將比特幣徵稅為“雜項收入”，可能會高達55％。這顯著高於對標準資本收益徵收的20％稅。

Due to this factor, investors have been seeking out Bitcoin proxy bets like Metaplanet rather than directly engaging with BTC. Gains from Metaplanet shares are taxed at the more favorable 20% capital gains rate.

由於這個因素，投資者一直在尋找像Metaplanet這樣的比特幣代理賭注，而不是直接與BTC互動。 Metaplanet股票的收益以更高的20％的資本利得稅率徵稅。

Moreover, for investors utilizing Japan's NISA (Nippon Individual Savings Account), both capital gains and dividends from Metaplanet stock are entirely tax-exempt. This efficient tax treatment makes Metaplanet an attractive option for Japanese investors seeking exposure to Bitcoin.

此外，對於利用日本NISA（日本個人儲蓄帳戶）的投資者而言，Metaplanet股票的資本利得和股息都是完全免稅的。這種有效的稅收處理使Metaplanet成為尋求接觸比特幣的日本投資者的吸引人選擇。

If Bitcoin price manages to rally to fresh all-time highs, breaking past the key BTC resistance of $110K, then the rally in Metaplanet might continue further.

如果比特幣的價格設法升級到新鮮的高潮，超越了BTC抵抗力為11萬美元，那麼Metaplanet中的集會可能會繼續進一步。