在比特幣下注和短暫擠壓威脅的情況下，Metaplanet湧現

日本最高的比特幣股票每日價格限制，因為被困的短賣家面臨越來越多的損失。

Japan's top Bitcoin stock is quickly becoming one of the most talked-about equities on the bourse. It’s also the subject of a "short squeeze" threat.

日本的最高比特幣股票正在迅速成為該館裡最容易受到關注的股票之一。這也是“短暫擠壓”威脅的主題。

The stock is quickly approaching a double in 2023, and it’s now hit its daily price limits for three days in a row on the Tokyo exchange. It's also making some U.S. retail traders furious.

該股票在2023年迅速接近兩倍，現在在東京交易所連續三天達到了每日價格限制。這也使一些美國零售商人感到憤怒。

But what exactly is going on with Metaplanet (OTCMKTS:MTPLF) shares?

但是，Metaplanet（OTCMKTS：MTPLF）共享到底發生了什麼？

Chart Via Trading View

通過交易視圖圖表

At $10.82 per share (in its U.S. OTC version), the stock is trading at just over 5 times its net asset value based on Bitcoin (BTC) holdings. For comparison, Microstrategy (NASDAQ:MSTR), which is largely used as a benchmark for Bitcoin stocks, trades at only 1.75 times its Bitcoin value.

該股票以每股10.82美元的價格（在美國OTC版本中），其淨資產價值基於比特幣（BTC）持有的淨資產價值超過5倍。為了進行比較，MicroStrategy（NASDAQ：MSTR）在很大程度上被用作比特幣股票的基準，其交易僅為其比特幣值的1.75倍。

According to well-known crypto investor Richard Byworth, this makes Metaplanet "incredibly cheap" on a Bitcoin basis.

根據著名的加密投資者理查德·拜沃斯（Richard Byworth）的說法，這使Metaplanet在比特幣的基礎上“非常便宜”。

Short Sellers Are Getting Trapped

賣空者被困

Metaplanet is the most shorted stock in Japan, with nearly 30% of its shares sold short. But because the stock price has been rising sharply, short sellers are struggling to cover their positions.

Metaplanet是日本最矮的股票，其近30％的股票銷售不足。但是，由於股票價格一直在急劇上漲，因此賣空者努力努力掩蓋其頭寸。

As the stock continues to hit its daily price limits, which prevent it from selling at a higher price during trading hours, short sellers are becoming increasingly desperate.

隨著股票繼續達到日常價格限制，這阻止了該股票在交易時間內以更高的價格出售，因此賣空者越來越絕望。

Some short sellers are now facing losses of more than 300%, and they may be unable to buy shares back at lower prices to close their bets. If the limits are lifted and the stock price surges even higher, there could be a huge price move that pushes the stock much higher—known as a short squeeze.

一些賣空者現在面臨的損失超過300％，他們可能無法以較低的價格購買股票以關閉賭注。如果限制限制並且股票價格上漲甚至更高，則可能會有巨大的價格轉移會推動股票更高的推動力，稱為短暫的擠壓。

Strong Bitcoin Buying and Macro Trends

強大的比特幣購買和宏觀趨勢

Metaplanet has been buying Bitcoin aggressively, and its recent purchases give it a Bitcoin yield that's over 11 times higher than Microstrategy's. This shows that the company is growing its Bitcoin holdings quickly.

Metaplanet一直在積極購買比特幣，其最近的購買使它的比特幣產量比MicroStrategy高11倍以上。這表明該公司正在迅速增加其比特幣持有量。

In the broader markets, U.S. and Japanese government bond yields have been rising, which could lead to central banks cutting rates again. Lower interest rates usually support Bitcoin and related stocks.

在更廣泛的市場中，美國和日本政府債券收益率正在上升，這可能導致中央銀行再次降低利率。較低的利率通常支持比特幣和相關股票。

Why Japanese Investors Prefer This Stock

為什麼日本投資者更喜歡這種股票

Holding Bitcoin directly in Japan can be costly due to capital gains tax rates of up to 55% on total income. However, investing in Metaplanet via Japan's NISA accounts allows investors to avoid capital gains tax on up to about $25,000 a year.

直接在日本持有比特幣可能是由於資本利得稅率高達55％的總收入。但是，通過日本的NISA帳戶對Metaplanet進行投資，投資者可以避免每年大約25,000美元的資本利得稅。

This tax advantage is attracting many retail investors in Japan, especially as they seek to diversify their portfolios and invest in cryptocurrencies.

這種稅收優勢吸引了日本的許多零售投資者，尤其是當他們尋求多樣化其投資組合併投資加密貨幣時。

What's Next

接下來是什麼

Byworth suggests that if Metaplanet's price were to double to around $21, it would be valued similarly to Microstrategy on a Bitcoin asset basis. Even then, it would still be below its highest valuation in the past.

Byworth認為，如果Metaplanet的價格將翻倍至21美元左右，則在比特幣資產的基礎上，它的價值與MicroStrategy相似。即使那樣，過去仍將低於其最高估值。

However, considering the strong buying interest from investors and the fact that short sellers are struggling to unwind their positions, the stock could see more significant moves soon.

但是，考慮到投資者的強烈購買權以及賣空者正在努力放鬆自己的頭寸這一事實，該股票很快就會看到更重要的舉動。

Stay tuned for further developments.

請繼續關注進一步的發展。