在日本的危机中，Metaplanet的比特币押注吸引了短卖家

日本的长期通货膨胀正在咆哮重生，遍布美国的债券市场和财政预测。在不断上升的问题中

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.

日本曾经不稳定的通货膨胀正在重生，对国家的债券市场和财政预测产生了连锁反应。在这一经济动荡之中，一家不太可能的公司进入了市场的十字准线：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.

根据其首席执行官的说法，在其大胆的比特币国库策略之后，这家上市的公司在2024年上涨了5,000％，现在是日本最短暂的股票。

Metaplanet: Japan’s Most Shorted Stock Amid Financial Turmoil

Metaplanet：日本在金融动荡中最短的股票

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

反对Metaplanet的短期位置上升是因为不断发展的危机席卷了日本的长期债务市场。

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

现在，该国的通货膨胀率已经达到3.6％，超过了美国消费者价格指数（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.

“显然，Metaplanet是日本最短缺的股票。他们真的认为对比特币的赌注是一项胜利策略吗？”首席执行官西蒙·格罗维奇（Simon Gerovich）问。

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.

恒星通货膨胀导致日本政府债券（JGB）的前所未有的抛售。自4月以来，40年的收益率飙升了1％，达到了惊人的3.56％，这是二十年来最高水平。同样，30年的收益率达到了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.

“不仅仅是'卖美国'贸易的收益率更高。在日本，在非常弱的债券拍卖后，在日本的25年内，30年的收益率飙升至最高水平。总理[Shigeru Ishiba]称日本的财政状况极为差，比希腊差。”

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.

在这种背景下，日本银行（BOJ）已开始积极地削减债券购买，自2024年初以来，卸载了25万亿日元（1720亿美元）。

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.

尽管有这种收紧，但实际产量仍然为负。以前购买低收益JGB的投资者现在面临着巨大的损失，促使资本流动的转移。

"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在邮政中指出：“日本的长期债券市场处于自由跌倒，导致收益率飙升，损失损失以及全球后果。”

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.

日本债券需求的结构性转变也引起了国外警报，尤其是在美国，日本拥有11.3万亿美元的国债。持续的撤退可能会进一步向已经脆弱的美国债券市场施加压力。

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

Metaplanet的比特币下注在日本危机中吸引了短卖家

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.

在这种宏观经济的动荡中，日本投资者正在寻找避难所。对于许多对传统薪资人道路的年轻公民来说，比特币和扩展是Metaplanet，已成为一种根本性的选择。

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

一位用户在X上评论说：“年轻的日本人正在寻找逃生舱口，以避免像工资一样劳作。”

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的以比特币为中心的策略让人联想到美国的MicroStrategy，这使它成为了杰出的。正如Beincrypto所报道的那样，其股票MTPLF在购买了1.04亿美元的比特币后达到了三个月的高点。同样，其第一季度收入达到了600万美元，比特币的收入贡献了88％。在最近一次购买BTC购买价值1.267亿美元之后，该公司还超过了El Salvador的比特币控股指标。

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，它的崛起受到了对冲基金和机构商人的严格审查。一些分析师认为，短职位可能是复杂套利策略的一部分。

"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.

投资者Gary Cardone解释说：“出售元 /购买MSTR！或仅出售元 /购买BTC差价看起来像短裤，但实际上是差价 - 它太宽了。”

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.

这表明贸易商正在利用Metaplanet，Bitcoin和Bitcoin代理股票（如MicroStrategy）之间的估值差异。这些动态反映了Jim Chanos剧本，在长时间BTC时短路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报道的那样，他列举了相对于比特币本身的股票的不可持续保费。还有其他人难以置信地看待短裤。

"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.

财务分析师秘鲁公牛说：“日本对冲基金在收益曲线控制的土地和263％的债务到GDP中对比特币财政部进行了赌注？您真的无法弥补这一点。”

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.

日本正在席卷主权债务危机的边缘。同时，Metaplanet已成为国内财务焦虑的避雷针，并在法定脆弱性和加密定罪之间发生了更广泛的意识形态冲突。

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

Unchained市场研究总监Joe Burnett说：“日本债券市场正在崩溃，Metaplanet是出口。”

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

无论短裤是机会主义的还是误导的，Metaplanet在日本历史性的财务重置中都已成为零地面。