Metaplanet持有7,800 BTC，价值超过8亿美元，在Bitcoin Holdings中排名第10

随着日本应对使希腊在财政上负责的债务危机的努力，从东京金融区出现了一个不太可能的公司拥护者

In the heart of Tokyo's financial district, as Japan grapples with a debt crisis that threatens its economic stability and has left even Greece's fiscal status looking relatively tidy in comparison, an unlikely corporate champion is being forged.

在东京金融区的中心，随着日本努力应对威胁其经济稳定的债务危机，甚至还使希腊的财政状况看起来相对整洁，因此，一个不太可能的公司拥护者正在伪造。

While most traders and investors might be focused on U.S. stocks and crypto, few are paying attention to what's unfolding in the Japanese markets, especially with regards to a company called Metaplanet (OTCMKTS:MPTNY).

尽管大多数交易商和投资者可能专注于美国股票和加密货币，但很少有人关注日本市场正在发生的事情，尤其是关于一家名为Metaplanet（OTCMKTS：MPTNY）的公司。

The company, originally a budget hotel operator, has transformed itself into not only Asia's most aggressive Bitcoin (BTC) accumulator but also Japan’s most shorted stock according to its CEO, setting up what could be a historic short squeeze while highlighting Bitcoin's role as a hedge against sovereign debt crises, a story that both crypto and traditional investors should pay more attention to.

该公司最初是一家廉价酒店运营商，不仅将自己变成了亚洲最具侵略性的比特币（BTC）累加器，而且还将日本最短的股票变成了其首席执行官的说法，建立了历史性的短暂挤压，同时突出比特币作为对黑gy的越野债务危机和传统投资者的围栏的角色，这是一个更加密码和传统投资者。

As traditional safe-haven assets like Japanese government bonds face unprecedented pressure, and with the country's debt-to-GDP ratio now worse than Greece's, it seems like an interesting time to be pivoting a company's treasury to Bitcoin.

由于日本政府债券（如日本政府债券）遇到了前所未有的压力，并且随着该国的债务与GDP比率现在比希腊的比率差，这似乎是一个有趣的时刻，它是将公司的财政部转移到比特币的时机。

The company's stock price has surged over 400% over the past year, reaching highs of 816 JPY on the Tokyo Stock Exchange and settling at $9.10 on the OTC markets as of the 4:00 PM EDT close on May 22, 2025.

在过去的一年中，该公司的股价飙升了400％以上，在东京证券交易所的最高点为816 JPY，截至2025年5月22日下午4:00下午4:00，OTC市场上的价格为9.10美元。

This astronomical rise in share value is directly linked to Metaplanet's unique strategy—a stark contrast to the common narrative in the West. As hedge funds and short sellers have placed massive bets against the company's Bitcoin-first treasury strategy, which began back in 2023, the company's year-to-date return now stands at 291.33%.

这种股票价值的天文学上升与Metaplanet的独特策略直接相关，这与西方的共同叙述形成了鲜明的对比。由于对冲基金和卖空者已经针对该公司的比特币优先国库策略下注，该战略始于2023年，该公司的年度回报率为291.33％。

For context, the Nikkei 225 has decreased by 4.97% year-to-date, highlighting how poorly traditional Japanese assets have performed in comparison to a company that's pivoting to Bitcoin.

在上下文中，Nikkei 225年至今已减少4.97％，强调了与一家旋转比特币的公司相比，日本传统资产的性能较差。

This attention comes after the company's stock price was recently halted multiple times by the Tokyo Stock Exchange due to large trading volumes and price fluctuations, setting up the technical conditions that often precede massive short squeezes.

由于交易量较大和价格波动，该公司的股价最近被东京证券交易所多次停止了，这种关注是在该公司的股票价格最近暂停的，这是在大量短暂挤压之前建立的技术条件。

The company's shares are now being shorted heavily by hedge funds, who are betting that the stock will go down. However, those who believe in the company's strategy—which has seen it accumulate 7,800 BTC to date—are placing bullish bets, leading to a fundamental disagreement about the company's value.

现在，对冲基金宣布该股票将下跌。但是，那些相信公司战略的人（迄今为止它已经积累了7,800 BTC），他们押注了看涨的赌注，导致对公司价值的根本分歧。

This contrasts sharply with the story unfolding in the macroeconomic realm.

这与宏观经济领域中的故事形成鲜明对比。

With the yen hitting 140 to the dollar and 40-year bond yields surging to 3.7%, a full percentage point higher since early April, it seems like an interesting time for a company to be pivoting its treasury strategy.

日元达到140美元至美元，40年债券的收益率飙升至3.7％，自4月初以来的全部百分比更高，这对于一家公司来说，这似乎是一个有趣的时期。

Moreover, with bond auctions facing weaker-than-expected demand as investors remain skeptical of the government's fiscal trajectory, it appears that the company's treasury management strategy is outperforming that of the Japanese government, at least in the minds of some investors.

此外，由于投资者对政府的财政轨迹持怀疑态度，债券拍卖面临​​的需求较弱，看来该公司的国库管理策略至少在某些投资者的看来都胜过日本政府的债券策略。

As the company continues to purchase bitcoins and report earnings, it will be interesting to see if investors begin rotating out of traditional yen-denominated assets and into bitcoin-exposed companies like Metaplanet.

随着公司继续购买比特币并报告收益，很有趣的是，看看投资者是否开始从传统的日元计时资产中旋转，并进入像Metaplanet这样的比特币暴露公司。

The company's stock is also being traded on OTC Markets in the U.S., making it accessible to a wider range of global investors.

该公司的股票也在美国的OTC市场上进行交易，使得全球投资者可以使用。

But what exactly is the company doing, and what makes its story so unique?

但是，公司到底在做什么，什么使其故事如此独特？

Metaplanet's Bitcoin Strategy Is Unfolding Amid Japan's Fiscal Crisis

在日本的财政危机中，Metaplanet的比特币策略正在展开

At the core of Metaplanet's narrative lies a simple yet profound truth: in a world facing sovereign debt crises, especially in a country like Japan, which is now reporting a debt-to-GDP ratio of 235% (compared to Greece's 142%), traditional fiat currency and government bonds might not offer the same safe haven they once did.

Metaplanet叙事的核心是一个简单而深刻的事实：在一个面临主权债务危机的世界中，尤其是在像日本这样的国家，现在报告的债务与GDP比率为235％（与希腊的142％相比）（与希腊的142％相比）（传统的菲亚特货币和政府债券可能无法提供相同的避风港。

This is where Metaplanet, a company that's pivoting its treasury to Bitcoin, comes into play.

这是一家旋转国库到比特币的公司Metaplanet的起源。

The company, which used to be a budget hotel operator with 17 employees, has become an unlikely hero in the minds of many traders and investors.

该公司曾经是拥有17名员工的预算酒店运营商，在许多交易员和投资者的脑海中已成为英雄。

The company's shares, which are traded on the Tokyo Stock Exchange, have skyrocketed over 400% over the past year, reaching highs of 816 JPY. As of the 4:00 PM EDT close on May 22, 2025, the stock price has settled at $9.10 on the OTC markets.

该公司在东京证券交易所交易的股票在过去一年中飙升了400％以上，高达816 JPY。截至2025年5月22日，美国东部时间关闭的下午4:00关闭，股价在OTC市场上定价为9.10美元。

This astronomical rise in share value is directly linked to Metaplanet's unique strategy—a stark contrast to the common narrative in the West.

这种股票价值的天文学上升与Metaplanet的独特策略直接相关，这与西方的共同叙述形成了鲜明的对比。

While U.S. hedge funds and short sellers have placed massive bets against the company's Bitcoin

而美国对冲基金和卖空者已经对公司的比特币下注