在比特币下注和短暂挤压威胁的情况下，Metaplanet涌现

日本最高的比特币股票每日价格限制，因为被困的短卖家面临越来越多的损失。

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.

日本的最高比特币股票正在迅速成为该馆里最容易受到关注的股票之一。这也是“短暂挤压”威胁的主题。

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.

该股票在2023年迅速接近两倍，现在在东京交易所连续三天达到了每日价格限制。这也使一些美国零售商人感到愤怒。

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

但是，Metaplanet（OTCMKTS：MTPLF）共享到底发生了什么？

Chart Via Trading View

通过交易视图图表

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.

该股票以每股10.82美元的价格（在美国OTC版本中），其净资产价值基于比特币（BTC）持有的净资产价值超过5倍。为了进行比较，MicroStrategy（NASDAQ：MSTR）在很大程度上被用作比特币股票的基准，其交易仅为其比特币值的1.75倍。

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

根据著名的加密投资者理查德·拜沃斯（Richard Byworth）的说法，这使Metaplanet在比特币的基础上“非常便宜”。

Short Sellers Are Getting Trapped

卖空者被困

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％的股票销售不足。但是，由于股票价格一直在急剧上涨，因此卖空者努力努力掩盖其头寸。

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.

随着股票继续达到日常价格限制，这阻止了该股票在交易时间内以更高的价格出售，因此卖空者越来越绝望。

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.

一些卖空者现在面临的损失超过300％，他们可能无法以较低的价格购买股票以关闭赌注。如果限制限制并且股票价格上涨甚至更高，则可能会有巨大的价格转移会推动股票更高的推动力，称为短暂的挤压。

Strong Bitcoin Buying and Macro Trends

强大的比特币购买和宏观趋势

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一直在积极购买比特币，其最近的购买使它的比特币产量比MicroStrategy高11倍以上。这表明该公司正在迅速增加其比特币持有量。

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.

在更广泛的市场中，美国和日本政府债券收益率正在上升，这可能导致中央银行再次降低利率。较低的利率通常支持比特币和相关股票。

Why Japanese Investors Prefer This Stock

为什么日本投资者更喜欢这种股票

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币可能是由于资本利得税率高达55％的总收入。但是，通过日本的NISA帐户对Metaplanet进行投资，投资者可以避免每年大约25,000美元的资本利得税。

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

这种税收优势吸引了日本的许多零售投资者，尤其是当他们寻求多样化其投资组合并投资加密货币时。

What's Next

接下来是什么

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认为，如果Metaplanet的价格将翻倍至21美元左右，则在比特币资产的基础上，它的价值与MicroStrategy相似。即使那样，过去仍将低于其最高估值。

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，考虑到投资者的强烈购买权以及卖空者正在努力放松自己的头寸这一事实，该股票很快就会看到更重要的举动。

Stay tuned for further developments.

请继续关注进一步的发展。