Metaplanet's Bitcoin Bet Drives Global Short Squeeze Frenzy
Metaplanet, a Japanese tech company, has sparked intense interest in global markets. Its stock is the most shorted in Japan, with over 25% borrowed for short positions. Trading halts on the Tokyo Stock Exchange have added to the intrigue, as short sellers scramble to cover their positions elsewhere.
Metaplanet's aggressive Bitcoin accumulation has driven its stock price skyward, reminiscent of MicroStrategy's strategy. The company aims to hold 10,000 BTC by 2025, funding these acquisitions through zero-coupon bonds. Currently, it holds 7,800 BTC, valued at over $800 million, making it the 10th largest public company by Bitcoin holdings.
The company's Q1 FY2025 earnings revealed a remarkable 170% BTC yield, with 88% of its $6 million revenue attributed to Bitcoin options trading. This performance has fueled speculation of a potential global short squeeze, given the high short interest in its stock.
Metaplanet's stock price volatility has been extraordinary, with two consecutive trading halts on the Tokyo Stock Exchange due to extreme price movements. Despite the lack of public information on specific short positions, the unique predicament faced by short sellers has captured global attention. As Metaplanet continues its aggressive Bitcoin accumulation, investors eagerly await its next move.
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