Metaplanet, Japan's Most Shorted Stock, Surges 24% with ¥2.25B Bond and 200% May Gain on Bitcoin Treasury Trend

Metaplanet Inc., a Japanese company known for its Bitcoin treasury strategy, has become the most shorted stock in Japan, with 25% of its shares outstanding borrowed. The company recently issued ¥2.25 billion in zero-coupon bonds to acquire more Bitcoin, following its treasury allocation in April. Despite a recent 13% decline in shares earlier this week, Metaplanet's stock surged 24% in a single day, drawing comparisons to MicroStrategy due to its Bitcoin-focused business model. The stock has experienced a parabolic rise recently, with gains reaching approximately 200% in May. Metaplanet is trading at around 4.6 times its market net asset value (mNAV), indicating a compressed valuation. This surge is part of a broader trend where pure-play Bitcoin corporate treasury companies have seen their stock prices triple on average, with a 626% increase over the past month. This trend reflects growing investor interest in companies adopting Bitcoin as a treasury reserve asset, a strategy that has been gaining traction globally since 2020.

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