10x: Metaplanet is Trading at $596K Per Bitcoin, Raising Retail Bubble Concerns

Japanese firm Metaplanet is effectively trading at $596,154 per Bitcoin, according to 10x Research, which warned that retail investors may be paying a 447% premium for Bitcoin exposure via the company’s shares.

Metaplanet is currently the most shorted stock in Japan, data shows, reflecting mounting skepticism among hedge funds over the company’s valuation and perceived NAV distortion.

Currently trading at 1,116 yen, Metalpanet’s stock is up over 400% in the last six months and over 200% this month alone, fueled by the company’s aggressive Bitcoin accumulation strategy.

Often dubbed as ‘Japan’s Strategy,’ Metaplanet adopted a Bitcoin-first treasury strategy in 2024, which has contributed to its meteoric stock rally. Currently, the company holds 7,800 BTC, valued at over $850 million following its recent acquisition of 1,004 BTC earlier this month.

Apparently Metaplanet is the most shorted stock in Japan. Do they really think betting against Bitcoin is a winning strategy? pic.twitter.com/SAKsOMO4MX

— Simon Gerovich (@gerovich) May 21, 2025

Japan’s Most Shorted Stock Metaplanet Continues to Rise

Metaplanet’s distorted NAV has led to hedge fund managers questioning the sustainability of the company’s valuation. Despite being the most shorted stock in Japan, Metaplanet continues to climb, rising 15% today alone.

As more investment vehicles offer exposure to Bitcoin, retail investors should be cautious about the risks and the often significant premiums they may be unknowingly paying.

Japanese Retail Pours Into Metaplanet via Tax-Free NISA Accounts

Metaplanet was the most purchased stock last week through NISA accounts at SBI Securities, Japan’s largest online brokerage, signaling surging retail demand for indirect Bitcoin exposure.

Japanese investors are increasingly turning to the tax-free NISA investment scheme to gain access to Bitcoin upside without triggering capital gains taxes. Metaplanet’s CEO, who is scheduled to speak at the Bitcoin Conference in Las Vegas this week, recently described the company as “Japan’s ultimate Bitcoin proxy.”