“Betting Against Bitcoin?” Metaplanet CEO Asks Hedge Funds On Stock Short

Question

Metaplanet stock has come on the radar of hedge funds following a massive 33% gain over the past week, and a 121% gain on the monthly chart. With the stock now trading at a yearly high of 783 JPY, short bets have shot up significantly. CEO Simon Gerovich noted that betting against the Japanese firm is like betting against Bitcoin.

Metaplanet CEO Slams Hedge Funds

With its aggressive Bitcoin purchases and stellar Q1 results, the Japanese firm’s stock price has seen mammoth trading volumes on the Tokyo Stock Exchange, as well as other global indexes. However, looking at the Japan equity data, it turns out that Metaplanet is the most shorted stock by hedge funds in the country. Speaking on this development, company CEO Simon Gerovich said:

“Apparently Metaplanet is the most shorted stock in Japan. Do they really think betting against Bitcoin is a winning strategy?”

![](data:image/svg+xml,%3Csvg%20xmlns=')Source: S&P GlobalThe company’s Bitcoin Strategist, Dylan LeClair, showed how the stock has achieved record trading volumes on May 20. In Germany, the company’s DN3 shares witnessed a staggering 2.51 million shares traded, with a total transaction value of €15.35 million. Meanwhile, the over-the-counter (OTC) U.S. ticker $MTPLF recorded 21.14 million shares traded, amounting to $150.29 million in value.

Hedge Funds to Witness Short Squeeze Soon?

Crypto industry experts believe that despite this massive rally, the Metaplanet stock is relatively cheap. Reiterating his previous stand, BlockStream CEO Adam Back explained:

“IMO @Metaplanet_JP is relatively cheap based on historic mNAV ranges, and on months to cover metric so shorting it seems like a really bad idea to me! this is the second 3350:TYO circuit-breaker limit-up day in a row, really bad timing to be short”.

For the second-straight trading session, the stock has hit a circuit on the Tokyo Stock Exchange today, within just 2 minutes of starting the day’s trading. Investor Brian Brookshire has hinted at another potential limit-up day for $MTPLF stock, predicting continued momentum in its rally.

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“If $MTPLF is any indication, 3350 will hit limit-up again tomorrow as well. How many days in a row can it hit limit-up, I wonder… Short squeeze in slow-mo,” Brookshire noted in a recent statement. Bitcoin maverick Michael Saylor also praised the recent rally in the stock price.

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