Bitcoin Proxy Metaplanet Stock Tanks 8% amid Rising Short Positions

Core Insights - Metaplanet's stock has corrected by 8.37% on the Tokyo Stock Exchange, totaling a 70% correction from its mid-June high of 1,900 JPY [1] - Institutional short positions in Metaplanet have shifted, with Morgan Stanley MUFG remaining the largest short holder, controlling nearly 20 million shares [2] - The cost to borrow Metaplanet stocks has surged to an annualized 54%, indicating a severe scarcity of lendable stock [3] Short Positions - Morgan Stanley MUFG has increased its short position by 1.92 million shares, despite trimming 768,000 shares, maintaining dominance in short holdings [2] - Jefferies International has expanded its short position to 10.54 million shares, while UBS AG has entered with a new position of 7.31 million shares [3] - Major banks like Goldman Sachs, JP Morgan, Citigroup, and Barclays have significantly reduced their short exposure [3] Market Dynamics - The rising cost of borrowing Metaplanet stocks suggests that shorting is becoming increasingly expensive, which could lead to a short squeeze if positive catalysts arise [3][4] - Metaplanet is advancing its Bitcoin acquisition strategy, aiming to raise up to 555 billion JPY ($3.8 billion) through preferred share issuance [5] - The company is on track to achieve its goal of a 30,000 BTC Treasury by year-end, despite current Bitcoin price resistance at $116,000 [6]