Japan¡¯s hotelier-turned-Bitcoin-buyer Metaplanet has overtaken memory chipmaker Kioxia Holdings in terms of market capitalization, after the stock soared nearly 400% in less than two months riding a global crypto rally.
Metaplanet¡¯s market value surpassed ?1 trillion ($6.9 billion) for the first time on Monday, extending gains that also took it past chipmaker Screen Holdings and Tokyo Metro, operator of one of the world¡¯s biggest subway systems.
The stock rocketed 26% Monday as it announced its purchase of ?16.9 billion worth of Bitcoin, which hit a record of $111,980 on May 22. Metaplanet has plans to raise about $5.4 billion to add to its Bitcoin stockpile. The company is among a growing cadre of listed entities globally that have followed the approach adopted by Strategy, the software-maker that has amassed more than $60 billion of the original digital asset.
Over a five-year period, Metaplanet shares have soared more than 3,000%.
But not everyone is convinced Metaplanet¡¯s rally will last. Short positions have grown to about 23% of its free float as of last Thursday, the largest among Tokyo-listed companies of at least that size, according to data from S&P Global.
Listed on the Tokyo Stock Exchange¡¯s Standard section for medium-size companies and basic governance standards, Metaplanet is the largest stock on the bourse without any analyst coverage, data shows.
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