Metaplanet Plunges 8% As UBS Joins Morgan Stanley Short Bet

Metaplanet shares plunged 8% after UBS reopened a brief place, becoming a member of Morgan Stanley in betting in opposition to Asia’s largest Bitcoin holder.

UBS had closed an earlier brief however re-entered with a 73.1 million share place, underscoring mounting strain from Wall Avenue as a weak Bitcoin worth and Metaplanet’s sliding share worth threaten to undermine each its enterprise mannequin and its capacity to lift funds for extra purchases.

Funding banks together with Jefferies and JPMorgan additionally stay brief, although some friends like Goldman Sachs and Citigroup have just lately in the reduction of their positions. When traders brief a inventory, they’re betting that its share worth will drop. 

Metaplanet’s share worth is now down greater than 31% over the previous month, in response to Google Finance. 

Metaplanet share worth (Supply: Google Finance)

Bitcoin is down virtually 3% previously month.

Morgan Stanley Is The Greatest Brief

Morgan Stanley MUFG has the biggest brief place on the Bitcoin stacking firm, holding almost 20 million Metaplanet shares in its place. One of many agency’s buying and selling desks had decreased its brief place barely, however one other one of many buying and selling desks added much more shares, in response to a submit by Vincent on X. 

Institutional Brief Place ( Metaplanet 3350 ) Evaluation ,Sep 11,2025

1. Largest brief holder: Morgan Stanley MUFG with almost 20 million shares (2.83%), including 1.92M shares.

2. Morgan Stanley MUFG (second line merchandise): A separate desk reveals 17.68M shares, with a small discount… pic.twitter.com/k31UmWU0Gp

— vincent (@vincent13031925) September 15, 2025

Whereas UBS re-opened its brief place, Jefferies upped its place by almost 2 million shares. 

Another banks are closing out their brief positions on Metaplanet. 

Goldman Sachs decreased its brief place’s dimension by greater than 6 million shares. Equally, JP Morgan and Citigroup slashed their order sizes by 4 million and 9 million shares, respectively. Barclays additionally trimmed 4.5 million shares. 

“The price to borrow Metaplanet (3350) for shorting has surged to an annualized 54%, indicating that obtainable shares to lend are extraordinarily scarce and that shorting has change into very costly,” Vincent stated.

Metaplanet Premium Continues To Collapse Alongside With Different DATs

Metaplanet is ranked because the sixth-largest Bitcoin holder globally with 20,136 BTC on its stability sheet, in response to knowledge from Bitcoin Treasuries. 

High ten largest company BTC holders (Supply: Bitcoin Treasuries)

It holds extra BTC in its reserves than CleanSpark, crypto change Coinbase, and Elon Musk’s electrical car producer Tesla. 

Metaplanet goals to develop its Bitcoin stash to 30K BTC by the tip of this yr.

Nevertheless, whereas Bitcoin’s worth has traded flat over the previous week, Metaplanet’s share worth has slid greater than 15%. This has put strain on the corporate’s “Bitcoin premium,” which is the distinction between the corporate’s capitalization and the worth of the Bitcoin that it holds on its stability sheets.

Again in June, traders had been paying over eight occasions the worth of the Bitcoin Metaplanet owns to buy the corporate’s shares. That’s now fallen to solely two occasions the worth. Analysts have warned that this drop in premium may put the corporate’s Bitcoin accumulation technique in danger.  

Metaplanet just isn’t alone in its premium struggles. Different digital asset treasury (DAT) companies are additionally in danger. Michael Saylor’s Technique (previously MicroStrategy), the biggest Bitcoin holder globally with 638,460 BTC on its stability sheet, has seen its share worth drop greater than 9% within the final month.

Abroad Investor Funds For $1.44 Billion Increase Due Tomorrow

Regardless of the declining premiums, Metaplanet has turned to offshore traders to lift extra capital and develop its Bitcoin reserves. The corporate has just lately stated that it’s going to problem 385 million shares through a world providing to lift roughly 205 billion yen ($1.44 billion).

Funds for these shares is due tomorrow, with supply set for Sept. 17.

Of the $1.44 billion the corporate is seeking to elevate, round $1.25 billion of the proceeds will go towards shopping for extra Bitcoin between September and October this yr. The remaining $138.7 million is earmarked for increasing the corporate’s Bitcoin income-generation enterprise. 

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