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The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
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From Hotel Operator to Bitcoin Holder: How a Japanese Company's Stock Soared 48
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From Hotel Operator to Bitcoin Holder: How a Japanese Company's Stock Soared 48
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In February 2025, the Japanese stock market witnessed an astonishing wealth creation story: Metaplanet, a hotel operator, saw its stock price skyrocket by 48 times (4,800%) within a year after pivoting to a Bitcoin-focused strategy. This meteoric rise not only topped Japan's stock gain charts but also placed the company among the world's best-performing stocks. Behind this frenzy lies a high-stakes corporate gamble and a reflection of the global cryptocurrency market's volatility and policy-driven opportunities.
Metaplanet, once an obscure Japanese hotel operator, struggled with stagnant growth in the traditional tourism industry. However, in early 2024, the company announced a radical shift to a "Bitcoin-first strategy," allocating a significant portion of its corporate funds to cryptocurrencies. According to BitTimes data, by February 2025, Metaplanet held over 1,700 Bitcoin, worth hundreds of millions of dollars—a figure surpassing many professional crypto funds.
Initially met with skepticism, this decision paid off as Bitcoin prices surged under the Trump administration's pro-crypto policies. Metaplanet's balance sheet expanded rapidly, and its stock price soared from its 2024 lows to an 8-year high, briefly surpassing a market cap of 10 billion yen.
Metaplanet's surge is not an isolated event. On January 20, 2025, the day President Trump was sworn in, Bitcoin hit a record high, directly boosting the value of Metaplanet's Bitcoin holdings. The Trump administration's explicit support for cryptocurrencies, including plans to add Bitcoin to U.S. foreign reserves, triggered a global capital influx into Bitcoin, with Japanese investors leading the charge.
However, Bitcoin's volatility remains a concern. Trump's trade protectionist policies caused global market turbulence, leading to a Bitcoin price correction shortly after its peak. Despite this, Metaplanet's stock remained resilient, reflecting sustained market confidence in its Bitcoin-centric strategy.
Metaplanet's case highlights traditional industries' urgent need for digital transformation. Amid low interest rates and slowing economic growth, Japanese companies are increasingly seeking high-yield assets, with Bitcoin's volatility ironically adding to its appeal. Analysts estimate that approximately 70% of Metaplanet's stock price surge can be attributed to the growth in its Bitcoin holdings.
Yet, this model is not without controversy. Critics argue that over-reliance on cryptocurrencies is akin to gambling, and a Bitcoin price crash could leave Metaplanet insolvent. Additionally, Japan's financial regulators have yet to establish clear accounting standards for corporate cryptocurrency holdings, creating potential risks for the future.
Metaplanet's transformation from a traditional hotel operator to a Bitcoin-focused enterprise underscores the growing intersection of traditional industries and the crypto economy. While its stock surge is a testament to the potential rewards of such a pivot, it also serves as a cautionary tale about the risks of embracing high-volatility assets. As more companies consider similar strategies, the debate over the role of cryptocurrencies in corporate finance will undoubtedly intensify.
For now, Metaplanet's story remains a fascinating case study in innovation, risk-taking, and the transformative power of digital assets.
In February 2025, the Japanese stock market witnessed an astonishing wealth creation story: Metaplanet, a hotel operator, saw its stock price skyrocket by 48 times (4,800%) within a year after pivoting to a Bitcoin-focused strategy. This meteoric rise not only topped Japan's stock gain charts but also placed the company among the world's best-performing stocks. Behind this frenzy lies a high-stakes corporate gamble and a reflection of the global cryptocurrency market's volatility and policy-driven opportunities.
Metaplanet, once an obscure Japanese hotel operator, struggled with stagnant growth in the traditional tourism industry. However, in early 2024, the company announced a radical shift to a "Bitcoin-first strategy," allocating a significant portion of its corporate funds to cryptocurrencies. According to BitTimes data, by February 2025, Metaplanet held over 1,700 Bitcoin, worth hundreds of millions of dollars—a figure surpassing many professional crypto funds.
Initially met with skepticism, this decision paid off as Bitcoin prices surged under the Trump administration's pro-crypto policies. Metaplanet's balance sheet expanded rapidly, and its stock price soared from its 2024 lows to an 8-year high, briefly surpassing a market cap of 10 billion yen.
Metaplanet's surge is not an isolated event. On January 20, 2025, the day President Trump was sworn in, Bitcoin hit a record high, directly boosting the value of Metaplanet's Bitcoin holdings. The Trump administration's explicit support for cryptocurrencies, including plans to add Bitcoin to U.S. foreign reserves, triggered a global capital influx into Bitcoin, with Japanese investors leading the charge.
However, Bitcoin's volatility remains a concern. Trump's trade protectionist policies caused global market turbulence, leading to a Bitcoin price correction shortly after its peak. Despite this, Metaplanet's stock remained resilient, reflecting sustained market confidence in its Bitcoin-centric strategy.
Metaplanet's case highlights traditional industries' urgent need for digital transformation. Amid low interest rates and slowing economic growth, Japanese companies are increasingly seeking high-yield assets, with Bitcoin's volatility ironically adding to its appeal. Analysts estimate that approximately 70% of Metaplanet's stock price surge can be attributed to the growth in its Bitcoin holdings.
Yet, this model is not without controversy. Critics argue that over-reliance on cryptocurrencies is akin to gambling, and a Bitcoin price crash could leave Metaplanet insolvent. Additionally, Japan's financial regulators have yet to establish clear accounting standards for corporate cryptocurrency holdings, creating potential risks for the future.
Metaplanet's transformation from a traditional hotel operator to a Bitcoin-focused enterprise underscores the growing intersection of traditional industries and the crypto economy. While its stock surge is a testament to the potential rewards of such a pivot, it also serves as a cautionary tale about the risks of embracing high-volatility assets. As more companies consider similar strategies, the debate over the role of cryptocurrencies in corporate finance will undoubtedly intensify.
For now, Metaplanet's story remains a fascinating case study in innovation, risk-taking, and the transformative power of digital assets.
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