“Japan’s MicroStrategy”—did this enticing title make your heart race?
Metaplanet, a company that suddenly leapt from an obscure corner of the Tokyo Stock Exchange’s Standard Market to become a headliner in the crypto asset bubble, captured that attention.
At one point, its shares commanded a massive “premium,” soaring far beyond the value of the Bitcoin it held. Individual investors, hungry for the “next ten-bagger,” stampeded in, as if convinced they were about to strike a fabulous gold mine in the desert.
Today, however, that dream is being shattered by cold reality.
Even as Bitcoin’s price remains stable, Metaplanet’s stock has plummeted as if overcome by gravity. Its market capitalization has now sunk below the value of its own Bitcoin holdings—a clear sign that market confidence has completely collapsed.
Why did that initial frenzy turn into immediate panic?
The Poison Pill that Devoured the “Bitcoin Millionaire” Dream
