Metaplanet benefits from weak yen as BTC holdings outperform

Metaplanet’s Bitcoin treasury strategy is drawing attention as currency dynamics begin to play a larger role in corporate BTC accumulation.

Metaplanet’s Bitcoin treasury strategy is benefiting from Japan’s weak yen, giving the company a structural advantage in financing costs and BTC-denominated returns compared with U.S.-based peers.

The observation was outlined in a Jan. 4 post on X by Bitcoin analyst and crypto treasury investor Adam Livingston.

Yen financing lowers the real cost of Bitcoin exposure

Bitcoin’s long-term performance looks materially stronger when measured in Japanese yen rather than U.S. dollars, largely reflecting years of currency depreciation driven by Japan’s high debt load and accommodative monetary policy.

Japanese holders have gained more value per unit of capital deployed because Bitcoin’s gains in yen terms have significantly outpaced its dollar-based return since 2020. 

Metaplanet’s treasury structure directly benefits from this currency gap. The firm finances Bitcoin accumulation using yen-denominated instruments, including perpetual preferred shares that carry a fixed coupon below 5%.

Because those obligations are paid in a weakening currency, the real cost of servicing them continues to decline when measured against both Bitcoin and the dollar.

By contrast, U.S.-based Bitcoin treasury companies typically issue debt in dollars at materially higher rates. Those liabilities are tied to a stronger currency, which erodes more slowly relative to Bitcoin and reduces the compounding effect during market upswings.

The result is a carry trade dynamic that works in Metaplanet’s favor. the company borrows in cheap yen, acquires Bitcoin that appreciates against fiat, and repays coupons in a currency that keeps losing value.

Accumulation strategy and longer-term implications

Through 2025, Metaplanet increased its Bitcoin purchases, solidifying its standing as Asia’s biggest corporate holder. After a $451 acquisition in Q4 2025, the company’s total holdings crossed 35,000 BTC, surpassing internal goals and ranking as the 4th largest corporate treasury in the world.

The tactic hasn’t always been successful. During certain periods of 2025, the stock price was impacted by share issuances used to finance accumulation, and unrealized losses surfaced during Bitcoin declines.

Nonetheless, the company continued to report substantial growth in Bitcoin per fully diluted share and rising revenue from Bitcoin-related activities. Yen weakness is viewed by analysts as a structural tailwind rather than a short-term anomaly.

With Japan’s fiscal pressures unlikely to ease quickly, Metaplanet’s cost-of-capital advantage may persist, particularly if Bitcoin resumes a sustained uptrend. Over time, that currency mismatch allows the company to capture more upside per unit of financing than peers borrowing in harder currencies.