Weak Yen May Give Metaplanet an Edge in Bitcoin Treasuries
Metaplanet, a Bitcoin (BTC) treasury company, may have a financing advantage over U.S.-based digital asset treasuries due to structural weakness in the Japanese yen (JPY), according to BTC analyst and crypto treasury investor Adam Livingston.
Livingston cited Japan’s debt-to-gross-domestic-product ratio of about 250%, noting that persistent deficits require additional issuance, which pressures the currency and reduces its purchasing power over time.
Measured in U.S. dollar terms, BTC has appreciated by about 1,159% since 2020, while gains over the same period are 1,704% when measured against the Japanese yen, Livingston said.
A weaker yen means Metaplanet’s liabilities are denominated in a softer fiat currency, providing relatively cheaper access to capital on a “per unit” basis, Livingston added. “Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD, so the real, BTC-denominated, cost of that 4.9% coupon keeps shrinking. Strategy pays its 10% coupon in dollars, a stronger unit, so its liability erodes more slowly.”
The analysis comes amid a broad pullback in crypto treasury companies, with some names down more than 90% from their peaks, as digital asset markets have struggled to recover momentum and set new all-time highs following a sharp sell-off in October.
Metaplanet ranks as the 4th largest BTC treasury despite broader DAT weakness
Metaplanet holds 35,102 BTC in reserve at the time of writing, making it the 4th largest Bitcoin treasury company by BTC holdings, according to data from BitcoinTreasuries.
The company’s most recent purchase was on Tuesday, when it acquired 4,279 BTC for about $451 million. Despite the accumulation, the company’s share price has declined in line with the broader crypto treasury sector, including Strategy — the biggest BTC treasury company, BitMine, Nakamoto, and others.
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