Metaplanet’s strategy for Bitcoin treasury is gaining traction as currency trends become increasingly important in corporate BTC acquisition.
Summary
- Yen-based financing lowers the effective cost of Bitcoin exposure for Japanese treasury companies.
- Currency depreciation amplifies the positive impact when Bitcoin appreciates against fiat currencies.
- This trend underscores a widening gap in treasury performance across different regions.
Metaplanet’s Bitcoin treasury approach is leveraging Japan’s declining yen, giving the company a competitive edge in financing costs and BTC returns compared to its U.S. counterparts.
This observation was noted in a post on X by Bitcoin analyst and crypto treasury investor Adam Livingston on January 4.
Yen financing reduces the effective cost of Bitcoin exposure
When assessed in Japanese yen rather than U.S. dollars, Bitcoin’s long-term performance appears considerably stronger, reflecting years of currency decline attributed to Japan’s substantial debt and lenient monetary policy.
Japanese investors have realized greater value from their capital investments as Bitcoin’s value in yen has significantly outstripped its dollar-denominated return since 2020.
Metaplanet’s treasury framework is directly enhanced by this currency gap. The firm is acquiring Bitcoin through yen-denominated instruments, like perpetual preferred shares that have a fixed coupon rate below 5%.
As these debts are serviced in a depreciating currency, the actual cost continues to fall relative to both Bitcoin and the dollar.
Conversely, U.S.-based Bitcoin treasury firms typically incur debt in dollars at substantially higher interest rates. These liabilities are linked to a more stable currency, which appreciates more slowly compared to Bitcoin, diminishing the compounding benefits during market rallies.
This creates a favorable carry trade for Metaplanet: the firm borrows cheaply in yen, accumulates Bitcoin that gains value against fiat, and pays back its obligations in a currency that continues to lose value.
Accumulation strategy and long-term impact
In 2025, Metaplanet amplified its Bitcoin holdings, establishing itself as Asia’s leading corporate holder. Following a $451 million acquisition in Q4 2025, its total Bitcoin holdings exceeded 35,000 BTC, surpassing internal benchmarks and ranking as the fourth-largest corporate treasury globally.
This approach hasn’t been without challenges. At times during 2025, share prices were affected by issuances meant to fund acquisitions, leading to unrealized losses during Bitcoin downturns.
Despite this, the company has reported significant growth in Bitcoin per fully diluted share and increasing revenue from Bitcoin-related ventures. Analysts view yen depreciation as a long-term favorable trend rather than a temporary phenomenon.
With Japan facing ongoing fiscal challenges, Metaplanet’s cost-of-capital advantage is likely to endure, especially if Bitcoin enters a prolonged uptrend. Over time, this currency disparity enables the company to capture more potential gains per financing unit than competitors using stronger currencies.
