Metaplanet Capitalizes on Weak Yen as Bitcoin Holdings Excel

Metaplanet's strategy to hold Bitcoin is gaining traction as shifting currency dynamics significantly influence corporate Bitcoin acquisitions.

Key Takeaways

Metaplanet's Bitcoin treasury strategy benefits from a weak yen, improving financing terms and BTC returns.
The firm's yen financing leads to a lower real cost for Bitcoin exposure compared to U.S. firms.
As of 2025, Metaplanet has emerged as the largest corporate holder of Bitcoin in Asia.
Currency dynamics favor Metaplanet's growth trajectory, potentially allowing for greater long-term gains over U.S. firms.

Metaplanet gains currency edge in Bitcoin treasury strategy

Metaplanet is reaping the benefits of Japan's depreciating yen, allowing for lower financing costs and enhancing returns from Bitcoin relative to U.S.-based counterparts. The implications of these currency dynamics, as highlighted by Bitcoin analyst Adam Livingston, position Metaplanet advantageously in its Bitcoin treasury approach.

The Advantage of Yen Financing

Bitcoin's long-term performance is notably stronger when evaluated in Japanese yen than in U.S. dollars, primarily due to Japan's prolonged currency depreciation. This trend, fueled by Japan's substantial debt and loose monetary policy, has allowed Japanese investors to see more value per invested yen in Bitcoin. Since 2020, Bitcoin's gains in yen have significantly outstripped the returns measured in dollars.

🔥METAPLANET'S KILLER YEN ADVANTAGE🔥

Bitcoin's return is a LOT higher in yen than in dollars because Japan's currency has weakened significantly.

Japan's debt-to-GDP ratio stands at 250% – that's alarming!

USD Bitcoin return since 2020: 1,159%

JPY Bitcoin return since 2020: 1,704%

MASSIVE… pic.twitter.com/fPWoIiL9Hc
— Adam Livingston (@AdamBLiv) January 4, 2026

This currency performance creates a direct benefit for Metaplanet's treasury structure. The company funds its Bitcoin purchases through yen-denominated instruments, such as perpetual preferred shares, which have fixed coupons below 5%. Since these obligations are settled in a depreciating currency, the actual cost of repayment decreases when measured against Bitcoin and the dollar.

In contrast, U.S.-based companies typically issue debt in dollars at significantly higher rates, associated with a more stable currency, which erodes in value at a slower pace compared to Bitcoin. This dynamic limits their potential gains during bullish market periods.

Metaplanet's strategy thus involves a favorable carry trade: borrowing in low-cost yen, buying appreciating Bitcoin, and repaying obligations in a currency that keeps diminishing in value.

Accumulation Strategy and Future Outlook

Throughout 2025, Metaplanet has ramped up its Bitcoin purchases, now recognized as Asia's largest corporate holder. After acquiring $451 million worth of Bitcoin in Q4 2025, the firm's total holdings surpassed 35,000 BTC, exceeding internal targets and making it the fourth largest corporate treasury globally.

However, this strategy has faced challenges. At different points in 2025, the company's stock price took a hit due to share issuances for financing and unexpected losses during Bitcoin downtrends. Despite this, Metaplanet consistently reported significant growth in Bitcoin holdings per fully diluted share and increased revenues from Bitcoin-related endeavors.

Analysts view the weaker yen not just transiently, but as a systematic advantage for Metaplanet, suggesting that sustained fiscal pressures in Japan might continue to grant the company a favorable cost-of-capital scenario. Should Bitcoin enter a sustained upward trajectory again, that currency imbalance allows Metaplanet to secure greater returns per financing unit compared to those leveraging stronger currencies.