Metaplanet’s Bitcoin treasury strategy is getting attention for one key reason: currency matters more than most people realize.
Because the company operates in Japan, it benefits from a weak yen. That single factor gives Metaplanet a built-in advantage when it comes to buying and holding Bitcoin—especially compared to U.S.-based firms.
Cheap yen, stronger Bitcoin gains
When Bitcoin is measured in Japanese yen instead of U.S. dollars, its long-term performance looks much stronger. That’s mainly because the yen has steadily lost value over the past several years due to Japan’s high debt levels and loose monetary policy.
For Japanese companies, this creates a powerful effect. Every rise in Bitcoin delivers more real value per unit of capital than it does for dollar-based investors.
Metaplanet takes full advantage of this setup. The company finances its Bitcoin purchases using yen-denominated instruments, including perpetual preferred shares with fixed coupons below 5%.
Here’s the key point: those payments are made in a currency that keeps weakening. As the yen declines, the real cost of servicing that debt falls when compared to both Bitcoin and the U.S. dollar.
Why U.S. firms don’t get the same boost
Most U.S. Bitcoin treasury companies borrow in dollars, usually at much higher interest rates. The dollar is stronger and loses value more slowly, which limits the compounding effect when Bitcoin rallies.
Metaplanet, on the other hand, is effectively running a favorable carry trade—borrowing cheap yen, buying Bitcoin, and repaying obligations in a currency that keeps depreciating.
That difference alone can lead to very different outcomes over time.
Accumulation, risk, and long-term upside
Throughout 2025, Metaplanet steadily increased its Bitcoin holdings and became Asia’s largest corporate BTC holder. After a major purchase in Q4 2025, total holdings surpassed 35,000 BTC, making it the fourth-largest corporate Bitcoin treasury globally.
The strategy hasn’t been risk-free. Share issuances used to fund purchases pressured the stock at times, and Bitcoin pullbacks created unrealized losses.
Still, Metaplanet continued to grow Bitcoin per fully diluted share and increased revenue tied to Bitcoin activities. Analysts see yen weakness as a structural advantage, not a temporary condition.
With Japan’s fiscal challenges unlikely to ease anytime soon, Metaplanet’s lower cost of capital could remain in place—especially if Bitcoin enters another sustained uptrend.
Over time, that currency mismatch allows the company to capture more upside per unit of financing than competitors borrowing in stronger currencies.
