Metaplanet Holds Structural Edge Over U.S. Bitcoin Treasuries, Says Analyst


Japan's weak yen gives #Metaplanet cheaper financing costs compared to dollar-based competitors, according to $BTC analyst Adam Livingston. The company's liabilities are denominated in a currency that is losing value against both #Bitcoin and the dollar, creating a financial advantage that other treasury firms lack.


Japan carries a debt-to-GDP ratio near 250%, forcing continuous yen printing to cover annual deficits. This cycle further weakens the currency while strengthening Metaplanet's position relative to U.S.-based rivals that are paying debt in stronger currencies. The company holds 35,102 $BTC at the time of writing, ranking fourth among Bitcoin treasury companies by holdings according to BitcoinTreasuries data.


Bitcoin has gained 1,704% against the yen since 2020, compared to 1,159% in dollar terms. Metaplanet pays a 4.9% coupon in depreciating yen, while #Strategy pays 10% in dollars, meaning the real cost of Metaplanet's debt shrinks faster over time.


The analysis arrives during a broad downturn across #crypto treasury stocks. Some companies lost over 90% from peak valuations as markets struggle to form new highs following October's crash. Metaplanet's stock declined alongside peers, including Strategy, BitMine, and Nakamoto, despite aggressive accumulation.


The company added 4,279 $BTC on Tuesday for approximately $451 million. Macroeconomic investors frequently use the yen for leveraged positions due to artificially low interest rates, a dynamic that extends to Bitcoin treasury operations.


#Livingston noted that each yen-denominated payment erodes in real terms as the currency weakens against $BTC and the dollar. Strategy's dollar obligations maintain more purchasing power, creating a structural disadvantage in financing costs per unit of currency.

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January 04, 2026 at 10:49 PM
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