## Metaplanet Tokyo Stock Price Surges Over 14%: Yen Depreciation and Bitcoin Treasury Dual Drivers

Metaplanet delivered an impressive performance in today’s Tokyo trading session, with the stock price soaring 14.53%. The main drivers behind this are not solely market sentiment but also the company's unique financial leverage model that has attracted the attention of professional investors. As the Japanese currency continues to weaken and Bitcoin’s long-term appreciation potential as a global asset gains recognition among institutions, this rally reflects a new wave of investor awareness of enterprise-level crypto asset strategies.

### Financing Cost Advantage: Arbitrage Opportunities in a Low-Interest Environment

Metaplanet employs a carefully designed financing structure—using yen-denominated financial instruments (including perpetual preferred shares and other structured products) to fund Bitcoin acquisitions. The company's current financing cost is approximately 4.9%, a competitive figure in the global corporate financing market.

The key arbitrage logic is: the company borrows in depreciating yen while holding Bitcoin assets priced globally in USD. As the yen continues to depreciate against the dollar, the actual borrowing cost nominally decreases, while Bitcoin, as a USD-denominated asset, remains unchanged. This structural design allows Metaplanet to benefit from dual appreciation—both from Bitcoin’s own rise and from the nominal asset appreciation driven by currency depreciation, especially under the expectation of a strengthening dollar over the next decade.

### Actual Effectiveness of Treasury Strategy

Over the past year, Metaplanet’s Bitcoin holdings have yielded a return of 568.2%. While part of this figure stems from the company’s relatively small asset base, it also reflects the effectiveness of its early treasury expansion strategy. The company has publicly announced a target to accumulate 210,000 BTC by the end of 2027, which would position it among the top enterprise Bitcoin accumulators globally.

Recent asset purchases further confirm this commitment—Metaplanet recently acquired an additional 103 BTC at a total cost of approximately 1.736 billion yen, with a unit cost of about 16.85 million yen per BTC. This move demonstrates the company’s continued resolve to buy near current Bitcoin prices (currently around $90.69K). It is also expected that the company will launch a new round of preferred stock issuance to further expand its financing channels.

### Mathematical Projection of Long-Term Growth

Market analysts have built scenario models assuming an annual Bitcoin return of 75% and an average annual Bitcoin price growth of 30%. Under these assumptions, Metaplanet’s balance sheet could expand exponentially over the next ten years. Although analysts openly acknowledge that such assumptions are difficult to sustain long-term, conservative projections based on Bitcoin’s historical compound growth rate suggest that even if actual returns fall far below these expectations, the company’s treasury strategy could still generate substantial excess returns over many years.

This outlook is particularly distinctive compared to the Strategy (formerly MicroStrategy) model of corporate Bitcoin accumulation financed by USD loans. The latter pioneered the feasibility of large-scale Bitcoin accumulation through fiat currency financing, but as Bitcoin prices rise and liquidity tightens, replicating such scale becomes increasingly difficult. Metaplanet’s yen financing scheme, under the new market environment and monetary policy backdrop, demonstrates a new competitive advantage.

### Market Recognition and Risk Reminder

The strong performance of today’s stock price indicates that institutional investors are beginning to reassess the value of corporate Bitcoin treasury strategies in an internationalized environment. Especially amid changing global liquidity conditions and divergent central bank policies, the idea of leveraging currency depreciation cycles to optimize financing costs has gained recognition among professional investors.

However, investors should also be aware that the excess returns of this strategy ultimately depend on multiple conditions being met simultaneously: long-term Bitcoin appreciation, continued relative weakness of the yen, and manageable financing costs. The future trajectory of the USD, shifts in global monetary policies, and changes in Bitcoin market liquidity will be key variables influencing the actual returns of this strategy.