Yen depreciation becomes an advantage: How Metaplanet uses "weak currency" to exchange for BTC

Japanese publicly listed company Metaplanet is turning a seemingly “disadvantageous” condition into a competitive edge. The weak yen is not a burden; instead, it has become a secret weapon against American Bitcoin treasury companies—by devaluing the yen, financing costs are quietly shrinking. Behind this is an innovative approach by Asian players amid the global institutional rush to accumulate BTC.

How Yen Depreciation Becomes a Financing Advantage

Mathematical logic behind cost reduction

Metaplanet’s cleverness lies in its debt denominated in yen while holding Bitcoin assets. When the yen depreciates, the “real cost” of this debt shrinks.

Specifically, Metaplanet issues bonds with a coupon rate of 4.9%. But due to the continuous depreciation of the yen relative to Bitcoin and USD, the actual cost of each coupon payment is decreasing. Analyst Adam Livingston pointed out that this is equivalent to Metaplanet gaining a “hidden discount” through currency devaluation.

Data supporting this logic:

The appreciation against the yen far exceeds that against the dollar, indicating the yen is depreciating faster. Since Metaplanet’s debt is yen-denominated, this creates an advantageous asymmetry—debt is “shrinking,” while BTC assets are appreciating.

Japan’s macroeconomic background

This advantage doesn’t appear out of nowhere. Japan’s long-standing debt burden is the fundamental reason:

• Japan’s debt-to-GDP ratio is about 250%, one of the highest in the world
• This high debt load leads to structural weakness of the yen
• The Bank of Japan’s easing policies further intensify the yen’s depreciation pressure

In this macro environment, Metaplanet’s “yen debt + BTC assets” portfolio effectively hedges Japan’s financial risks—borrowing in a depreciating currency to buy appreciating assets.

Comparison with US peers

Reversal of buying power

Metaplanet’s advantage isn’t just theoretical; it can be seen in actual actions. Over the past 7 days, this Japanese company’s aggressive buying has surpassed that of the US “Bitcoin whale” MicroStrategy:

Metaplanet’s accumulation is more than three times that of MicroStrategy. What does this indicate? In the current macro environment, Asian institutions may have a higher risk appetite for BTC— or they see opportunities that US peers do not.

Global ranking of treasury companies

Metaplanet currently holds 35,102 BTC, making it the fourth-largest Bitcoin treasury company globally. While not yet first, its increasing holdings and financing cost advantages are narrowing the gap with US counterparts.

Larger trend: Global institutional accumulation

Metaplanet’s aggressive stance isn’t isolated. According to the latest data, the top 100 listed companies worldwide hold a total of 1,090,949 BTC. Despite significant market volatility over the past week, five companies chose to increase their holdings:

• Metaplanet: +4,279 BTC
• MicroStrategy: +1,229 BTC
• Bitdeer: +1.6 BTC
• Bitcoin Hodl Co: +1 BTC
• BTCS: +0.988 BTC

This signals a key message: institutional investors are voting with their actions, believing now is a good time to accumulate BTC. And Metaplanet’s bold moves suggest Asian institutions may have more confidence in BTC’s long-term value.

Sustainability of the structural advantage

Yen depreciation may continue

The key question is: how long can this advantage last? From Japan’s macro fundamentals, the pressure for yen depreciation is unlikely to reverse in the short term. High debt-to-GDP ratios and continued easing policies imply the yen may keep weakening.

This is positive for Metaplanet—the more the yen depreciates, the lower its actual debt costs. Meanwhile, BTC as a “hard asset” is more likely to appreciate in a globally loose liquidity environment. This positive feedback loop could persist for some time.

Risk factors

However, caution is needed. This strategy relies on BTC continuing to appreciate. If Bitcoin’s price drops significantly, Metaplanet’s asset side will face pressure. Additionally, while yen depreciation reduces financing costs, it also indicates structural challenges in the Japanese economy.

Summary

Metaplanet leverages the structural opportunity of yen depreciation, turning a seemingly disadvantageous condition (weak yen) into a competitive advantage (low financing costs). This is not only a smart move by a single company but also reflects a new approach by global institutions amid current macroeconomic conditions—using innovative asset allocation strategies to hedge risks and seek returns.

Data from the past week shows Asian institutions’ buying intensity surpassing US peers. This may indicate that in the new BTC allocation track, Asian players are finding their own competitive edge. And Metaplanet’s “yen arbitrage” story is just a microcosm of this larger trend.