Metaplanet Gains Advantage Over US Bitcoin Treasuries From Yen Weakness Era

TLDR

Table of Contents

Bitcoin has risen about 1,704% against the yen since 2020, outpacing dollar-based returns.
Metaplanet’s debt is yen-based, reducing real repayment costs as the currency weakens.
Japan’s debt-to-GDP ratio near 250% continues to pressure the yen’s value.
US Bitcoin treasuries face higher real costs due to dollar-denominated borrowing.

Metaplanet is gaining attention as investors reassess how currency exposure affects Bitcoin treasury strategies during a period of market uncertainty. The company’s base in Japan places it within a monetary system shaped by low interest rates and a weak yen.According to an analyst, these conditions give Metaplanet a funding advantage over US-based digital asset treasury companies. The assessment comes as several Bitcoin-focused firms face falling valuations and tighter financing conditions.

Yen weakness reshapes Bitcoin treasury funding

Metaplanet operates under Japan’s long-standing loose monetary policy, which has contributed to sustained weakness in the Japanese yen. This weakness is tied to the country’s fiscal position, which remains under pressure after years of heavy government spending. Bitcoin analyst and crypto treasury investor Adam Livingston said Japan’s debt-to-gross-domestic-product ratio is near 250%. Such a level requires continued borrowing and monetary support to maintain stability.

Livingston said repeated debt issuance has reduced the yen’s purchasing power over time. As the currency weakens, assets priced against it appear to gain value more quickly. This pattern is clear when Bitcoin performance is measured in yen rather than dollars. Livingston noted that Bitcoin has risen about 1,159% since 2020 when measured in US dollars.

LATEST: 📊 Metaplanet has an edge over US-based Bitcoin treasuries due to Japan's weakening yen, which reduces the real cost of its 4.9% debt as the currency depreciates against BTC and USD, according to analyst Adam Livingston. pic.twitter.com/uojBHLiZzN
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Over the same period, Bitcoin gained roughly 1,704% when priced against the Japanese yen. The difference reflects currency depreciation rather than changes in Bitcoin’s market behavior. For companies holding Bitcoin while borrowing in yen, this gap affects both asset growth and liability costs. Currency exposure therefore plays a central role in treasury strategy outcomes.

Debt structure lowers real repayment costs

Metaplanet’s liabilities are denominated in Japanese yen, which continues to weaken against both the dollar and Bitcoin. This structure reduces the real cost of servicing debt when measured in stronger units. Livingston explained that interest payments stay fixed in nominal terms but fall in real value. As a result, the burden declines relative to the company’s Bitcoin holdings.

“Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD,” Livingston said. He added that the company’s 4.9% coupon becomes cheaper in Bitcoin terms as the yen weakens. This effect does not depend on refinancing or interest rate changes.It relies mainly on continued currency trends.

US-based digital asset treasury firms generally issue debt in dollars. The dollar has remained stronger during recent market cycles. Livingston said Strategy pays a 10% coupon in dollars, which erodes more slowly in real terms. This difference affects how fast liabilities shrink compared with asset growth.

Carry trade dynamics support yen-based borrowing

The Japanese yen is commonly used by macro investors to fund leveraged positions due to its low interest rates. This strategy, known as the carry trade, involves borrowing yen and investing in higher-return assets. Bitcoin has increasingly attracted this type of capital during risk-on periods. Metaplanet’s funding approach aligns with this broader market behavior.

Low borrowing costs allow the company to raise capital at lower nominal rates. When the yen weakens, the real value of that debt declines further. This combination supports higher asset exposure per unit of fiat raised. It also reduces pressure on cash flows during volatile market phases.

Market downturn increases focus on balance sheets

The analysis comes as crypto-related equities face a broad pullback. Several digital asset treasury firms have lost more than 90% from peak levels. The decline followed a sharp market correction in October. Bitcoin has struggled to regain previous highs since then.

As conditions tighten, investors are paying closer attention to funding structures. Lower real debt costs may help firms manage extended volatility. Metaplanet’s yen-based liabilities offer a structural difference in this context. While market risk remains, currency dynamics continue to shape comparisons with US-based peers.