Metaplanet Benefits from Yen's Structural Weakness, Poses Greater Advantage than US Crypto Treasury Company

Metaplanet, a Japanese Bitcoin treasury company, has acquired 4,279 BTC in the fourth quarter of 2025, valued at $451 million at an average price of $105,412 per BTC. The company now holds 35,102 BTC in total, positioning it as the fourth-largest publicly traded Bitcoin treasury firm globally according to reports. The purchases were funded through a $280 million Bitcoin-collateralized loan and equity issuance, further expanding its exposure to the cryptocurrency as per analysis. Despite unrealized losses exceeding $500 million due to Bitcoin's price decline, Metaplanet continues to accumulate BTC at prices below its average cost according to financial data.

The company's strategy is supported by a structural edge over U.S. treasury firms, particularly due to the weakening Japanese yen. Analyst Adam Livingston notes that Japan's 250% debt-to-GDP ratio and ongoing need for deficit financing contribute to the yen's devaluation. This weakness reduces the real cost of Metaplanet's coupon payments, which are denominated in a currency that has lost value against both BTC and USD according to market analysis. As a result, its 4.9% coupon liability shrinks in BTC terms over time, giving it a relative financial advantage over U.S. firms like Strategy, whose coupons are denominated in a stronger dollar according to financial reports.

Bitcoin's returns since 2020 are notably higher when measured in yen rather than dollars. BTC appreciated by 1,159% in USD terms but gained 1,704% in JPY, illustrating the yen's erosion according to market data. This dynamic gives Metaplanet cheaper financing per unit of fiat spent, which Livingston describes as a key strategic benefit according to market analysis.

The yen's structural weakness is attributed to Japan's high debt levels and continuous deficit financing. The country's debt-to-GDP ratio is among the highest globally, requiring annual yen printing to fund deficits, which accelerates its devaluation according to financial reports. This creates a compounding effect where the yen's value erodes over time, reducing the real cost of Metaplanet's liabilities. Livingston argues that the yen's depreciation is a structural disadvantage for U.S. treasury firms, as their liabilities are denominated in a stronger currency according to market analysis.

The company's decision to expand its Bitcoin holdings was also driven by its long-term strategy to position BTC as a core asset in its treasury. Metaplanet announced a $500 million credit facility in October 2025, which it used to fund share buybacks and additional Bitcoin purchases according to financial reports. Its mNAV (multiple to net asset value) currently stands at 1.02, indicating it is trading at a slight premium to its BTC holdings according to market analysis.

Metaplanet's stock has faced significant pressure in the past year. U.S.-listed shares (MTPLF) closed at $2.70 on January 3, down 4.26% from the previous day according to market data. Its Tokyo-listed shares fell 7.95% to close at 405 yen on January 4. The company's shares have declined by about 80% from their peak in June according to financial reports. This follows a broader downturn in the crypto treasury sector, where some companies have lost over 90% of their value from previous highs according to market analysis.

Bitcoin's recent price action has also affected Metaplanet's balance sheet. BTC has fallen from its October high of $126,080 to under $85,000 in December, reducing the value of its holdings by approximately 17% relative to its purchase cost according to market data. At the current price of around $87,400, its Q4 purchases are valued at roughly $374 million, a discount to the $451 million spent according to financial reports.

Analysts are closely watching whether Bitcoin's price will recover to justify Metaplanet's aggressive accumulation strategy. The company's continued purchases below its average cost highlight its long-term conviction in BTC as a reserve asset, but its balance sheet remains sensitive to price volatility according to market analysis. A rebound in BTC would help reduce unrealized losses and potentially support share valuation.

The company's Bitcoin income generation business, which uses derivatives to earn recurring revenue, is expected to contribute around $55 million in 2025 according to financial projections. This revenue stream may provide a buffer against market downturns and help diversify its income sources. Investors are also monitoring how regulatory shifts and macroeconomic factors, such as interest rate cuts and trade policies, may influence Bitcoin's trajectory in the coming months according to market analysis.

Given the current market conditions, analysts are also assessing the long-term sustainability of Metaplanet's leverage strategy. While the company's mNAV remains close to parity, any significant depreciation in BTC could increase leverage risks and pressure its valuation according to financial reports.