Metaplanet's Bitcoin Treasury Strategy and Yen-Backed Carry Trade Advantage

Japan's weak yen has created a unique structural tailwind for Metaplanet, enabling the company to execute a capital-efficient Bitcoin accumulation strategy that leverages carry trade dynamics. By financing Bitcoin purchases through yen-denominated instruments, Metaplanet benefits from a currency depreciation that amplifies Bitcoin's returns while reducing the real cost of its liabilities. This approach has positioned the company as one of the largest corporate Bitcoin holders globally, with a treasury of 35,102 BTC as of late 2025.

The Carry Trade Dynamic: Weak Yen as a Strategic Catalyst

Japan's accommodative monetary policy and high debt-to-GDP ratio (approximately 250%) have driven the yen to historic lows against both the U.S. dollar and Bitcoin according to analysis. Since 2020, Bitcoin has appreciated 1,704% in yen terms compared to just 1,159% in U.S. dollars. Metaplanet exploits this disparity by issuing perpetual preferred shares with coupons below 5% and securing Bitcoin-backed credit facilities to fund its purchases. The company's debt structure allows it to borrow in a depreciating currency, convert proceeds into Bitcoin, and repay liabilities with a weaker yen, effectively compounding gains while minimizing real costs.

This strategy contrasts sharply with U.S.-based firms, which face higher financing costs due to stronger dollar liabilities. For example, Metaplanet's average acquisition cost of ¥15,945,691 per BTC (approximately $107,607) is significantly lower in real terms than the current market price of $103,000, creating a compounding effect as the yen weakens. By December 2025, the company had acquired 4,279 BTC for $451 million, expanding its holdings by 14% in a single quarter.

Capital Efficiency and Shareholder Value Creation

Despite a 39% decline in Bitcoin valuation gains post-October 2025 market crash, Metaplanet's treasury remains a net asset. The company's Bitcoin stack is valued at $3.78 billion, with unrealized losses of $509 million-representing a 5% underwater position-viewed as an acceptable risk within its multi-year thesis. Crucially, Metaplanet has maintained growth in Bitcoin per fully diluted share and diversified revenue streams from Bitcoin-related activities.

The company's capital structure innovations further enhance shareholder value. By issuing preferred shares and leveraging Bitcoin-backed debt, Metaplanet minimizes equity dilution while funding aggressive acquisitions. For instance, ¥21.249 billion in preferred share issuances and $280 million in credit facilities funded Q4 2025 purchases. This approach has allowed the company to maintain a stock price trading at a discount to its Bitcoin net asset value, creating a margin of safety for investors.

Long-Term Vision: 1% of Bitcoin's Supply by 2027

Metaplanet's ambition extends beyond current holdings. The company has set a target of accumulating 210,000 BTC by 2027-1% of Bitcoin's total supply-to become the second-largest corporate holder globally. This bold goal mirrors MicroStrategy's Bitcoin treasury strategy but is amplified by Japan's monetary environment. Analysts note that Metaplanet's regulatory arbitrage-enabled by Japan's progressive stance on digital assets-gives it a competitive edge over U.S. peers.

Risks and Resilience

While Bitcoin's price volatility and the October 2025 crash have pressured Metaplanet's stock (down 27% in a month), the company's long-term thesis remains intact. Its carry trade strategy is designed to withstand short-term fluctuations, with unrealized losses expected to reverse as Bitcoin's price trends upward. Additionally, Japan's monetary policy is unlikely to reverse, ensuring the yen's depreciation continues to fuel Metaplanet's compounding gains.

Conclusion

Metaplanet's Bitcoin treasury strategy exemplifies how structural macroeconomic factors-specifically, Japan's weak yen-can create a capital-efficient framework for corporate Bitcoin accumulation. By leveraging carry trade dynamics, the company has positioned itself as a leader in the digital asset space, with a treasury that balances risk and reward. For investors, Metaplanet represents a compelling case study in how corporate Bitcoin adoption can generate shareholder value in a low-interest-rate, inflationary environment.