Bitcoin treasury firm Metaplanet may benefit from a unique financial advantage due to persistent weakness in the Japanese yen, according to analyst and crypto treasury investor Adam Livingston.
Livingston argues that Japan’s macroeconomic conditions create favorable dynamics for companies holding Bitcoin while issuing liabilities in yen. Japan’s debt-to-gross-domestic-product ratio stands at roughly 250%, he said.
This heavy debt burden has contributed to sustained pressure on the yen over time.
Bitcoin Performance Amplified in Yen Terms
Livingston said ongoing yen issuance to finance deficits continues to erode the currency’s purchasing power.
Against that backdrop, Bitcoin’s long-term performance appears significantly stronger when measured in yen rather than US dollars.
Since 2020, Bitcoin has appreciated approximately 1,159% when measured in dollar terms. Over the same period, Bitcoin gained roughly 1,704% when measured against the Japanese yen.
This widening performance gap highlights the impact of currency depreciation on asset returns.
Lower Real Cost of Debt
Metaplanet’s liabilities are denominated primarily in yen, which has weakened against both Bitcoin and the US dollar.
That structure effectively reduces the real cost of servicing debt over time.
“Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD,” Livingston said.
“So the real, BTC-denominated, cost of that 4.9% coupon keeps shrinking.”
By comparison, companies issuing dollar-denominated debt experience slower erosion of their liabilities.
Livingston pointed to Strategy as an example.
Strategy pays a 10% coupon in US dollars, which he described as a stronger unit of account.
Sector-Wide Pressure Continues
The analysis comes during a broad downturn across digital asset treasury companies.
Several firms have seen their valuations fall by more than 90% from peak levels.
The sector has struggled to recover following a major crypto market crash in October.
Bitcoin’s inability to establish fresh all-time highs has further weighed on investor sentiment.
Metaplanet Expands Bitcoin Holdings
Despite the challenging environment, Metaplanet continues to increase its Bitcoin reserves.
The company currently holds 35,102 BTC, making it the fourth-largest Bitcoin treasury firm globally.
Its most recent purchase occurred earlier this week.
Metaplanet acquired 4,279 BTC for approximately $451 million.
Share Price Still Tracks Sector Decline
Even with its growing Bitcoin holdings, Metaplanet’s share price has declined.
The stock has largely moved in line with other crypto treasury firms.
Peers such as Strategy, BitMine, and Nakamoto have faced similar pressure.
Market participants remain cautious as the sector searches for renewed momentum.
