- Metaplanet may gain a financing advantage from a structurally weak Japanese yen, according to analyst commentary.
- Japan’s debt-to-GDP is cited at about 250%, a factor tied to yen weakness.
- Measured in USD, Bitcoin rose ~1,159% since 2020, and it rose ~1,704% when priced in JPY, per the analyst’s post.
- “Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD, so the real, BTC-denominated, cost of that 4.9% coupon keeps shrinking. Strategy pays its 10% coupon in dollars, a stronger unit, so its liability erodes more slowly.”
- Metaplanet holds 35,102 BTC, ranking fourth among Bitcoin treasuries, and recently bought 4,279 BTC for about $451 million.
Metaplanet, a Bitcoin treasury company, may enjoy cheaper real liabilities because of weakness in the Japanese yen, analyst and investor Adam Livingston wrote in a post, arguing that yen depreciation reduces the BTC-denominated cost of Metaplanet’s fiat obligations. According to the post, Japan’s debt-to-GDP ratio is about 250%, which pressures the yen and requires continued monetary support.
The post notes Bitcoin has climbed about 1,159% in USD since 2020, and roughly 1,704% when measured in JPY, highlighting stronger BTC gains against the yen; these figures were presented in the same post. The analyst argued that a weaker yen makes liabilities denominated in that currency cheaper in BTC terms, lowering financing costs per unit of fiat spent.
He summarized the effect on coupon costs with a direct statement: “Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD, so the real, BTC-denominated, cost of that 4.9% coupon keeps shrinking. Strategy pays its 10% coupon in dollars, a stronger unit, so its liability erodes more slowly.”
At the time of writing, Metaplanet holds 35,102 BTC, placing it fourth by BTC holdings according to data from BitcoinTreasuries. The company’s latest disclosed purchase was 4,279 BTC for about $451 million on Tuesday. Despite accumulation, its stock has declined with the broader crypto treasury sector, which includes companies such as Strategy, BitMine, and Nakamoto, and some firms have lost over 90% from their peaks.
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