The arbitrage secret behind the yen's depreciation: How Metaplanet surpasses the American Bitcoin Vault Company

As the Japanese yen continues to weaken and becomes a long-term trend, corporate Bitcoin treasury strategies are also diverging. Japanese publicly listed company Metaplanet, leveraging its unique financing structure and macroeconomic advantages, is rewriting the competitive landscape of institutional Bitcoin holdings worldwide. This is not just a race over the amount of holdings but also a structural arbitrage driven by differences in monetary policy.

How Yen Depreciation Becomes a Competitive Advantage

The Invisible Advantage of Financing Costs

Metaplanet’s core competitiveness stems from a seemingly simple but profound logic: financing with a depreciating currency to purchase appreciating assets.

Japan’s long-standing high debt levels (debt-to-GDP ratio of about 250%) and sustained loose monetary policy have caused the yen to depreciate relative to the US dollar over the long term. This means that when Metaplanet raises funds through issuing yen-denominated financial instruments, it effectively gains an invisible cost advantage.

Specifically, the company issues fixed-rate bonds (coupon only 4.9%) denominated in yen for repayment. As the yen continues to depreciate, the fixed yen interest payments each year represent a “real cost” that continually decreases when measured in Bitcoin and USD terms. In contrast, US companies financed in dollars often face higher interest rates and are locked into a relatively strong currency, missing out on the debt reduction benefits of exchange rate depreciation.

The Amplification Effect of Book Gains

Historical data further confirms the practical impact of this advantage. Since 2020, Bitcoin priced in yen has increased by 1704%, while in USD it has risen by 1159%. The 545 percentage point difference is entirely attributable to the yen’s depreciation against Bitcoin.

For Japanese companies holding Bitcoin, this means that the same Bitcoin holdings generate significantly higher asset appreciation in their local currency. This is a clear case of structural arbitrage: low-cost yen financing combined with long-term appreciation of fiat currency assets like Bitcoin.

Data Comparison: Metaplanet vs US Peers

Institutional Behavior Data Validation

Metaplanet’s accumulation pace has already surpassed that of the benchmark US company MicroStrategy. According to the latest data, in the past 7 days, only 5 of the top 100 global listed companies increased their Bitcoin holdings, with Metaplanet adding 4,279 BTC and MicroStrategy adding 1,229 BTC. Metaplanet’s increase is more than three times that of the latter.

As of January 4, 2026, Metaplanet has accumulated a total of 35,102 BTC, maintaining the top position among Asian companies in Bitcoin holdings and ranking in the top four globally. Last week, the company completed this accumulation at a cost of approximately $451 million.

The total holdings of the top 100 listed companies worldwide have reached 1,090,949 BTC, but in the current market environment, few companies dare to continue increasing their positions. Metaplanet’s aggressive accumulation strategy reflects a full recognition of its own financing advantages.

Why Is This Advantage Sustainable?

The key is that Japan’s macroeconomic environment is unlikely to reverse in the short term. High debt levels, an aging population, and low growth expectations make it difficult for the Bank of Japan to tighten monetary policy quickly. Under this backdrop, yen depreciation expectations are likely to remain relatively stable.

Bitcoin analyst Adam Livingston points out that this structural advantage has created a unique arbitrage structure for Japanese companies in the current cycle. As long as the trend of yen depreciation persists, Metaplanet’s strategy of accumulating Bitcoin through yen financing can continue to benefit.

Summary

The reason why Metaplanet’s Bitcoin treasury strategy exhibits a structural advantage is not simply because it has chosen smarter investment targets, but because it is situated in a special macro environment—financing with a depreciating currency to buy appreciating assets and simultaneously benefiting from debt reduction. This advantage is difficult to replicate in the short term and explains why Metaplanet’s accumulation speed is surpassing that of US peers. As corporate Bitcoin allocation becomes the new normal, differences in monetary policy environments are becoming a key variable in determining the success or failure of treasury strategies.