Metaplanet’s Bitcoin treasury and weak yen dynamics reshape debt and capital structure in 2025

On January 5 2026, analyst Adam Livingston highlighted how Japan’s weak yen and high debt burden may give Metaplanet a relative edge in servicing its Bitcoin-linked obligations. Metaplanet holds about 35,102 BTC, recently adding roughly 4,279 BTC for around $451 million, while also overhauling its capital structure in December 2025 to issue dividend-paying preferred shares aimed at institutional investors. Despite these moves and its position as the fourth-largest Bitcoin treasury holder, the company’s stock and the broader crypto treasury sector have continued to decline since the October 2025 market crash.