Analyst says Metaplanet benefits from yen weakness versus US-based Bitcoin treasuries

Analyst and crypto treasury investor Adam Livingston argues that Metaplanet’s Bitcoin strategy is advantaged by Japan’s high debt and weakening yen, which reduce the real cost of its yen-denominated liabilities. He notes that since 2020, Bitcoin has gained 1,704% against the Japanese yen compared with 1,159% against the US dollar, while Metaplanet has grown its holdings to 35,102 BTC even as crypto treasury stocks have sharply declined. Livingston contrasts Metaplanet’s 4.9% coupon in yen with Strategy’s 10% dollar coupon, saying the yen weakness makes Metaplanet’s financing effectively cheaper in BTC terms.