🟨 Metaplanet’s Hidden Edge Over US Bitcoin Treasuries — Analyst View
◼️ Key Advantage: Exposure to a structurally weak Japanese yen (JPY)
◼️ Japan’s debt-to-GDP ~250%, forcing continuous yen printing
◼️ Yen weakness amplifies BTC gains when measured in JPY terms
📊 BTC Performance: JPY vs USD
◼️ BTC up ~1,159% vs USD since 2020
◼️ BTC up ~1,704% vs JPY over the same period
◼️ Yen debasement boosts BTC-denominated returns for Japanese holders
🧠 Why This Matters for Metaplanet
◼️ Liabilities denominated in weakening fiat (JPY)
◼️ Financing costs erode faster in BTC terms
◼️ Metaplanet pays a 4.9% coupon in JPY, which loses value over time
◼️ US peers (e.g., Strategy) pay ~10% coupons in USD, a stronger currency
📌 Result: Lower real cost of debt relative to BTC holdings
🏦 Treasury Position
◼️ Holds 35,102 BTC
◼️ Ranks 4th largest BTC treasury company globally
◼️ Latest buy: 4,279 BTC (~$451M)
⚠️ Market Reality
◼️ Crypto treasury stocks down sharply sector-wide
◼️ Some names down 90%+ from peaks
◼️ Equity prices lag BTC despite accumulation
📌 Trader Takeaway
◼️ Metaplanet benefits from currency asymmetry
◼️ Yen weakness acts as financial leverage
◼️ Stock price ≠ treasury quality (yet)
◼️ Macro FX dynamics now matter as much as BTC price
