The depreciation of the Japanese Yen provides financing arbitrage opportunities for Japan Bitcoin Treasury Company

【Chain Wen】Japan’s Bitcoin vault company Metaplanet has recently become a focus again. Analyst Adam Livingston pointed out an interesting phenomenon: the continuous depreciation of the Japanese yen is providing this company with a unique financial advantage that is difficult for American peers to replicate.

The underlying logic is actually easy to understand. Japan’s debt-to-GDP ratio is as high as 250%, which puts long-term downward pressure on the yen. Metaplanet is taking advantage of this—raising funds using increasingly cheaper yen. The bonds issued by the company have an interest rate of 4.9%, but these interest payments are denominated in yen that is constantly depreciating. In other words, from a BTC perspective, the company’s financing costs are decreasing in real-time.

This arbitrage opportunity simply does not exist in the US. The US dollar remains relatively strong, and American Bitcoin companies do not benefit from this kind of currency depreciation hidden profit.

In terms of holdings, Metaplanet already holds 35,102 BTC, ranking as the fourth-largest Bitcoin vault company globally. Just last week, the company disclosed that it spent approximately $451 million to acquire an additional 4,279 BTC. This pace is accelerating.