Metaplanet continues to capitalize on yen depreciation as a strategic hedge, recently expanding its Bitcoin reserves to approximately 35,102 BTC after acquiring an additional 4,279 BTC at a $451 million investment level. The move reflects how currency weakness can effectively reduce real liability costs when denominated in local terms. The numbers tell an interesting story: Bitcoin has outperformed the yen by 1,704% since 2020, compared to a 1,159% performance advantage versus the US dollar. Yet despite these impressive holdings and the underlying macro thesis, the company's stock price has trailed the broader sector performance, suggesting market skepticism about execution or timing on this strategic bet.