Overview
- Metaplanet now holds about 35,102 BTC, ranking as the fourth-largest corporate Bitcoin treasury and the biggest in Asia.
- A Q4 2025 purchase added over 4,000 BTC in a single transaction worth roughly $451 million, according to reporting.
- The company finances accumulation in yen, including perpetual preferred shares with coupons below 5%, lowering the real burden of obligations as the currency depreciates.
- Analyst Adam Livingston highlighted that since 2020 Bitcoin’s return measured in yen outpaced its dollar return, citing gains of roughly 1,704% in JPY versus 1,159% in USD.
- Coverage notes currency-driven advantages alongside risks from share dilution and volatility, with yen weakness viewed by analysts as a structural tailwind linked to Japan’s heavy debt load.