2 months ago
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Adam Livingston, a Bitcoin analyst and investor in crypto treasury companies, argued that Metaplanet, a Japan-based firm primarily engaged in the Bitcoin treasury business among other ventures, might enjoy financial advantages compared to other companies in the crypto industry due to the ongoing shortcomings of the Japanese yen.
Livingston made this statement after discovering that Japan’s total debt, in comparison to the country’s gross domestic product (GDP), is approximately 250%, marking a substantial rise in Japan’s debt level in its history.
At this high level, reports highlighted that the yen continues to weaken, as the government is required to print a considerable amount of money every year to address deficits, which causes heavier debt and lowers the yen’s value.
Livingston points out the impacts of a weaker yen on the industry
Reports from reliable sources indicate that the value of Bitcoin has increased by approximately 1,159% since 2020. This rise was identified when the cryptocurrency’s value was measured in US dollars. Nonetheless, Livingston noted that BTC’s increase is approximately 1,704% compared to the Japanese yen.
Concerning the claim that Metaplanet might enjoy financial advantages over other firms, analysts began by acknowledging that if the yen is weaker, the company’s debts are tied to a currency with less value than the dollar. This situation makes financing readily available for Metaplanet at an affordable cost for each unit of fiat currency it utilizes.
Another discovery that was made public was the fact that Metaplanet makes payments for each coupon using a currency whose value is diminishing compared to that of BTC and USD.
Consequently, the real cost of its 4.9% coupon in Bitcoin continues to decrease while Strategy makes payments of its 10% coupon in dollars, utilizing a stronger currency; hence, the firm’s liabilities decline at a slow pace.
It is worth noting that this analysis was conducted during a global decline in crypto treasury firms. Some of these companies have observed a decrease in their values of more than 90% from their peak. The crypto markets, on the other hand, are facing difficulties recovering and achieving new highs after a major crash in October 2025.
Meanwhile, Bitcoin Treasuries data disclosed that Metaplanet currently owns approximately 35,102 BTC in reserve. With this achievement, the company solidified its position among the top-ranked firms as the fourth-largest Bitcoin treasury company, measured by its Bitcoin holdings. For its latest purchase, sources mentioned that the firm bought approximately 4,279 units of BTC on Tuesday of last week, adding to its reserve for around $451 million.
However, the current situation in the company has sparked heated debates among individuals who have raised concerns, wondering why Metaplanet’s stock price has dropped despite making such a significant move in its Bitcoin purchase. Additionally, they observed that the rest of the crypto treasury sector also declined. This sector comprises key players in the industry, such as Strategy — the largest BTC treasury company — BitMine, Nakamoto, and others.
Metaplanet implements a significant move in the crypto space
In December 2025, Metaplanet made several amendments to its capital structure. This move made it easier for Japan’s largest corporate holder of Bitcoin to collect funds by issuing preferred shares that pay dividends, drawing the attention of several institutional investors.
As a result of this change, Dylan LeClair, the company’s director of Bitcoin strategy, noted that investors supported five proposals that collectively enhanced Metaplanet’s ability to offer preferred shares, introduce new dividend alternatives, and attract participation from international institutional investors.
Notably, this approved adjustment involves reclassifying capital reserves to facilitate the payment of preferred share dividends and potentially repurchasing shares.
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