Analyst: Metaplanet has an advantage in yen compared to the US Bitcoin treasury company

According to Cointelegraph, Bitcoin analyst Adam Livingston pointed out that the Bitcoin treasury company Metaplanet may gain a financial advantage due to the structural weakness of the yen. Japan's debt-to-GDP ratio is approximately 250%, leading to a continued depreciation of the yen. Since 2020, Bitcoin has appreciated about 1,159% against the US dollar, but has appreciated 1,704% against the yen.

Livingston stated that because Metaplanet's liabilities are denominated in the weaker yen, it allows for lower-cost financing. "Every coupon payment made by Metaplanet is denominated in a currency that has depreciated relative to Bitcoin and the dollar, so the actual cost of the 4.9% coupon is continually shrinking."

Currently, Metaplanet holds 35,102 Bitcoins, making it the fourth-largest Bitcoin treasury company. Despite accumulating a large amount of Bitcoin, the company's stock price has still fallen along with other crypto treasury companies.