.png){kind=logo}
A Japanese corporate Bitcoin strategy is drawing attention as the yen weakens and treasury-company valuations fall. Market data in early January 2026 shows many Bitcoin treasury companies trade at discounts to their Bitcoin net asset value (NAV).
Japan’s high public debt and long period of easy monetary policy have kept pressure on the yen. Analysts cite a debt-to-GDP ratio near 250% and argue that long-running deficits can erode the currency's purchasing power. That backdrop can influence how Japan-based firms measure returns on hard assets like Bitcoin.
One analyst, Adam Livingston, said yen weakness has amplified Bitcoin’s long-term gains for holders who report in yen. He cited a wide gap in Bitcoin's performance between US dollars and Japanese yen since 2020. The comparison highlights how currency moves can change reported outcomes for a Bitcoin treasury company operating in Japan.
Livingston argued that Metaplanet may benefit from liabilities issued in yen. When the yen falls, the real burden of yen interest payments can shrink when measured against Bitcoin. He pointed to Metaplanet's debt costs around a 4.9% coupon and said those costs decline in Bitcoin terms as the currency weakens.
The same logic does not apply as strongly to companies that borrow in US dollars. Livingston contrasted Metaplanet’s structure with Strategy, which pays higher coupons on some dollar-denominated instruments. A stronger dollar can slow the erosion of debt obligations, which can affect the pace and cost of Bitcoin accumulation.
Also Read: Metaplanet Launches $500M Bitcoin-Backed Buyback After Stock Falls Below Asset Value
Equity performance has lagged across the digital asset treasury sector after the October 2025 crypto market crash. Several listed firms tied to Bitcoin balance-sheet strategies have dropped sharply from prior highs. At the same time, Bitcoin has held above earlier-cycle lows, widening the gap between coin holdings and equity valuations.
In early January 2026, close to 40% of the largest Bitcoin treasury companies traded below NAV. The group collectively held more than 1 million BTC, roughly 4% of the total supply. Investors have focused on dilution risk, unrealized losses, and potential liquidity stress as companies seek funding during a weaker equity cycle.
Metaplanet has continued to expand its Bitcoin reserves despite the sector-wide repricing. The company reported holdings of 35,102 BTC after a recent purchase of 4,279 BTC for about $451 million. Even amid ongoing accumulation, the stock has fallen with peers, keeping attention on how markets value a corporate Bitcoin treasury during consolidation.
Bank of Japan policy also remains a key variable. The BOJ raised its benchmark rate to 0.75% on December 19, 2025, while the yen traded near 157 per dollar in early January. Market commentary has linked BOJ tightening to carry-trade unwinds, which can reduce liquidity for risk assets, including Bitcoin-related equities.
