ChainCatcher reports that, according to Cointelegraph, Bitcoin analyst Adam Livingston pointed out that Bitcoin treasury company Metaplanet may gain a financial advantage due to structural weakness in the Japanese yen. Japan’s debt-to-GDP ratio is approximately 250%, leading to a persistent weakening of the yen. Since 2020, Bitcoin has appreciated about 1,159% against the US dollar, but appreciated 1,704% against the yen.
Livingston stated that because Metaplanet’s liabilities are denominated in the weaker yen, it benefits from lower-cost financing. Each coupon payment made by Metaplanet is denominated in currencies that are relatively depreciating against Bitcoin and the US dollar, so the effective cost of the 4.9% coupon continues to decrease.
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 declined along with other crypto treasury companies.
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