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2026-01-05 13:38:15

Minggu lalu, perusahaan publik global melakukan pembelian bersih BTC sebesar 5,67 miliar dolar AS, angka ini sendiri cukup mencolok, tetapi yang lebih patut diperhatikan adalah perubahan pola pembelian. Perusahaan publik Jepang Metaplanet menambah kepemilikan sebanyak 4279 BTC dalam satu minggu, skala ini lebih dari tiga kali lipat dari peningkatan MicroStrategy dalam periode yang sama, secara diam-diam menjadi kekuatan utama pembelian institusional yang baru. Di balik ini tidak hanya mencerminkan permintaan institusi terhadap BTC, tetapi juga menyembunyikan mekanisme arbitrase yang undervalued.

Pergantian Kekuasaan dalam Pembelian Institusional

Berdasarkan data terbaru, minggu lalu, total pembelian bersih perusahaan publik global (tidak termasuk perusahaan penambangan) dalam satu minggu untuk Bitcoin adalah 5,67 miliar dolar AS. Angka ini berasal dari kontribusi tiga perusahaan utama:

Perusahaan	Negara	Skala Penambahan	Investasi	Harga Rata-rata	Total Kepemilikan
Metaplanet	Jepang	4.279 BTC	4,51 miliar USD	$105,412	35.102 BTC
Strategy	AS	1.286 BTC	1,16 miliar USD	$90,391	673.783 BTC
BHODL	Inggris	1 BTC	90.000 USD	$88,965	158,2 BTC

Cerita di balik data

Skala penambahan Metaplanet jauh melebihi ekspektasi. Perusahaan Jepang ini pada 30 Desember membeli 4279 BTC sekaligus dengan harga sekitar $105,412, menginvestasikan 4,51 miliar dolar AS. Ini adalah pembelian besar kedua setelah tiga bulan terakhir, dan tingkat antusiasnya jelas melebihi MicroStrategy di AS.

Meskipun Strategy masih terus menambah, pada 4 Januari skala penambahannya relatif moderat. Perusahaan ini menginvestasikan 1,16 miliar dolar AS, menambah 3 BTC dengan harga $88,210 dan 1.283 BTC dengan harga $90,391, sehingga total kepemilikan mencapai 673.783 BTC. Meskipun jumlah absolutnya masih lebih besar, tingkat peningkatan mingguan Metaplanet telah melampaui.

Depresiasi Yen: Alat Arbitrase Keuangan Tersembunyi

Kemampuan Metaplanet menunjukkan kekuatan pembelian yang luar biasa ini didukung oleh faktor makro penting: depresiasi yen.

Masalah utang Jepang dan kelemahan yen

Utang pemerintah Jepang mencapai sekitar 250% dari PDB, untuk menutupi defisit fiskal besar, Bank Sentral Jepang terus menerbitkan uang. Ini secara langsung menyebabkan yen terus melemah terhadap dolar AS dan BTC. Berdasarkan analisis data:

Sejak 2020, BTC terhadap dolar AS naik sekitar 1.159%
Dalam periode yang sama, BTC terhadap yen naik sekitar 1.704%

Perbedaan ini tampak kecil, tetapi bagi Metaplanet yang menerbitkan obligasi yen untuk membeli BTC, ini berarti peluang arbitrase besar.

Keajaiban pengurangan utang

Strategi pendanaan Metaplanet adalah menerbitkan obligasi yen dengan tingkat kupon 4,9%. Dalam lingkungan yen yang terus melemah, tingkat bunga ini sebenarnya terus “mengecil”.

Mekanismenya sebagai berikut:

Metaplanet meminjam dana dalam yen, membayar bunga dengan jumlah yen tetap
Tetapi biaya utang yen ini dalam denominasi BTC terus menurun
Sementara BTC yang dibeli dihitung dalam dolar AS, mendapatkan keuntungan dari apresiasi nilai tukar

Sebaliknya, Strategy di AS meskipun memiliki skala posisi lebih besar, bunga obligasinya harus dibayar dalam dolar yang relatif stabil, sehingga tidak bisa menikmati keuntungan dari “pengurangan utang” ini. Ini memberi keunggulan kompetitif bagi Metaplanet dalam biaya pendanaan.

Pola Baru Alokasi BTC Global

Data pembelian minggu lalu hanyalah permukaan, yang lebih penting adalah skala alokasi BTC secara keseluruhan oleh institusi global.

Berdasarkan statistik terbaru, perusahaan publik global (tidak termasuk perusahaan penambangan) memegang total 923.680 BTC, dengan nilai pasar sekitar 85,78 miliar dolar AS, yang mewakili 4,62% dari total pasokan BTC. Data yang lebih luas menunjukkan, 100 perusahaan publik teratas yang memegang BTC secara kolektif memiliki 1.090.949 BTC.

Ini berarti:

Alokasi BTC oleh perusahaan publik global telah mencapai skala yang signifikan
Metaplanet dengan kepemilikan 35.102 BTC telah menjadi perusahaan penyimpan BTC terbesar keempat di dunia
Pola pembelian institusional yang beragam sedang terbentuk, tidak lagi didominasi oleh MicroStrategy saja

Kesimpulan

Kebangkitan Metaplanet menandai dua sinyal pasar penting. Pertama, permintaan institusional terhadap BTC tidak berkurang, pembelian bersih sebesar 5,67 miliar dolar AS minggu lalu menunjukkan bahwa institusi besar masih terus melakukan alokasi. Kedua, perbedaan kebijakan moneter antar negara sedang menciptakan peluang arbitrase baru, di mana modal Asia memanfaatkan depresiasi yen secara makro untuk mendapatkan keunggulan keuangan unik dalam alokasi BTC.

Perubahan pola ini bisa berpengaruh jangka panjang terhadap strategi alokasi BTC oleh institusi global. Ketika modal AS menghadapi biaya pendanaan yang tinggi karena dolar yang kuat, modal dari Jepang dan pasar berkembang lainnya mungkin menunjukkan daya beli yang lebih kuat. Bagi investor yang mengikuti pembelian institusional, kunci utamanya adalah memahami logika makro di balik ini, bukan hanya melihat angka itu sendiri.

BTC0,33%

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