An interesting phenomenon has been uncovered by market analysts: Japan's Bitcoin treasury companies are actually more competitive than their American counterparts.

Where is the problem? Japan's debt scale is terrifying — it accounts for about 250% of GDP. What does this mean? It means that under long-term deficit financing pressure, the yen continues to depreciate. And Metaplanet is smart because of this — it borrows money using the depreciating yen, and the 4.9% coupon debt actually becomes cheaper when valued in Bitcoin.

Data speaks the loudest. From 2020 to now, Bitcoin has increased by approximately 1,159% against the US dollar. But against the Japanese yen? It has risen by about 1,704%. This comparison alone reveals the clue.

Regarding Metaplanet's current situation, the company currently holds about 35,102 Bitcoins, ranking fourth globally. Recently, they increased their holdings by 4,279 Bitcoins, worth approximately $451 million. In the global Bitcoin reserve race, this Japanese company employs a unique macro arbitrage logic.