#数字资产动态追踪 There is an interesting detail—Japan's crypto treasury company Metaplanet is financing in yen and surprisingly more popular than its American counterparts.

The fundamental reason is simple: Japan's debt/GDP ratio is as high as 250%, and under the long-term easing policies of the central bank, the yen continues to depreciate. This is actually good news for Metaplanet; they borrow in yen, and the interest cost (coupon rate 4.9%) automatically shrinks as the yen depreciates. When valued in Bitcoin, this makes the deal even more cost-effective.

The data speaks for itself: since 2020, $BTC has risen 1,159% against the US dollar but 1,704% against the yen—quite a significant difference. From another perspective, the yen has depreciated more sharply during this upward cycle.

Currently, Metaplanet is the fourth-largest Bitcoin reserve company globally, holding 35,102 BTC. Recently, they added another 4,279 BTC, worth $451 million. This pace suggests they are either bottom-fishing or continuously increasing their holdings.

This case actually reflects a larger trend: differences in monetary policies across countries are creating various opportunities for crypto asset allocation.