Metaplanet's weekly sweep of 4,279 BTC: How Yen depreciation is rewriting institutional buying patterns

Last week, global listed companies net bought $567 million worth of BTC. While this figure itself is eye-catching, more attention should be paid to the changing pattern of buying. Japanese listed company Metaplanet increased its holdings by 4,279 BTC in a single week, a scale more than three times that of MicroStrategy during the same period, quietly becoming the new main institutional buyer. This not only reflects institutional demand for BTC but also conceals an underestimated arbitrage mechanism.

The Power Shift in Institutional Buying

According to the latest data, last week, the total net purchase of Bitcoin by global listed companies (excluding mining companies) was $567 million. This figure was contributed by three major companies:

The story behind the data

Metaplanet’s increase in holdings far exceeded expectations. On December 30, this Japanese listed company purchased 4,279 BTC at an average price of about $105,412, investing $451 million in one go. This was its first large purchase in three months, with a level of enthusiasm clearly surpassing that of MicroStrategy in the US.

While Strategy continues to accumulate, its increase on January 4 was relatively moderate. The company invested $116 million to buy 3 BTC at $88,210 and 1,283 BTC at $90,391, bringing its total holdings to 673,783 BTC. Although its absolute holdings still lead, its weekly buying activity has been overtaken by Metaplanet.

Yen Depreciation: An Invisible Financial Arbitrage Tool

The reason Metaplanet can demonstrate such strong buying power is due to a key macro factor: the depreciation of the Japanese Yen.

Japan’s Debt Dilemma and Yen Weakness

Japan’s government debt accounts for about 250% of GDP. To cover its massive fiscal deficit, the Bank of Japan has been continuously increasing the money supply. This directly causes the Yen to depreciate against the US dollar and BTC. According to analytical data:

• Since 2020, BTC/USD has increased by approximately 1,159%
• During the same period, BTC/JPY has risen by about 1,704%

This difference may seem subtle, but for Metaplanet, which issues Yen-denominated bonds to finance BTC purchases, it represents a huge arbitrage opportunity.

The Magic of Debt Shrinkage

Metaplanet’s financing strategy involves issuing Yen bonds with a coupon rate of 4.9%. In an environment where the Yen continues to depreciate, this seemingly high interest rate is actually “shrinking” continuously.

The specific mechanism is as follows:

• Metaplanet borrows funds in Yen, paying interest at a fixed Yen amount
• However, these Yen-denominated debts decrease in cost when valued in BTC
• Meanwhile, the BTC purchased is valued in USD, gaining additional exchange rate appreciation benefits

In contrast, Strategy, despite holding a larger position, must pay bond coupons in relatively strong USD, unable to enjoy this “debt shrinkage” benefit. This gives Metaplanet a competitive advantage in financing costs.

The New Pattern of Global BTC Allocation

Last week’s buying data is just the surface; more importantly, it reflects the overall scale of institutional BTC holdings worldwide.

According to the latest statistics, global listed companies (excluding mining firms) hold a total of 923,680 BTC, with a current market value of about $85.78 billion, accounting for 4.62% of BTC’s circulating supply. Broader data shows that the top 100 listed BTC-holding companies worldwide hold a total of 1,090,949 BTC.

This means:

• The scale of BTC holdings by global listed companies has become significant
• Metaplanet, with 35,102 BTC, has become the fourth-largest BTC treasury company globally
• A diversified pattern of institutional buying is forming, no longer dominated solely by MicroStrategy

Summary

The rise of Metaplanet signals two important market cues. First, institutional demand for BTC has not weakened; last week’s net purchase of $567 million indicates that large institutions are still actively allocating. Second, differences in monetary policies across countries are creating new arbitrage opportunities. Asian capital, by fully leveraging Yen depreciation, has found a unique financial advantage in BTC allocation.

This shift in pattern could have a long-term impact on global institutional BTC strategies. When US capital faces the cost pressure of a strong dollar, capital from Japan and other emerging markets may demonstrate greater purchasing power. For investors tracking institutional buying, understanding the macro logic behind these trends is crucial, beyond just looking at the numbers themselves.