METAPLANET'S KILLER YEN ADVANTAGE🔥

Bitcoin's return is a LOT higher in the yen than the dollar, because Japan's currency weakened a lot more.

250% debt-to-GDP ratio for Japan - YIKES!

USD Bitcoin return since 2020: 1,159%
JPY Bitcoin return since 2020: 1,704%

MASSIVE difference!

In dollar terms BTC rose ~12.6×; in yen terms ~18.0×.

Cost of capital:

Metaplanet has a 4.9% fixed dividend on its MERCURY perpetual-preferred shares, paid in yen.

Strategy pays an average of around double that (~10%) in a much harder currency!

Every coupon Metaplanet pays is in a currency that has been losing value relative to both BTC and USD, so the real (BTC-denominated) cost of that 4.9 % coupon keeps shrinking.

Strategy pays its 10% coupon in dollars, a stronger unit, so its liability erodes slower in BTC terms.

Carry trade effect:

Borrow cheap yen
Buy BTC that appreciates versus both fiat currencies
Repay coupons in a currency that keeps weakening

That sequence compounds Metaplanet’s equity faster than Strategy’s when BTC rises and the yen drifts lower.

Cheap yen coupons plus structural currency debasement give Metaplanet a built-in boost.

All else equal, the firm captures more of Bitcoin’s upside per unit of financing cost than Strategy, whose dollar coupons are more than double and paid in a stronger currency.