Metaplanet Faces Dual Headwinds as Bitcoin Slumps and Japanese Yields Rise

The Japanese corporate Bitcoin pioneer Metaplanet is currently navigating pressure from two distinct fronts. CEO Simon Gerovich's strategy of aggressive expansion is becoming increasingly difficult to execute as rising capital costs in Japan coincide with a severe downturn in the cryptocurrency market.

The primary driver for Metaplanet's shareholders remains its close correlation to Bitcoin's price. The recent sell-off, which saw BTC fall below the psychologically significant $90,000 level to lows around $87,282, directly impacts the company's Net Asset Value (NAV). This price action triggered the liquidation of over $1.5 billion in long positions across crypto markets within a 48-hour window. The resulting downward pressure pushed Metaplanet's shares on the Tokyo exchange to 515 yen, representing a decline of 1.15 percent.

Despite some institutional backing—such as its inclusion in ETFs like the Invesco Alerian Galaxy Blockchain Users ETF, where it holds a 1.53% weighting—the management's plan to issue more shares to fund additional Bitcoin purchases faces new challenges. Executing this strategy is likely to be considerably more difficult now than in 2025, given the weaker share price and tightening liquidity conditions.

The Scale Gap with U.S. Rivals Widens

A key concern for investors is the growing disparity between Metaplanet and its American competitors. CEO Gerovich recently addressed the dominance of MicroStrategy, which purchased 22,305 Bitcoin for approximately $2.13 billion in just one week between January 12 and 19, 2026. This single weekly acquisition by the U.S. firm is equivalent to roughly 63% of Metaplanet's entire Bitcoin treasury.

Should investors sell immediately? Or is it worth buying Metaplanet?

The figures highlight the vast capital requirements of the global corporate accumulation race:
* Metaplanet Total Holdings: 35,102 BTC
* MicroStrategy Weekly Purchase: 22,305 BTC
* MicroStrategy Total Holdings: 709,715 BTC

While Metaplanet retains its position as Asia's largest corporate Bitcoin holder, the pace set by its U.S. rival is forcing the company to consider accelerating its own strategy.

Japan's Shifting Debt Market Raises Financing Costs

Beyond Bitcoin's volatility, a threat is emerging from Metaplanet's domestic capital market. The historically favorable interest rate environment that previously facilitated the financing of Bitcoin purchases is changing rapidly. Yields on 40-year Japanese Government Bonds have broken through the 4% threshold for the first time, currently trading at about 4.2%.

Simultaneously, the Bank of Japan has raised its benchmark interest rate to 0.75%, the highest level in nearly three decades. As the spread between these rising funding costs and the expected appreciation of Bitcoin narrows, raising capital through yen-denominated loans becomes significantly more expensive and riskier for the company.