#比特币战略储备 Seeing the news that Metaplanet has recently increased its Bitcoin holdings, a familiar feeling arises—something that can only be understood after experiencing multiple cycles and witnessing history repeat itself.

I still remember around 2020, when MicroStrategy first included Bitcoin on its balance sheet, many thought it was a crazy move. Looking back now, these early strategic reserve companies are like markers left in history. And Metaplanet's story, to some extent, is a validation of this chapter of history, just on a different stage—Japan.

The truly interesting part lies in the economic logic behind it. Japan's debt dilemma—the 250% debt-to-GDP ratio—is called "structural devaluation pressure" in traditional financial language. But from another perspective, it is this very pressure that causes Metaplanet's yen financing costs to continually shrink when valued in Bitcoin. This is not luck, but a precise application of hedging tools within a specific cycle. Comparing the two, Bitcoin's 1,704% increase against the yen far exceeds its 1,159% against the US dollar—this number itself tells a story.

Since 2020, every country's central banks have been printing money under different pretenses. Some turn to gold when the dollar depreciates, while these crypto treasury companies choose Bitcoin. As the fourth-largest holder, with 35,102 coins, Metaplanet's position in this historical cycle is worth a close look. If this story continues to unfold as it has in the past, what we see might just be the middle act.