Asian Bitcoin Proxy Attracts Major Investor Endorsement Amid Macroeconomic Forecast

Shares of Metaplanet, a Tokyo-listed company frequently dubbed the “Asian MicroStrategy,” are garnering significant attention following a strategic endorsement from a prominent cryptocurrency investor. Arthur Hayes, Chief Investment Officer of Maelstrom and former CEO of BitMEX, has publicly confirmed a long position in the firm as part of a focused strategy on publicly traded Bitcoin treasury holdings.

A Macroeconomic Thesis for 2026

The investor’s outlook is centered on a predicted shift in US dollar liquidity expected in 2026, which he believes will disproportionately benefit corporations holding substantial Bitcoin reserves. Hayes outlines three key macroeconomic drivers he anticipates will materialize during that year:

• Federal Reserve Balance Sheet Expansion: He forecasts Reserve Management Purchases (RMP) of at least $40 billion per month.
• Directed Sector Lending: An increase in bank loans to industries deemed “strategic” by authorities.
• Mortgage Market Support: Government-backed purchases of Mortgage-Backed Securities (MBS), potentially reaching $200 billion in volume, aimed at reducing housing costs.

For Hayes, Metaplanet’s appeal lies in its current Digital Asset Treasury (DAT) ratio—the relationship between its market valuation and its held digital assets. He notes this metric is near its lowest point in two years, presenting what he views as an attractive entry for investors seeking leveraged exposure to Bitcoin’s price. His strategy targets outperformance once Bitcoin reaches approximately $110,000.

Corporate Strategy and Institutional Context

Metaplanet has aggressively transformed its balance sheet in recent quarters. As of December 31, 2025, the company reported holdings of approximately 35,000 BTC. The fourth quarter of 2025 alone saw an additional $450 million allocated to Bitcoin acquisitions.

This strategic shift is reflected in its financial performance. For the first nine months ending September 30, 2025, Metaplanet posted a net profit of 13.5 billion yen, with 12.7 billion yen of that total earned in the third quarter.

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

This positive assessment aligns with a broader picture of institutional demand highlighted in a recent JPMorgan report. The bank noted that institutional investor inflows into the crypto market reached $130 billion in 2025, a 33% increase from 2024. Firms with large digital asset treasuries, including Metaplanet and MicroStrategy, contributed over $68 billion to this volume. JPMorgan observed that this momentum persists despite regulatory delays in the United States, such as the stalled “Clarity Act.”

Market Performance and Strategic Horizon

Trading in Tokyo, Metaplanet shares recently closed at 613 yen. The stock is widely regarded by analysts as a high-beta proxy for Bitcoin. Its price action in 5 was notably volatile, with a 52-week range spanning from 291 to 1,930 yen. The current level above 600 yen suggests the market is digesting the substantial treasury purchases made in the last quarter.

The broader cryptocurrency market remained stable, with Bitcoin trading above $97,000. This stability continues despite regulatory headwinds, such as Coinbase withdrawing support for a digital asset bill in the U.S. Senate. The market appears to be increasingly separating these regulatory delays from the liquidity narrative driving Asian-focused equities like Metaplanet.

Looking ahead, the focus turns to the $110,000 Bitcoin threshold cited by Hayes as a potential catalyst for the next leg up in treasury-focused stocks. Metaplanet’s management maintains its goal of controlling roughly 1% of the global Bitcoin supply by 2027. Given that institutional demand, according to early January data from Bitwise, is currently exceeding new supply by a factor of six, the continued execution of this accumulation strategy in coming quarters is likely to be shaped by both supply constraints and potential valuation effects.