Yen’s 40-Year Slide Pushes Japanese Companies Toward Bitcoin and XRP Treasuries

Persistent weakness in the Japanese yen is prompting a growing number of domestic companies to hold Bitcoin and XRP as treasury assets, according to SBI VC Trade, the exchange operated by SBI Holdings. The platform said on Tuesday that corporate demand for digital assets has risen as the currency hovers near its weakest level in almost four decades, a shift that underscores how monetary policy divergence between Tokyo and Washington is reshaping corporate balance-sheet strategy in one of the world’s largest economies.

SBI VC Trade also disclosed that its registered accounts have surpassed 2 million, roughly double the total recorded in 2025, a figure the firm attributed to broadening interest from both retail and institutional users seeking exposure to crypto through regulated domestic channels rather than offshore venues.

Policy gap between the Fed and the Bank of Japan

The yen’s decline has been driven largely by the widening gap between US Federal Reserve policy and that of the Bank of Japan. While the Fed has kept interest rates comparatively high, the BOJ has moved more slowly to tighten, leaving the yen less attractive to hold and encouraging companies to look for assets that might better preserve value over time.

Currency markets are pricing in continued pressure on the yen. According to the latest data from the Commodity Futures Trading Commission, hedge funds have amassed their largest bearish position against the currency since 2007, with close to 138,000 net short contracts as of 30 June. During Asian trading on Wednesday, the dollar changed hands around 162 yen.

Shareholder rewards and the return of the carry trade

SBI said interest in its corporate crypto services has grown in tandem with companies introducing Bitcoin and XRP as shareholder rewards, a mechanism the exchange said is reinforcing broader digital asset adoption among Japanese firms.

The trend also coincides with a resurgence of the yen carry trade, in which investors borrow at Japan’s low interest rates to fund investment in higher-yielding assets abroad. Analysts cited in the report suggest a portion of that capital is increasingly being channelled into cryptocurrencies via regulated domestic platforms rather than offshore exchanges, a development that may draw closer attention from Japanese regulators as they monitor capital flows tied to the carry trade’s revival.

Bitcoin’s rally adds to the appeal

Bitcoin traded near $62,650 on Tuesday, a weekly gain of 6.1%, according to CoinDesk data, as institutional interest in digital assets continues to firm up amid broader macroeconomic uncertainty. For Japanese corporates weighing alternatives to cash holdings eroded by currency depreciation, the combination of a rallying Bitcoin market and expanding regulated infrastructure such as SBI’s platform appears to be lending further momentum to treasury diversification.

Read more: Wintermute Warns Bitcoin’s Rebound Is a Relief Rally, Not a Regime Change