CoinDesk
The yen is trading near its weakest level in four decades, and Japanese companies are moving crypto onto their balance sheets to escape it. SBI VC Trade said Tuesday that corporate demand for bitcoin and XRP is climbing as the currency's slide pushes firms to diversify reserves beyond cash, with the exchange's registered accounts passing 2 million, roughly double its 2025 count.
Why it matters
Hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30, per CFTC data. The dollar buys around 162 yen as of Asian morning hours Wednesday. The driver is the interest-rate gap between a hawkish U.S. Fed and a Bank of Japan still far behind it, the same gap that makes holding yen cash a losing position and sends firms looking for harder assets.
SBI, the crypto arm of Tokyo-based SBI Holdings, noted demand for its corporate service has grown alongside companies that hand out bitcoin or XRP through shareholder-perk programs. The flow is reaching crypto through regulated Japanese channels rather than offshore ones, a structural shift from the carry-trade pattern that has dominated the year.
Market impact
Bitcoin traded near $62,650 on Tuesday, up 6.1% on the week. The combination of corporate balance-sheet demand from Japan and a yen that has lost its carry is feeding a steady bid at the institutional end of the market, with XRP joining BTC on the menu for the first time as a treasury-grade asset in this flow.
Frequently asked questions
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Why are Japanese companies buying bitcoin and XRP?
The yen is near its weakest level in four decades, with the dollar buying around 162 yen. SBI VC Trade says corporate clients are diversifying reserves away from yen cash as the interest-rate gap with the U.S. Fed makes holding the currency a losing position.
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How big is the corporate demand SBI VC Trade is seeing?
The exchange said registered accounts passed 2 million on Tuesday, roughly double its 2025 count. Demand for its corporate service has grown alongside companies offering bitcoin or XRP through shareholder-perk programs.
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How bearish are traders on the yen right now?
Hedge funds have turned the most bearish on the yen since 2007, with net short positions climbing to nearly 138,000 contracts as of June 30, per CFTC data.
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What is the carry trade and how does it connect to crypto?
The carry trade borrows cheaply in yen to buy higher-returning assets elsewhere. With the BoJ far behind the Fed, that trade is unwinding and some of the flow is rotating into bitcoin and XRP through regulated Japanese venues rather than offshore platforms.
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How is bitcoin reacting to the yen move?
Bitcoin traded near $62,650 on Tuesday, up 6.1% on the week, with SBI noting corporate demand feeding a steady institutional bid as the yen loses its carry appeal.
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