Saylor Announces Strategy Will Not Issue Preferred Equity in Japan, Giving Metaplanet a 12-Month Head Start
Michael Saylor stated that Strategy (MSTR) will not list a perpetual preferred equity or digital credit in Japan within the next 12 months, effectively granting Metaplanet a year-long lead in this market.
Metaplanet plans to introduce two digital credit instruments in Japan’s perpetual preferred equity market, named Mercury and Mars. Mercury is designed as Metaplanet’s counterpart to Strategy’s STRK, offering 4.9% returns in yen and including convertibility features. Mars is intended to mirror Strategy’s STRC product.
Since Japan does not permit at-the-market share sales, Metaplanet will utilize a moving strike warrant mechanism to issue these perpetual preferred shares. Currently, Japan has five listed perpetual preferred equities; Metaplanet aims to become the sixth and seventh issuers with Mercury and Mars respectively. Mercury is currently in the pre-IPO stage with an expected listing by early 2026.
Meanwhile, Strategy has expanded its perpetual preferred program, now featuring four US perpetual offerings and its first euro-denominated outside-US issue called Stream (STRM).
Metaplanet intends to primarily issue credit in Japan and potentially across other Asian markets, focusing on balance sheet strength over issuer count, with no plans to extend to other markets at this time.
