Saylor's 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 giving Metaplanet a year-long head start in this market.
Metaplanet is preparing to introduce two digital credit instruments in Japan's perpetual preferred market: Mercury and Mars. These are designed to offer significantly higher yields than traditional bank deposits.
Mercury is Metaplanet’s version of Strategy’s STRK, offering a 4.9% yield in yen with convertibility. It is currently in the pre-IPO stage with a planned listing by early 2026. Mars is structured to mirror Strategy’s STRC, providing a short-duration, high-yield credit instrument.
Japan’s market rules differ from those in the U.S. notably in the absence of at-the-market (ATM) share sales. To navigate this, Metaplanet will use a moving strike warrant (MSW) for its offerings.
Presently, Japan has five listed perpetual preferred equities, with ANA being the fifth. Mercury and Mars would become the sixth and seventh such listings.
Meanwhile, Strategy recently expanded its perpetual preferred program in the U.S. to four issuances and launched Stream (STRM), a euro-denominated instrument outside the U.S.
There is an ongoing debate about the number of bitcoin-treasury digital credit issuers. Saylor supports broad participation, expecting about a dozen issuers; however, Metaplanet is focused on balance-sheet strength and plans to issue primarily in Japan and Asia, avoiding other markets for now.
