- Strategy founder Michael Saylor says no digital credit listing in Japan for the next 12 months.
- Metaplanet plans to introduce its own digital credit instruments in Japan soon.
- The Japanese investment giant is poised to become a pioneer in the market, beating Strategy.
The Japanese blockchain industry has been abuzz with anticipation over the potential listing of Strategy’s (formerly MicroStrategy) “digital credit” instrument. However, in a recent talk with Metaplanet CEO Simon Gerovich at the Bitcoin MENA Conference, Saylor put these speculations to rest, stating that the company won’t be moving forward with a perpetual preferred equity plan in the next 12 months.
This statement makes it clear that Metaplanet will potentially become a pioneer in Japan’s digital credit market, beating Strategy to the punch with its planned launch of “Mercury” and “Mars.” As Strategy takes a cautious approach, Metaplanet is seizing the opportunity to introduce its own equity instruments to Japan’s blockchain ecosystem.
Strategy’s 12 Month Reprieve Gives Metaplanet the Upper Hand
At the Bitcoin MENA conference, Strategy founder Michael Saylor posited that the company was not planning to list its digital credit in Japan in the coming year. This has put an end to prevailing speculations of Strategy’s move coinciding with the potential digital credit listing of the Japanese investment giant, Metaplanet. Earlier today, Saylor took to X to reveal his presence at the Bitcoin MENA Conference.
While this significant question was put forward by Metaplanet’s Simon Gerovich, Saylor directly stated that the plan is halted for the “next twelve months.” He added, “I will give you a twelve month head start”.
Notably, this discussion comes at a time when Strategy has just broadened its perpetual-preferred program. The company now operates four perpetual preferreds in the US and has launched its first non-US offering, Stream (STRM), a euro-denominated preferred equity.
Metaplanet Unveils Plans for New Capital Instrument
Significantly, the speculations surrounding Strategy’s possible listing of a digital credit got a boost when Metaplanet announced its plans. Recently, the company revealed that it has planned to introduce a preferred-share structure modelled after Strategy’s successful Bitcoin funding vehicle. According to Gerovich, sharholders will vote on launching “MARS.”
Metaplanet’s MERCURY instrument, designed to mirror Strategy’s STRK, offers a 4.9% yen-denominated yield with convertibility, significantly outpacing Japan’s near-zero interest rates. Compared to local bank deposits and money market funds yielding around 0.5%, Mercury’s return is nearly tenfold. The instrument is currently in pre-IPO development, with a potential listing slated for early 2026.
The second instrument, known by the name “MARS” (Metaplanet Acquisition and Reserve Strategy), is structured to replicate the features of Strategy’s STRC- a high-yield credit product with a short duration. These shares are supposed to act as senior Class A preferred stock, sitting atop the company’s capital stack above Mercury shares and common equity. With no conversion rights, they provide holders with a senior claim on dividends and assets.
With All Nippon Airways (ANA) becoming Japan’s fifth listed perpetual preferred equity, Metaplanet is poised to join the ranks with its “Mercury” and “Mars” instruments, aiming to become the sixth and seventh such listings in the country.
Unlike the US, Japan does not allow at-the-market (ATM) shares sales, a method Saylor’s asset manager uses for both common stock and perpetual preferreds. Metaplanet circumvents this with the moving strike warrants (MSWs), a similar mechanism it plans to apply to its upcoming development.
