Michael Saylor recently stated clearly at the Bitcoin MENA Conference that Strategy (MSTR) will not issue perpetual preferred shares (“digital credit”) in Japan within the next 12 months, and said that the “12-month head start” will be left to the Japanese listed company Metaplanet. This move has drawn more attention to Metaplanet’s plans in the Japanese perpetual preferred share market, which has long been inactive; currently, only five companies in Japan are qualified to trade perpetual preferred shares.
Metaplanet CEO Simon Gerovich noted that the company plans to enter this market with two new products, “Mercury” and “Mars,” becoming the sixth and seventh companies in Japan to issue perpetual preferred shares. Mercury is positioned as the Japanese version of Strategy STRK, with an annualized yield of 4.9%, denominated in yen and convertible, which is much higher than the generally less than 0.5% return of Japanese bank deposits and money market funds. Mercury is currently in the pre-IPO stage and aims to go public in early 2026. The second product, Mars, is modeled after Strategy’s short-term high-yield credit product STRC and is targeted more toward investors seeking short-term returns.
Currently, Strategy is accelerating the expansion of its perpetual preferred share system, having issued four perpetual preferred shares in the United States and launched its first overseas product, STRM (denominated in euros). However, Japanese regulations do not allow the ATM (at-the-market) model commonly used by Strategy, so Metaplanet is adopting an alternative mechanism, the “mobile subscription warrant (MSW),” to achieve a similar effect, and plans to fully implement this in its perpetual preferred share offerings.
Regarding whether more Bitcoin treasury companies should join the ranks of “digital credit” issuers in the future, Saylor believes the market should encourage a hundred flowers to bloom, and expects to see a dozen issuers in the future. Gerovich emphasizes that the key is not the number, but the quality of the balance sheet, and states that Metaplanet will focus on the Japanese market first and consider expanding to Asia as development progresses. (CoinDesk)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin rises, Dubai property prices plummet: retreating over 18% from February highs, war impacts global asset allocation
Since the outbreak of the Iran war, Bitcoin prices have rebounded, rising approximately 5.4% in total; meanwhile, the Dubai real estate market has declined by 18.1% due to missile attacks and foreign capital withdrawals. High-net-worth investors are fleeing, coupled with expectations of a surge in future supply, leading to a general decline in housing prices. Overall, the war is reshaping regional risks and has a profound impact on global asset allocation.
GateNews9m ago
Trump-supported company American Bitcoin executive increases holdings by 68,000 shares, demonstrating long-term confidence in Bitcoin
American Bitcoin mining company ABTC board member Richard Busch increased his stake by 68,000 shares, demonstrating confidence in the company's long-term strategy. ABTC focuses on Bitcoin self-mining and reserves, currently holding approximately 6,500 Bitcoins. Despite the stock price declining due to market volatility, analysts believe the increased holdings could have a positive impact on investor sentiment.
GateNews10m ago
Santiment: Due to war panic and uncertainty surrounding the "Clarity Act," the number of Bitcoin short positions significantly exceeds long positions.
Gate News Report, March 10 — According to Santiment data, due to war panic and uncertainty surrounding the "Clarity Act," traders are inclined to heavily short, with Bitcoin short positions significantly exceeding long positions.
GateNews12m ago
Rising oil prices spark heated discussion in the crypto community: Will Bitcoin become an inflation hedge?
International oil price fluctuations have sparked heated discussions in the crypto community, focusing on the impact of oil prices on Bitcoin trends. Analysts believe that geopolitical risks and inflation pressures have made oil a focal point, with some traders expressing concern about Bitcoin's safe-haven properties, though doubts remain. Currently, market interest in altcoins is subdued, with main attention on macroeconomic trends and commodity movements.
GateNews17m ago
UK Politicians Bet on Bitcoin: Nigel Farage Invests £260,000 in Bitcoin Company
UK Reform Party leader Nigel Farage invested £260,000 in Bitcoin financial company Stack BTC to promote the development of the UK's crypto industry. He believes digital currencies will have a significant impact on the future financial system. This investment is seen as a mimic of the US collaboration model with the crypto industry. Despite increased market volatility, Stack BTC's stock price has risen approximately 83%, demonstrating its strong performance.
GateNews22m ago
10x Research: Circle's stock price has increased over 80% in three weeks. Recommended to watch for crypto stock short positions to find trading opportunities.
On March 10th, 10x Research analysis pointed out that Circle's stock price has risen over 80% since February 20th before the earnings report. Some hedge funds have reduced their positions but still incurred approximately $1 billion in losses. The research recommends investors pay attention to short positions in crypto stocks to identify potential trading opportunities, as short covering has significantly driven the rise of crypto stocks.
GateNews26m ago
