The highly anticipated question about Strategy’s plans was answered directly by Strategy (MSTR) Executive Chairman Michael Saylor. The question was whether the company would list a perpetual preferred equity, or “digital credit,” in Japan within the next year. When asked directly by Metaplanet (JP:3350) CEO Simon Gerovich at the Bitcoin MENA conference, Saylor replied simply, “not in the next twelve months, I will give you a twelve-month head start.”
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This is a massive green light for Metaplanet, which is actively moving to introduce its own digital credit instruments into Japan’s largely “sleepy” perpetual preferred market. Metaplanet aims to become the sixth and seventh listed perpetual preferred equities in the country, which currently has only five.
Metaplanet Launches Credit to Crush Bank Yields
Metaplanet is preparing to introduce two new instruments, “Mercury” and “Mars,” to capture Japan’s yield-hungry investors.
Mercury is designed to pay 4.9% in yen and includes convertibility options. Gerovich contrasted this high yield with Japanese bank deposits and money market funds that offer yields close to zero, highlighting that Mercury pays about ten times more. Mercury, which is Metaplanet’s version of Strategy’s STRK, is in its pre-IPO stage and is targeting a listing by early 2026.
Mars is designed to mirror Strategy’s STRC, which is a short-duration, high-yield credit product.
This aggressive move by Metaplanet comes just as Strategy has expanded its own perpetual preferred program, launching its first non-U.S. product, Stream (STRM), a Euro-denominated preferred.
Regulatory Hurdles Define The Race
The two companies employ different tactics to navigate Japan’s unique regulatory landscape. Gerovich pointed out that Japan does not allow at-the-market share sales (ATM), a mechanism Strategy uses frequently for both its common stock and perpetual preferreds in the U.S.
Instead, Metaplanet will use a similar mechanism known as a moving strike warrant (MSW) for its perpetual preferred offerings. The two leaders also disagreed on overall market strategy: Saylor encouraged broad market participation, suggesting “a dozen issuers” should launch digital credit, while Gerovich argued that focus should remain on balance sheet strength, with Metaplanet issuing credit only in Japan and potentially across Asia for now.
Key Takeaway
The final takeaway from this story is that Michael Saylor’s strategic retreat gives Metaplanet an entire year to dominate Japan’s Bitcoin credit market.
By delaying its own entry, Strategy hands Metaplanet a massive head start to capture Japanese investors looking for dramatically higher yields than traditional bank deposits. Metaplanet’s new Mercury and Mars instruments are positioned to become the country’s first major digital credit options, cementing its lead across Asia.
Is Strategy a Good Stock to Buy?
Analyst sentiment toward Strategy (MSTR), the company formerly known as MicroStrategy, is rated as a Strong Buy, based on the consensus of 14 Wall Street analysts tracked in the last three months. Of these ratings, 12 analysts call it a Buy, two recommend a Hold, and zero recommend a Sell.
The average 12-month MSTR price target sits at $481.08. This target implies a massive upside potential of 161.90% from the last price.
