Michael Saylor said that Strategy (MSTR) will not issue preferred equity in Japan for at least the next 12 months, ushering in a significant shift in Japan’s digital credit market.
Simon Gerovich, CEO of Metaplanet, approached Saylor directly about introducing a Japanese version of Strategy’s perpetual preferred shares during the Bitcoin MENA conference.
“Not in the next twelve months — I’ll give you a twelve-month head start,” was Saylor’s succinct response.
In Japan’s tiny but rapidly expanding perpetual preferred equity market, this delay offers Metaplanet a unique and substantial advantage. There are now just five perpetual preferred instruments listed in Japan, which underserves the market and leaves room for innovation.
In order to put itself at the forefront of Japan’s upcoming financial wave, Metaplanet now intends to launch two new bitcoin-linked digital credit products, Mercury and Mars.
With a yield of over ten times that of Japan’s low-rate bank deposits, Mercury, which is based on Strategy’s STRK, offers convertibility and pays 4.9% in yen.
With the goal of listing by early 2026, the product is currently in the pre-IPO stage. Mars will function as a short-term, high-yield credit option, modelled after Strategy’s STRC.
Japan is currently off the table, even though Strategy has extended its everlasting favoured program throughout the world, most recently introducing STRM in Europe. As a local substitute for Strategy’s ATM structure, Metaplanet now has a full year to influence the market through Japan’s moving strike warrant process.
Saylor suggested greater international involvement as Bitcoin treasury firms contemplate creating digital credit. However, Gerovich thinks that disciplined issuers concentrating on Asia and Japan will provide strength.
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