Cointime

Download App
iOS & Android

Saylor Says Strategy Will Not Issue Preferred Equity In Japan, Giving Metaplanet A 12 Month Headstart

What to know:

  • Strategy (MSTR) will not list a perpetual preferred equity, or digital credit, in Japan within the next twelve months, according to executive chairman Michael Saylor.
  • Metaplanet plans to introduce two new digital credit instruments, Mercury and Mars, into Japan's perpetual preferred market, aiming to increase yields significantly compared to traditional bank deposits.
  • Japan's market regulations differ from the U.S., as it does not allow at-the-market share sales, leading Metaplanet to use a moving strike warrant for its offerings.

The question everyone has been waiting for is whether Strategy (MSTR) will list a perpetual preferred equity, or "digital credit," in Japan.That question was put directly to executive chairman Michael Saylor at the bitcoin MENA conference by Metaplanet CEO Simon Gerovich.

Saylor’s answer was, "not in the next twelve months, I will give you a twelve month head start".

Gerovich raised the question as Metaplanet moves to introduce its own digital credit instruments into Japan’s largely "sleepy" perpetual preferred market.

Japan currently has only five listed perpetual preferred equities, with All Nippon Airways (ANA) becoming the fifth, according to Gerovich. Metaplanet aims to become the sixth and seventh with its two new instruments, "Mercury" and "Mars."

Mercury, which Gerovich described as Metaplanet’s version of Strategy's STRK, pays 4.9% in yen and includes convertibility. Gerovich contrasted this with Japanese bank deposits and money market funds that yield close to zero or roughly 50bps, highlighting that Mercury pays about ten times more. Mercury is in its pre IPO stage, and Gerovich hopes to list it by early 2026.

Mars, the second instrument, is designed to mirror Strategy's STRC, which is a short duration high yield credit product.

This exchange comes just as Strategy has recently expanded its own perpetual preferred program. The company now has four perpetual preferreds in the United States and recently launched its first outside the US, Stream (STRM), a euro denominated preferred.

Gerovich also pointed out that Japan does not allow at the market share sales, ATM, like Strategy uses for both its common stock and perpetual preferreds. Metaplanet instead uses a similar mechanism known as a moving strike warrant (MSW), which it plans to apply to its perpetual preferred offerings.

Comments

All Comments

Recommended for you

  • ETH breaks through $2100

    market shows ETH breaking through $2100, currently at $2100.24, with a 24-hour increase of 7.65%. The market is highly volatile, please manage your risks accordingly.

  • BTC falls below $66,000

    the market shows BTC falling below 66,000 USD, currently at 65,996.42 USD, a 24-hour decline of 2.35%, with significant market fluctuations, please manage your risk properly.

  • YesGo Makes Its Public Debut: Joining Forces with Ecosystem and Industry Leaders to Usher in a New Era of On-Chain Native Commerce

    Hong Kong, February 11, 2026 – As one of the most visionary cross-sector dialogues held during Hong Kong Consensus Week, the YesGo Ecosystem Partner Meeting concluded successfully yesterday. This closed-door event, spearheaded by YesGo and co-hosted by Nexus Chain and compliant digital asset exchange CoinMy, brought together a select group of global ecosystem partners, industry KOLs, and media representatives.

  • The number of Americans filing for unemployment benefits last week was 227,000.

     initial jobless claims in the United States last week were 227,000, estimated at 224,000, previous value was 231,000.

  • BTC breaks through $68,000

     the market shows BTC breaking through $68,000, currently at $68,023.93, with a 24-hour decline of 1.36%. The market is highly volatile, please manage your risk accordingly.

  • [Consensus HK] ENI CEO Arion Ho: Decentralization is an Engineering Choice, Not a Slogan

    At the Consensus Hong Kong 2026 summit, ENI Founder and CEO Arion Ho joined the DeFi Lead at CoinDesk and executives from Paradigm and Blockdaemon to debate the future of DeFi decentralization. Ho delivered a sharp critique of the industry’s current trajectory, asserting that decentralization should never be about "slogan-style freedom," but is fundamentally a rigorous engineering choice.

  • Trump praised the non-farm payroll data and urged the Federal Reserve to cut interest rates to the "lowest in the world."

    US President Trump posted on social media, "Employment data is excellent, far exceeding expectations! The US should pay much less interest on borrowing costs (bonds!). We have once again become the world's number one power, and therefore deserve the lowest interest rates ever. This will bring at least one trillion dollars in interest savings annually — the budget will not only be balanced but will have a substantial surplus. Wow! The golden age of America has arrived!!!"

  • BTC falls below $67,000

    the market shows BTC falling below $67,000, currently at $66,991.58, with a 24-hour decline of 3.41%. The market is highly volatile, please manage your risk accordingly.

  • BTC falls below $69,000

     the market shows BTC fell below 69,000 USD, currently at 68,996.18 USD, with a 24-hour decline of 2.21%. The market is highly volatile, please manage your risk accordingly.

  • BTC falls below $70,000

     the market shows BTC falling below $70,000, currently at $69,990, with a 24-hour decline of 1.04%. The market is highly volatile, please manage your risk accordingly.