And the latest signals from both Strategy (MSTR) and Metaplanet tell a pretty clear story.
When asked whether MSTR would be bringing a perpetual preferred or “digital credit” to Japan, Michael Saylor did not mince words. His answer: “Not in the next twelve months — I’ll give you a twelve-month head start.”
That opens the door wide for Metaplanet, which is preparing to launch Mercury and Mars as Japan's next two perpetual preferred instruments. With only five such listings in the country today - ANA being the newest -, Metaplanet is aiming to become No. 6 and No. 7.
It calls Mercury its version of MSTR's STRK, which pays 4.9% in yen with convertibility, or roughly 10x what Japanese bank deposits and money market funds offer. Pre-IPO now, with hopes to list in early 2026.
Mars will be aimed at MSTR's STRC, targeting short-duration, higher-yielding credit.
One regulatory twist: Japan doesn't allow ATM share sales, so Metaplanet is using a moving strike warrant, or MSW, to fund these offerings-their version of the capital-efficient model Saylor employs in the U.S.
Saylor wants dozens of digital-credit issuers globally.
Gerovich says strength matters more than quantity - and Japan + broader Asia are the markets Metaplanet will focus on first.
While the era of digital credit is going global, Japan looks like the most interesting battleground right now. #Bitcoin #MSTR #DigitalCredit #Saylor #JapanMarkets $BTC
