Strategy will not issue perpetual preferred equity in Japan within the next year, according to executive chairman Michael Saylor. Speaking at a recent industry event, Saylor said the company has no near-term plans to bring its digital credit products to the Japanese market, effectively giving Metaplanet a one-year head start.
The comments come as Metaplanet prepares to expand Japan’s small perpetual preferred market with two new instruments, Mercury and Mars. The company says Mercury will offer a 4.9 percent yen-denominated yield with convertibility, far above typical Japanese deposit rates. Mars is positioned as a short-duration, higher-yield credit product, modeled after Strategy’s US-listed offerings.
Regulatory differences also shape the competitive landscape. Japan does not permit at-the-market share issuance, pushing Metaplanet to use a moving strike warrant structure to support its preferred offerings. While Saylor encouraged broader industry participation in digital credit issuance, Metaplanet emphasized balance sheet strength and said it plans to focus primarily on Japan and parts of Asia.
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