At the Bitcoin MENA 2025 conference, Michael Saylor, Executive Chairman of Strategy (MSTR), made a definitive statement regarding the company's plans for Japan. When asked directly by Metaplanet CEO Simon Gerovich about bringing Strategy's perpetual preferred equity products to the Japanese market, Saylor responded, "Not in the next twelve months, I will give you a twelve-month head start." This decision effectively removes a major potential competitor from Japan's digital credit landscape for at least a year, providing Metaplanet with a clear strategic window.
Metaplanet is seizing this opportunity by advancing two new digital credit instruments named Mercury and Mars. The Japanese perpetual preferred market is currently small and slow, with only five listed products. Metaplanet aims to become the sixth and seventh issuer, injecting new energy into the sector. Mercury is positioned as a Japanese counterpart to Strategy's STRK, offering a 4.9% yield denominated in yen along with convertibility features. This yield is nearly ten times higher than the 0%-0.5% offered by typical Japanese bank deposits and money market funds. Mercury is currently in its pre-IPO stage, targeting a listing in early 2026.
Mars follows a different structure, mirroring Strategy's STRC. It is designed as a short-duration, high-yield credit instrument for investors seeking income with fewer long-term commitments. To navigate Japan's regulatory framework, which prohibits at-the-market (ATM) offerings, Metaplanet will utilize a structure known as a moving strike warrant (MSW) to facilitate its issuances.
While Strategy pauses its Japanese ambitions, it continues to expand elsewhere. The company already operates four perpetual preferred products in the United States and recently launched Stream (STRM), its first euro-denominated instrument in Europe. Saylor expressed a vision for a broader digital credit ecosystem, suggesting around a dozen companies worldwide could eventually issue such instruments. Gerovich countered this view, emphasizing that balance-sheet strength is more critical than the number of issuers.
The announcement comes during a challenging period for corporate Bitcoin treasuries. Data from DefiLlama shows inflows dropping to $1.32 billion in November 2025, the lowest of the year. Metaplanet itself continues to use Bitcoin-backed debt, having secured a $130 million loan under its $500 million credit facility in November. The firm holds 30,823 BTC worth approximately $2.7 billion, with an average purchase price of $108,070, resulting in roughly $636 million in unrealized losses with Bitcoin trading below that level. As Bitcoin retreated nearly 25% from its October highs, Strategy's stock fell over 35% and Metaplanet's slipped more than 20%.
