Michael Saylor discusses Japan's perpetual preferred stock strategy—decision to postpone rollout for one year

SmartContractPhobia · 2026-01-21T09:13:32+00:00

Michael Saylor, Chairman of MicroStrategy, revealed key strategic decisions for the Japanese market during the Bitcoin MENA Conference. The company will delay issuing permanent preferred stock in Japan for 12 months to prepare Metaplanet for entry into a limited financial market, alongside launching new products aimed at enhancing returns.

SmartContractPhobia

2026-01-21 09:13:32

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MicroStrategy Chairman Michael Saylor revealed the company’s important strategic decision regarding the Japanese market during his presentation at the Bitcoin MENA Conference. The decision is to postpone the issuance of perpetual preferred shares (digital credits) in Japan for the next 12 months, providing a strategic preparation period for its subsidiary Metaplanet. This is not merely a delay but a calculated strategic step within Japan’s limited financial market environment.

What the Dual Product Strategy of Metaplanet Indicates

The new products “Mercury” and “Mars” planned by Metaplanet aim to make a full-scale entry into Japan’s perpetual preferred stock market. Currently, only five stocks are available in Japan’s perpetual preferred stock market, and this strategy will introduce new options that significantly surpass traditional deposit products in yield. Particularly, Mercury is expected to be launched in early 2026, with an attractive annual yield of 4.9% anticipated.

Creative Use of Warrant and Capital Raising Restrictions in Japan

In Japan, there is a structural constraint where capital raising through ATM (automatic public offering) is not legally permitted. To circumvent this restriction, Metaplanet has adopted a financial technique called a variable exercise price warrant. This ingenuity demonstrates flexibility in management strategy within the regulatory environment and symbolizes the regional adaptation of Michael Saylor’s global strategy.

Strategic Significance of the Grace Period — From Preparation to Execution

The decision to have a one-year grace period is a rational choice from the perspectives of market preparation and risk management. Under Michael Saylor’s leadership, Metaplanet can focus on a secure launch in a limited market, coordinate with regulatory authorities, and build a customer base. This interval helps form a strategic framework aimed at sustainable growth in the Japanese market.

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