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Japan’s evolving digital credit landscape is entering a pivotal phase as Metaplanet Bitcoin positioning gains momentum amid a key competitor’s strategic pause.
Strategy confirms 12-month pause on Japan expansion
At the Bitcoin MENA 2025 conference, Michael Saylor, executive chairman of Strategy, ruled out launching the firm’s perpetual preferred equity products in Japan over the next 12 months. His clear stance temporarily removes one of the most influential players from the Japan digital credit market.
According to Saylor, Strategy is not planning to enter Japan within that 12-month window. However, this decision effectively hands Metaplanet a full year to consolidate its presence in a market where only a few perpetual preferred instruments currently trade.
While Japan is on hold, Strategy continues to broaden its preferred equity lineup elsewhere. The company already runs four perpetual preferred products in the United States and has recently launched a euro-denominated version in Europe. For now, Japan remains the major outlier in its global growth plans.
Metaplanet moves ahead with Mercury and Mars
With Strategy stepping back, Metaplanet is pushing forward two new bitcoin-backed credit instruments named Mercury and Mars. Japan’s perpetual preferred segment is small and sluggish, hosting only five listed products. However, Metaplanet intends to revitalize this niche by becoming the sixth and seventh issuer.
Mercury is structured to resemble Strategy’s STRK product and offers a 4.9 percent yield in yen with convertibility. That rate is nearly ten times higher than the return on most Japanese bank deposits today, highlighting its appeal in a low-yield environment.
The Mercury instrument is currently in its pre-IPO phase, with a target listing in early 2026. Moreover, its design echoes Strategy’s approach to high-yield bitcoin credit while tailoring the structure to Japanese capital market conditions.
Mars, by contrast, follows a different model and mirrors Strategy’s STRC. It is conceived as a short-duration, high-yield bitcoin credit vehicle for investors seeking income without long-term obligations. That said, both Mercury and Mars underscore Metaplanet’s ambition to lead Japan’s next cycle of crypto-linked credit innovation.
Competing visions for the future of digital credit
The strategic divergence goes beyond product launches. Saylor has suggested that around twelve companies worldwide will ultimately issue digital credit. However, Simon Gerovich disagrees, arguing that balance sheet strength is more critical than simply the number of issuers.
Metaplanet bitcoin efforts are therefore framed within a more conservative capital perspective, with the firm prioritizing robust reserves and careful leverage. Moreover, Metaplanet plans to focus on Japan first before selectively extending its footprint into other parts of Asia.
Metaplanet remains committed to using Bitcoin-backed debt as part of this strategy. In November, the company drew a $130 million loan under a larger $500 million credit facility. This capital structure underpins its ongoing acquisition and holding of BTC.
Metaplanet’s Bitcoin position and market context
As of the latest update, Metaplanet holds 30,823 BTC valued at about $2.7 billion, with an average acquisition cost of $108,070 per coin. However, with bitcoin trading below that level, the company faces roughly $636 million in unrealized losses.
The launch of Mars coincides with a weak period for corporate bitcoin treasury trends. Data from DefiLlama shows inflows to such treasuries dropping to $1.32 billion in November, the lowest reading of 2025. This downturn is pressuring listed vehicles tied to bitcoin exposure.
Strategy’s stock has fallen more than 35%, while Metaplanet shares are down over 20% as bitcoin has retreated nearly 25% from its October highs. Moreover, this correction frames Japan’s digital credit initiatives as one of the few constructive narratives in an otherwise cautious market.
With bitcoin trading near $90k, Japan’s push into structured, crypto-linked credit is emerging as a significant factor in shaping sentiment. However, the durability of this trend will depend on how investors respond to Mercury, Mars, and other perpetual preferred instruments Japan may see in coming quarters.
FAQs on Strategy, Metaplanet and Bitcoin
What exactly does Strategy do?
Strategy invests in bitcoin and provides software and analytics solutions for enterprises worldwide. Its balance sheet strategy has drawn global attention due to its large BTC holdings.
How much bitcoin does Strategy own?Strategy currently holds over 650,000 BTC, making it one of the largest corporate bitcoin holders globally. That said, the company continues to adjust its capital markets activity depending on regional opportunities.
How much BTC does Metaplanet have?
Metaplanet owns 30,823 BTC, valued at about $2.7 billion, with an average purchase price of $108,070 per coin. Moreover, this sizable treasury underpins the firm’s Mercury and Mars offerings in Japan’s emerging crypto credit segment.
In summary, Strategy’s decision to delay entry into Japan gives Metaplanet a rare window to shape the country’s digital credit market, with Mercury and Mars poised to become key instruments in this new phase of bitcoin-linked finance.
