'Japan’s MSTR' Financing Blocked. Metaplanet Postpones Listing of Preferred Shares, Bitcoin Strategy Faces Reality Test

TradingKey - Metaplanet's preferred stock plan faces setbacks, dragging down share price and dampening Bitcoin buying interest in Asia.

On May 14, the "Japanese version of MicroStrategy" saw its preferred stock plan encounter hurdles. Metaplanet (3350.T) shares extended their decline, dropping over 4% intraday to trade at 313 yen, hitting a new one-month low. After a brief rally early this year, Metaplanet’s stock price has continued to retreat, falling more than 28% year-to-date.

Metaplanet stock chart, Source: TradingView

On May 13, Metaplanet CEO Simon Gerovich stated that the preferred stock plan had faced obstacles, triggering a 4% decline in the share price yesterday. Simon Gerovich on social media platform X posted stating, "Due to the immaturity of the Japanese preferred stock market and exchange rule restrictions, the company has postponed its planned listing of the Mars and Mercury preferred stock programs."

Metaplanet is a Tokyo-based listed company whose primary businesses were originally budget hotel operations, real estate development, and investment consultancy. In response to Japan's long-term yen depreciation, low-interest-rate environment, and high sovereign debt risks, the company began emulating the world’s largest Bitcoin ( BTC) holder, MicroStrategy ( MSTR ), by continuously purchasing and hoarding Bitcoin. This transformation has turned it into the "Japanese version of MicroStrategy," making it well-known in global financial markets ever since.

Metaplanet not only mimics MicroStrategy's Bitcoin purchases but also seeks to replicate its financing methods—specifically, raising capital through preferred stock offerings. After the 2024 halving, MicroStrategy founder Michael Saylor realized that relying solely on "convertible bonds" would face a cap due to equity dilution. Consequently, he decided to introduce fixed-dividend, non-voting preferred stock to attract institutional capital seeking stable returns. It has been proven that MicroStrategy's preferred stock plan is currently viable.

In January 2026, MicroStrategy launched its flagship product, STRC, raising over $3 billion in a single month. Since then, it has established a complete "Digital Preferred Stock Matrix," including STRK, STRF, and STRD, with interest rates ranging from 8% to 12%. To date, MicroStrategy has raised over $16 billion, bringing its Bitcoin holdings to nearly 820,000 BTC—representing nearly 4% of the total supply—ranking first in the world.

Although Metaplanet ranks sixth globally in Bitcoin holdings, it holds only around 40,000 BTC, leaving a significant gap compared to MicroStrategy. Now that Metaplanet’s preferred stock plan has faced setbacks, its ability to further expand its strategic Bitcoin reserves will be affected, and the gap between the two will only widen. This has dealt a minor blow to market confidence, showing that the expansion of corporate buying in Asia is not all smooth sailing.

Top ten entities by Bitcoin holdings, Source: CoinGecko