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Metaplanet delays preferred share listing amid challenging Japanese market structure
CEO Simon Gerovich says regulatory and infrastructure challenges are slowing the launch of Metaplanet’s perpetual preferred share.
May 13, 2026, 4:43 p.m. 2 min read
What to know:
- Metaplanet CEO, Simon Gerovich, said Japan’s limited preferred equity market and exchange rules requiring stable recurring cash flows have delayed its planned Mars and Mercury preferred share listings.
- Gerovich said the company’s proposal to pay monthly dividends is unusual in Japan’s market, where payouts are typically annual or semiannual.
- Metaplanet shares are down 25% year to date.
Metaplanet announced back in November a two-tier listed preferred share class, Mars and Mercury. The move came after Strategy launched its own preferred shares, with Stretch (STRC) among the most popular.
Two key obstacles have stood in the way of Metaplanet’s listing of preferred shares.
First, Japanese exchange rules require preferred dividends to be backed by sustainable, recurring cash flows assessed across multiple market conditions. Metaplanet must demonstrate that its Bitcoin Income Generation Business can produce stable returns even in adverse bitcoin environments, and has just a six-quarter operating track record.
