Japan’s regulatory and market structure challenges delay Metaplanet’s perpetual preferred share debut, impacting its 40,177 BTC treasury strategy.
Metaplanet has delayed its planned listing of perpetual preferred shares, citing Japan’s underdeveloped preferred equity market and stringent exchange rules. CEO Simon Gerovich said regulatory hurdles, including requirements for stable recurring cash flows, have stalled the launch of its Mars and Mercury share classes.
The company’s proposal to pay monthly dividends clashes with Japan’s typical annual or semiannual payouts. Metaplanet, holding 40,177 BTC, would have been the first to list perpetual preferred shares in Japan, where only six such instruments exist. The delay follows a 25% decline in its shares year to date.
Metaplanet announced the two-tier preferred share structure in November, aiming to emulate peers like Strategy and Stretch (STRC). The setback highlights broader challenges for corporate treasury strategies in Japan’s equity markets.