Metaplanet delays preferred share listing amid challenging Japanese market structure

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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. By James Van Straten | Edited by Aoyon Ashraf May 13, 2026, 4:43 p.m. 2 min read Make preferred on 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 (3350), Japan's largest corporate bitcoin holder and the world's third-largest bitcoin treasury company holding 40,177 BTC on its balance sheet, has confirmed a delay in its planned preferred share listing. CEO Simon Gerovich discussed the complexity of navigating Japan's underdeveloped preferred equity market as the primary reason for the hold-up. The company's planned instrument would be only the seventh listed preferred in Japan, Gerovich said, and, notably, the first-ever perpetual preferred share in the market. 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. Second, the company's ambition to pay monthly dividends is far more frequent than Japan's typical once or twice-yearly cadence, which requires building entirely new dividend infrastructure around record dates. Gerovich concluded that the company is committed to delivering preferred shares to the market and highlighted Japan's status as one of the world's most yield-starved major capital markets. On the earnings, the company delivered net sales of $19.5 million (¥3.08 billion, up 251% year-on-year) and operating income of $14.4 million (¥2.27 billion, up 283%). Meanwhile, bitcoin yield came in at 2.8% quarter-to-date. Metaplanet shares are down 25% year to date. Bitcoin News More For You Bitcoin buyers with long-term 'conviction' surges 300% with most recent buyers sitting on profits By Olivier Acuna | Edited by Jamie Crawley 44 minutes ago Bitcoin held by so-called conviction buyers has surged to nearly 4 million BTC, a roughly 300% increase since late 2025. What to know : Bitcoin held by so-called conviction buyers has surged to nearly 4 million BTC, a roughly 300% increase since late 2025, signaling a major shift of supply into long-term, low-activity hands. Analysts say this accumulation, led by large holders such as Strategy (MSTR), is tightening liquid supply on exchanges and could... Read full story Latest Crypto News UK parliament to probe Nigel Farage’s $6.8 million donation from crypto billionaire 10 minutes ago Bitcoin buyers with long-term 'conviction' surges 300% with most recent buyers sitting on profits 44 minutes ago Crypto Long & Short: Bitcoin vs. gold: 26% relative undervaluation 1 hour ago Telecom giant KDDI to acquire 14.9% stake in Coincheck Group in $65 million deal 1 hour ago Clarity Act amendments would remake key parts of crypto bill but have doubtful future 1 hour ago Animoca-backed NUVA connects Figure's $19 billion of tokenized assets to Ethereum 1 hour ago Top Stories Live markets: Bitcoin dips below $80,000 as producer price inflation surges to 6% 3 hours ago Crypto wallet provider Ledger puts U.S. IPO plans on hold due to market conditions 2 hours ago The $82,000 battle: bitcoin tests key resistance zone to form next major breakout 6 hours ago Charles Schwab begins U.S. rollout of spot crypto trading for retail customers 6 hours ago Nevada regulators push back after prediction market conference blames them for move 12 hours ago Bitcoin holds below $81,000 with Trump-Xi talks on the horizon 5 hours ago