business
Metaplanet delays preferred share listing amid challenging Japanese market structure
Key takeaways
- 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.
- Metaplanet announced back in November a two-tier listed preferred share class, Mars and Mercury.
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.
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