Metaplanet delays preferred share listing amid challenging Japanese market structure
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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.
Key facts
- 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%)
- 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
- CEO Simon Gerovich discussed the complexity of navigating Japan's underdeveloped preferred equity market as the primary reason for the hold-up
- Meanwhile, bitcoin yield came in at 2.8% quarter-to-date
Summary
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. 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.