Metaplanet could not make preferred shares work in Japan, so it acquired a U.S. company to launch its offerings there. According to Allard Peng, the move gives Metaplanet access to the same capital pool that Strategy and Strive are competing for, where STRC’s 2025 IPO was one of the largest. Issuing preferred shares can add capital without diluting common shareholders and increase bitcoin per share, although the terms of Metaplanet’s support for its U.S. subsidiary remain unclear. The interview also compares Strive’s fixed-rate 15% junior preferred stock with its variable-rate SATA and examines the mechanisms that could bring preferred shares trading below par back to par.
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