Metaplanet's Bitcoin Accumulation Plans Hit Regulatory Roadblock

Metaplanet's efforts to issue preferred stocks for Bitcoin accumulation have been hindered by regulatory challenges in Japan. The company had proposed issuing Mars and Mercury preferred stocks with variable dividends to raise capital without diluting its class A stock. However, Japanese regulations require firms that pay yields on their shares to demonstrate sustainable cash flows from underlying operations.

The delay has led to a net loss of ¥114.5 billion ($725 million) for Metaplanet in Q1, largely due to the fair value of its Bitcoin holdings during the early 2026 crypto downturn. The company added only 5,075 BTC worth $399M in Q1 and now faces uncertainty about its ability to buy an additional 60,000 BTC by December.

Metaplanet is still targeting 100,000 BTC in 2026 but has resorted to quarterly Bitcoin buys due to the limitations of its preferred stocks. In contrast, Strategy has successfully issued $8.5B worth of STRC with a variable interest rate of 11.5% and acquired over 818,000 BTC, including +146,000 BTC in 2026 alone.