Michael Saylor: Strategy will not issue perpetual preferred shares in Japan for the next year.

Metaplanet plans to launch two new products, "Mercury" and "Mars," to enter Japan's market of perpetual preferred shares, which currently only has five products, targeting returns significantly higher than traditional deposits. "Mercury" is expected to list in early 2026, with an annualized return of 4.9%. Since ATM financing is not permitted in Japan, Metaplanet will issue these warrants using a variable strike price structure.