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Metaplanet's US Strategy: What Metaplanet Is Building in the US — Connecting Every Dot Over the past couple of weeks, #Metaplanet management have been dropping clues that they are preparing something significant on the US side. We can all guess what it is (and there are several possibilities) but it’s becoming increasingly clear that something is in the works. Here’s what I’m seeing. The chronological US buildout A 13-month progression that doesn't look incidental when you line it up: → April 2025: Metaplanet Treasury Corporation (Miami) established — highlighted by COO Yoshimi Abe on May 7: "One year ago, we established Metaplanet Treasury Corporation in Miami, our first US entity." x.com/Yoshimi3350Abe… → July 2025: Establishment of US Holding Subsidiary and Share Transfer by Way of Contribution in Kind → September 17, 2025: Metaplanet Income Corp (US) established — specifically to operate the Bitcoin Income Generation business out of US jurisdiction → December 12, 2025: Form F-6 filed with SEC — registration of Sponsored ADR shares → December 19, 2025: SEC declares the F-6 effective. Sponsored Level 1 ADR launches under ticker $MPJPY with Deutsche Bank Trust Company Americas as depositary and MUFG Bank as custodian. → March 12, 2026: Strategic-disclosure day. Three coordinated filings drop together: • Establishment of Metaplanet Asset Management (US subsidiary) • Establishment of Metaplanet Ventures K.K. (Japan venture arm) • Investment in JPYC Inc. via Metaplanet Ventures I want to pause here for a minute and share a excerpt from their own filing: contents.xj-storage.jp/xcontents/3350… This is the actual language from Metaplanet's March 12 filing announcing Metaplanet Asset Management: "The Company sees an opportunity to establish a dedicated asset management platform to serve this market, bridging Asian and Western capital markets." The same filing goes further. It explicitly names the product set: "perpetual preferred securities and related fixed income instruments, a category increasingly referred to as Digital Credit" — alongside "actively managed strategies… derivatives and structured positions, equity and credit strategies focused on Bitcoin treasury companies… index products and benchmarks." Then it commits to the rollout: "The Company intends to announce specific funds, managed strategies, and structured products as they are launched, spanning the full spectrum of Bitcoin capital markets from yield instruments and fixed income to actively managed equity, credit, commodity, and volatility strategies." This plan was disclosed two months ago in plain English in a filing on their website. This has been in the works for some time. A perpetual preferred ("Digital Credit") is the most likely first product IMO. But it's the first product in a platform, not a one-off raise. Metaplanet Asset Management is the operating engine for a multi-product Bitcoin capital markets business — issued out of US jurisdiction, designed from inception to bridge Tokyo-listed parent equity, US institutional appetite, and Japanese yield-starved capital into a single ecosystem. → March 16, 2026: Capital Allocation Policy revised. → April 13, 2026: Metaplanet opens a 60-day fee-free window (Apr 13 to Jun 12) for converting unsponsored $MTPLF shares into sponsored $MPJPY ADRs. Removes the standard $0.05/ADR fee. More on this later. → April 26, 2026: Metaplanet lights up the Las Vegas Sphere with "Secure the Future with Bitcoin" — ~$450K/day for premium US institutional visibility. dlnews.com/articles/marke… → April 27, 2026: High-tier sponsor of Bitcoin for Corporations at Bitcoin 2026 Conference (Venetian, Las Vegas) → May 7–13, 2026: Boston (and potentially other US cities) week-long institutional roadshow. Full senior team: Simon Gerovich (CEO), Dylan LeClair (Head of BTC Strategy), Yoshimi Abe (COO), Shinpei (IR). → May 13, 2026: Q1 FY2026 results filed. Same day, coordinated messaging: • Simon: Japan prefs listing "has taken longer than we initially anticipated… we appreciate that this has created uncertainty" — explicit admission of delay. Flagged monthly dividends as a structural feature that would also take time to build. x.com/gerovich/statu… • Dylan: "Transforming capital markets is patient work. We will continue diligently, tirelessly, and without compromise, in Japan and abroad." The "and abroad" is not a slip. Shoutout to @swissBTCmaxi for catching that x.com/swissBTCmaxi/s… Five US legal entities. Sponsored ADR with a major Wall Street depositary. Million-dollar Sphere/conference spend. CEO + COO + Head of Bitcoin Strategy + IR on a senior-roadshow tour. Coordinated same-day messaging. The fee-waiver window is not a coincidence Look at the calendar. The fee-free $MTPLF→$MPJPY conversion window runs Apr 13 to June 12, 2026. My projected announcement window for a US perpetual preferred (144A path) is mid-June to mid-July (more on this below). The waiver expires almost exactly when the announcement is expected to land. This isn't coincidence. Before issuing a USD-denominated perpetual preferred under the same parent, you want the sponsored ADR — Deutsche Bank-backed MPJPY — trading with consolidated, deep, institutionally-clean float. So management compressed the MTPLF→MPJPY migration into a 60-day sprint that ends right as the new product needs the ADR liquidity to launch on top of it. The pricing reality A 5-6% rate works in Japan because Japan is yield-starved. It does not work in the US, where the comparable BTC-treasury perpetual prefs already clear at much higher yields - let’s just call it anywhere between 10-14% depending on the instrument and issuer. If Metaplanet issues a USD perpetual preferred to clear at scale ($200–500M), the coupon almost certainly needs to be 12%+. The EDGAR reality check I went to SEC EDGAR to red-team this. Here's what I found: → Metaplanet Inc. (CIK 0002100603) has only TWO filings ever: the F-6 ADR registration and its EFFECT notice — both from December 2025. Zero filings in 2026. → Metaplanet Asset Management — no EDGAR registration. Not a filer. → Metaplanet Income Corp — no EDGAR registration. Not a filer. → Metaplanet Treasury Corporation — no EDGAR registration. Not a filer. → (Note: "Metaplanet AI Fund I, LP" exists on EDGAR with Estonian principals and AI focus — completely unrelated, just a name coincidence.) This rules out an imminent NYSE/Nasdaq listing or fully SEC-registered F-1 IPO — those require scaffolding that we'd already see by now. But it strongly supports a Reg S / 144A private placement path: 144A placements sell to qualified institutional buyers (QIBs) only Don't require SEC pre-registration Allow public marketing without quiet period (which is exactly what we're observing) Can close in 4–12 weeks from pre-marketing This is the same mechanism Strategy used for $STRC/$STRD/$STRF — initial 144A placement, eventual broader registration The most likely scenarios, ranked 1. US 144A perpetual preferred. Issued by Metaplanet Inc. or Metaplanet Asset Management, structured like a $STRC clone (or possibly convertible like MERCURY). Sized $200–500M. Targets QIBs initially; broader exchange listing later. 2. Metaplanet Asset Management product launch. Could be a US-domiciled BTC treasury fund or managed strategy that institutional allocators buy into. Distinct from issuing securities directly. Fees on AUM become a revenue line. 3. $MPJPY upgraded from Level 1 to Level II/III ADR. Common stock dual listing on Nasdaq. Simpler, faster, no new instrument. But EDGAR shows no F-3 yet, so this would push to Q4 2026 at earliest. Some of the scenarios may not be mutually exclusive. Timeline If 144A path (most likely): Roadshow start: May 7 ✓ Anchoring institutional orders: 3–6 weeks Announcement window: mid-June to mid-July 2026 Pricing and close: 2–4 weeks post-announcement 144A listing / QIB trading start: late July to early August 2026 Closing thoughts @Strategy is running the best capital markets playbook in financial history. @Strive is doing a fantastic job and punching above its weight. But the loudest stories aren't always the biggest ones. Metaplanet is building something none of the others have. Don't write off the dark horse just because there is a new flavor of the month. They've been training. And they're ready to sprint.