Bitcoin Treasury Analyst: MSTR, ASST & Metaplanet Digital Credit Outlook

Metaplanet couldn’t make preferreds work in Japan, so it took over a U.S. company to issue them here. Allard Peng explains what that unlocks: access to the same capital pool Strategy and Strive are competing for, where STRC was one of the biggest IPOs of 2025 and it was a preferred stock. He also addresses what still needs clarity about how Metaplanet supports its U.S. subsidiary, and why the move could be accretive to common shareholders.

Chapters:
0:00 Bitcoin ETFs Pull In $1 Billion in Three Sessions While Price Stalls Under $85K
1:28 Why Bitcoin Treasury Preferreds Crashed in June: Leveraged Looping Unwinds
3:51 The Traders Holding Preferreds Below Par and What Gets Them Back
5:28 Strive’s Fixed 15% Junior Pref vs. Variable-Rate SATA
7:37 How a Preferred Trading Above Par Adds to Net Bitcoin Per Share
10:49 What Has to Happen Before a Company Buys Its First Bitcoin
12:22 When Issuing a Preferred Below Par Still Makes Sense
14:52 Metaplanet’s U.S. Listing and the Capital Pool Strategy and Strive Compete For
18:08 Elon Musk, Tesla and SpaceX’s Bitcoin, and Why Money Won’t Become Irrelevant
21:12 Should Small Businesses Hold Bitcoin?

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