Bitcoin Treasury Analyst: MSTR, ASST & Metaplanet Digital Credit Outlook
Key Takeaways
- •Bitcoin Magazine's Bitcoin Treasury Analyst series released a new episode featuring analyst Allard Peng, who outlined a digital credit outlook for bitcoin treasury companies including Strategy (MSTR), Strive (ASST), and Metaplanet.
- •Peng explained that Metaplanet could not make preferred shares work in Japan, so it took over a U.S. company to issue preferred there.
- •By issuing preferreds in the U.S., Metaplanet gains access to the same capital pool that Strategy and Strive are competing for, a market where the STRC preferred stock was one of the biggest IPOs of 2025.
- •Peng identified outstanding questions about how Metaplanet will support its U.S. subsidiary following the acquisition.
- •Peng suggested that Metaplanet's U.S. preferred-stock move could be accretive to its common shareholders.
Bitcoin Magazine's Bitcoin Treasury Analyst series has released a new episode featuring analyst Allard Peng, who lays out a digital credit outlook for bitcoin treasury companies — publicly listed firms that hold bitcoin on their balance sheets and raise capital in public markets to add to those holdings — including Strategy (MSTR), Strive (ASST) and Metaplanet.
A central topic is Metaplanet's preferred-stock strategy. Peng explains that Metaplanet couldn't make preferred shares work in Japan, so it took over a U.S. company to issue them there. According to Peng, that move unlocks access to the same capital pool Strategy and Strive are competing for — a market where STRC was one of the biggest IPOs of 2025, and it was a preferred stock, underscoring the scale preferred instruments have reached in this market. He also addresses what still needs clarity about how Metapet supports its U.S. subsidiary, and why the move could be accretive to common shareholders.
The full episode is available on YouTube.
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?
Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
This article first appeared on Bitcoin Magazine and is written by Patrick Green.
