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

Metaplanet moves to the U.S. to issue preferreds. Allard Peng breaks down the capital pool, parent support questions, and why it's accretive to common shares. 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.