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 $85K1:28 Why Bitcoin Treasury Preferreds Crashed in June: Leveraged Looping Unwinds3:51 The Traders Holding Preferreds Below Par and What Gets Them Back5:28…

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