Key Highlights
- Metaplanet launched two preferred shares, MARS (Class A) and Mercury (Class B), to raise capital for its Bitcoin strategy.
- Mercury aims to raise about $150 million with a 4.9% fixed annual dividend and a conversion option into common shares.
- The company holds 30,823 BTC, but its stock has dropped over 80% from its all-time high, sitting on a -15% unrealized loss.
Metaplanet has introduced a new two-tier preferred share structure as part of its plan to expand its Bitcoin-focused financing strategy.
The Japanese firm revealed the details in a filing shared via an X post. Metaplanet plans to raise fresh capital and adjust its balance sheet through Class A and Class B preferred shares, MARS and Mercury, both designed to support its long-term Bitcoin treasury plan while giving the firm more flexible funding tools that match current market conditions.
A new Class A share built for stability
According to Head of Strategy Dylan LeClair, MARS, which is short for Metaplanet Adjustable Rate Security, is meant to act as a senior preferred share with monthly dividends that move up or down depending on how the share trades.
He explained that the dividend “rises when the Class A share price trades below par and adjusts down when above par,” which makes the instrument a steady income tool that does not dilute common shareholders. MARS sits above Mercury and all common equity in the capital structure, giving it priority status among Metaplanet’s financing layers.
Mercury adds $150M raise as Metaplanet expands
Mercury, the second tier, marks one of Metaplanet’s largest raisings to date. The company plans to issue 23.61 million Mercury shares at 900 yen each to raise about 21.25 billion yen ($150 million) through a third-party allotment to institutional investors, according to filings with the Tokyo Stock Exchange.
Mercury offers a fixed annual dividend of 4.9% based on a 1,000-yen notional strike, with quarterly payouts and an initial dividend of 40.40 yen set for the period ending December 31, 2025. It comes with a 1,000-yen liquidation preference and a long-dated option to convert into common stock, giving holders fixed income with possible upside if Bitcoin (BTC) performs well.
Restructuring amid drop in share price
In addition, Metaplanet will cancel its earlier 20th to 22nd stock acquisition rights and issue new 23rd and 24th series rights to EVO Fund to clean up and simplify its financing tools ahead of the preferred share launch. The company will also hold a special shareholder meeting on December 22 to approve capital reductions and expand authorized shares to 3.83 billion.
These changes come at a time when the company’s stock is seeing a sharp price decline. Metaplanant stock has dropped more than 80% from its all-time high (ATH) and over 50% in six months. Currently, the shares trade for 387 yen.
Meanwhile, the firm holds about 30,823 BTC, making it the fourth largest public crypto holder in the world, though it currently sits on an unrealized loss of about -15% based on its average buying price of $108,036 per Bitcoin.
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