Key Highlights
- Metaplanet approved the issuance of MERCURY Class B preferred shares to raise 21.25 billion JPY ($150 million) from overseas institutional investors.
- $115M of funds will buy Bitcoin to grow holdings from 30,823 BTC to 210,000 BTC by 2027.
- MERCURY offers quarterly dividends and equity-linked conversion, limiting dilution to 2.07% and lifting Metaplanet stock 4%.
Tokyo-based fintech firm Metaplanet is set to issue Class B preferred shares, called MERCURY (Metaplanet Convertible for Return & Yield), to raise 21.25 billion yen, or $150 million.
The shares, aimed at overseas institutional investors, carry a fixed dividend of 4.9% per year and a conversion price of 1,000 yen per share.
The company’s Board of Directors approved the proposal on November 20, 2025, and it will be submitted for shareholder approval at an Extraordinary General Meeting on December 22, 2025.
Metaplanet currently holds 30,823 BTC, worth roughly $2.9 billion, at an average purchase price of ¥15.89 million per Bitcoin.
Of the newly raised funds, 14.998 billion yen will be used to purchase Bitcoin between December 2025 and March 2026. By 2027, the company said it wants to grow its holdings to 210,000 BTC, reflecting a long-term strategy anchored on Bitcoin accumulation and institutional adoption.
MERCURY Structure and Stock Impact
MERCURY is a hybrid security, carrying both stable quarterly dividends and equity-linked conversion that allows upside for investors in case of increases in Metaplanet’s stock.
The high conversion price restricts potential dilution to a low 2.07%, and flexibility for accelerating conversion in case of strong stock performance balances stability with growth potential. The announcement lifted the stock of Metaplanet by more than 4%, even as Bitcoin prices fell.
At the same Board meeting, the company resolved to cancel the 20th–22nd Series Stock Acquisition Rights (SARs) and issue the 23rd and 24th Series SARs to EVO FUND (Cayman Islands) via third-party allotment. These steps adjust the company’s capital structure to support its Bitcoin-focused strategy.
This MERCURY offering follows a $100 million loan collateralized with Bitcoin, demonstrating that digital assets continue to be increasingly accepted as collateral. The fact that Metaplanet is raising funds through preferred shares rather than selling Bitcoin keeps its balance sheet strong while remaining exposed to potential gains.
MARS shares and risks
Besides, Metaplanet’s Class A preferred shares, MARS, which stands for Metaplanet Adjustable Rate Security, pay monthly dividend adjustments as share price changes and provide stable income without diluting common shares.
While MERCURY and MARS provide opportunities for returns and growth, there are risks. Dividend obligations could affect liquidity if Bitcoin prices decline, and changes in interest rates or Japanese regulations could influence investor demand.
Also Read: Bitcoin Slides to $90K as Falling-Wedge Tests Bulls’ Last Defense
