"Metaplanet has introduced a new two-tier preferred equity structure designed to deepen its bitcoin-centric financing model, launching a senior Class A instrument called MARS and a new perpetual Class B preferred share, MERCURY, that is expected to raise roughly $150 million. The move positions the Tokyo-listed firm as the latest major bitcoin treasury company to adopt a perpetual preferred structure, following Strategy and Strive. MARS - short for Metaplanet Adjustable Rate Security - becomes the top layer of the company's capital stack."
"The second layer of the structure, MERCURY, forms the backbone of Metaplanet's new capital raise. The company plans to issue 23.61 million Class B perpetual preferred shares at ¥900 each, generating ¥21.25 billion (approximately $150 million) through a third-party allotment to institutional investors. The preferred stock pays a 4.9% annual fixed dividend on a ¥1,000 notional strike, with quarterly distributions and an initial payout of ¥40.40 for the period ending Dec. 31, 2025."
Metaplanet launched a two-tier preferred equity structure with senior Class A MARS and perpetual Class B MERCURY to expand bitcoin-focused financing. MARS is senior, non-dilutive, non-convertible, and pays monthly dividends that adjust based on trading relative to par to smooth volatility. MERCURY will issue 23.61 million perpetual shares at ¥900 each to raise ¥21.25 billion (~$150 million) through an institutional third-party allotment. MERCURY pays a 4.9% annual fixed dividend on a ¥1,000 notional with quarterly distributions, an initial payout of ¥40.40 for the period ending Dec. 31, 2025, and includes a ¥1,000 liquidation preference plus long-dated optional conversion into common equity. Common equity has fallen over 80% and trades around ¥387, pushing market-to-NAV below parity to 0.96, while the structure aims to preserve common shareholders from dilution and blend fixed income with upside tied to bitcoin.
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