Metaplanet is a introduced The launch of a permanent Class B perpetual preferred and an MARS senior class A preferred, designed to further its Bitcoin-centric funding model. shareThe MERCURY is estimated to bring in approximately $150 million.
It is the second major Bitcoin Treasury Company to have adopted a perpetually preferred structure. Strategy Strive.
MARS — short for Metaplanet Adjustable rate security — becomes the top layer of the company’s capital stack. These senior preferred share are non-dilutive and offer no conversion right. They also feature monthly dividends which adjust according to where the shares trade relative to par.
According to the Head of Strategic Dylan LeClairThe design is intended to provide a more comfortable and stylish experience. Metaplanet A volatility-smoothing instrument that provides income while protecting common equity holders from dilution. MARS is positioned above both MERCURY, and the common equity.
Metaplanet: Raise money, buy bitcoin
Metaplanet plans to raise capital by issuing MERCURY as the second level of its structure. 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. The shares carry a ¥1,000 liquidation preference and a long-dated optional conversion into common equity — a hybrid profile that blends fixed income with asymmetric upside tied to bitcoin.
The offering comes as Metaplanet’s common equity has fallen more than 80% from its all-time high and now trades around ¥387, pushing its market-to-NAV ratio below parity to 0.96. Investors currently value the company at less than the bitcoin it holds — a dynamic management believes the new structure can help correct by separating long-term capital providers from short-term equity flows.
“MERCURY sits junior to MARS, senior to common, offering a hybrid profile: fixed income + asymmetric upside tied to BTC,” LeClair posted a message on X.
Metaplanet is now available world’s fourth-largest corporate holder of bitcoin with 30,823 BTC, plans to allocate roughly ¥15 billion of the new capital toward additional bitcoin purchases, with the remainder directed to income-generating bitcoin strategies and the redemption of outstanding corporate bonds.
The executives have stressed that the downturns will be gradual strategic buying opportunitiesThe treasury’s model is based on accumulating bitcoins consistently.
In order to support this overhaul, on December 22, the company will hold an extraordinary general assembly to reduce capital stock, increase authorized shares up to 3,83 billion and remove legacy debt.
Metaplanet cancels multiple previous stock acquisition rights, and issues new rights to EVO Fund to streamline the structure of its preferred roll-out.
Metaplanet used to be a Japanese hotel management company, with roots in Web3 and real estate. It has since reinvented itself into a Bitcoin treasury firm that is publicly listed. Metaplanet’s mission now is to maximize Bitcoin per share by tapping the equity and debt market to raise capital, which is then converted to BTC.
Its treasury is at the core of its corporate identity. The company views Bitcoin as both a hedge against inflation and an engine that will generate long-term shareholder value.
Metaplanet, TSE 3350 (OTC: MTPLF), will be launching on October 1. reinforced Its transformation into Asia “Bitcoin rocketship” By purchasing 5,268 BTC, the company increased its holdings from 30,823 BTC to $615.7 Million, at a cost per coin of an average $107,912
It is now the 4th largest publicly traded Bitcoin Treasury in the world, surpassing its goal for FY2025 of 30,000 BTC. The yield on BTC has increased by 497% since January. Q3 2025 revenue surged 115.7% to ¥2.438 billion, prompting a doubling of FY2025 revenue guidance to ¥6.8 billion.
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Source: bitcoinmagazine.com
