Metaplanet Introduces Bitcoin-Backed Capital Structure, Featuring $150 Million Perpetual Preferred Shares

Metaplanet Rolls Out Two-Tier Preferred Share Structure to Advance Bitcoin-Backed Capital Strategy

Metaplanet (3350) has introduced a revamped capital framework anchored by a two-tier preferred equity system designed to reinforce its bitcoin-focused financing model. At the top of the structure sits the company’s new Class A preferred shares, known as MARS (Metaplanet Adjustable Rate Security).

Dylan LeClair, Head of Strategy, described MARS as a senior, non-dilutive preferred instrument that pays monthly dividends adjusted to market dynamics. The payout rises when the shares trade below par and declines when they trade above it. With no conversion rights and no dilution for common shareholders, MARS is intended to serve as a stabilizing, income-oriented layer above both the newly introduced Mercury shares and the company’s common equity.

The second tier—Mercury—consists of Metaplanet’s Class B perpetual preferred shares. The firm has issued 23.61 million Mercury shares at 900 yen each, raising roughly 21.25 billion yen ($150 million) via a placement to institutional investors.

Mercury offers a fixed annual dividend of 4.9% on a 1,000-yen notional strike, paid quarterly. The initial dividend of 40.40 yen ($0.26) covers the period ending Dec. 31, 2025. The shares also carry a 1,000-yen liquidation preference and feature a long-dated conversion option into common stock, giving investors a hybrid profile that blends fixed income with upside exposure tied to bitcoin. In the capital hierarchy, Mercury ranks below MARS but ahead of common equity.

The overhaul arrives as Metaplanet’s common stock trades at 387 yen—more than 80% below its all-time high. The company’s market capitalization has also dipped to 0.96 times its net asset value, placing its valuation below the worth of its bitcoin reserves. Metaplanet currently holds 30,823 BTC, making it the world’s fourth-largest public bitcoin holder.

With this move, Metaplanet becomes the third major bitcoin-treasury corporation to adopt a preferred equity framework, following similar strategies from Strategy (MSTR) and Strive (ASST).

In conjunction with the Mercury issuance, the company has scheduled an extraordinary general meeting for Dec. 22 to approve reductions in capital stock and reserves, increase authorized shares to 3.83 billion, and add flexibility for future Class A and Class B issuances.

Metaplanet is also simplifying its financing structure by retiring its 20th to 22nd series stock acquisition rights and introducing new 23rd and 24th series rights for EVO FUND, further streamlining its balance sheet ahead of its preferred equity expansion.

About The Author

ctleditor

See author's posts