Metaplanet has unveiled a new preferred share structure aimed at strengthening its long-term Bitcoin strategy and broadening its access to capital. The Japanese firm disclosed the plan in a regulatory filing shared on X, confirming the launch of two preferred share classes named MARS and Mercury. Both instruments are designed to give Metaplanet more flexibility in raising funds while aligning its financing model with its ongoing commitment to expanding its Bitcoin treasury.
According to Head of Strategy Dylan LeClair, MARS—short for Metaplanet Adjustable Rate Security—will function as a senior preferred share positioned at the top of the company’s capital structure. It pays monthly dividends that adjust depending on how the share trades relative to its par value. Dividends increase when MARS trades below par and fall when it trades above, creating a stabilising mechanism intended to support the share price without diluting common shareholders. As a senior instrument, MARS holds priority over both Mercury and the firm’s common stock in the case of distributions or liquidation.
The second share class, Mercury, represents a much larger capital raise and is expected to generate around $150 million for Metaplanet. The company will issue more than 23.6 million Mercury shares at 900 yen each, raising roughly 21.25 billion yen through allocations to institutional investors, filings with the Tokyo Stock Exchange show. Mercury offers a fixed annual dividend of 4.9 per cent based on a 1,000-yen notional value, with quarterly payouts and an initial dividend of 40.40 yen scheduled for the period ending December 2025. Holders will also receive a 1,000-yen liquidation preference and a long-term option to convert the shares into common stock, allowing them to combine steady income with potential upside tied to Bitcoin’s performance and the company’s future growth.
In preparation for the new structure, Metaplanet plans to cancel several older stock acquisition rights and replace them with updated versions issued to EVO Fund. The company is also convening a special shareholder meeting on December 22 to vote on capital reductions and an increase in authorised shares to 3.83 billion, part of a broader effort to streamline its financing tools and make room for the preferred share rollout.
These developments come during a challenging period for Metaplanet’s stock. The company’s share price has fallen more than 80 per cent from its all-time high and over 50 per cent within the last six months, currently trading at 387 yen. Despite the downturn, Metaplanet remains one of the world’s largest publicly traded Bitcoin holders, with approximately 30,823 BTC in its reserves. Based on its average purchase price of $108,036 per coin, the firm is sitting on an unrealised loss of around 15 per cent, underscoring the importance of capital flexibility as it continues to scale its Bitcoin-centred strategy.
