Metaplanet Announced the Launch of New Share Classes MARS and MERCURY

• Metaplanet has announced the launch of a two-tier capital structure backed by bitcoin.
• The company now offers investors MARS and MERCURY shares.
• It will raise $150 million through MERCURY.

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Japanese investment firm Metaplanet has unveiled a new capital model built around bitcoin, launching two classes of preferred shares — the senior MARS class and the new perpetual MERCURY class — through which the company is raising $150 million.

This makes Metaplanet the third bitcoin treasury company in the world to use the perpetual preferred share structure, following Strategy (MSTR) and Strive (ASST).

The company has also cancelled the previously announced Series 20-22 securities and has scheduled an extraordinary general meeting for December 22, 2025, where shareholders will vote on changes to the capital structure, including an increase in the authorized number of shares to 3.83 billion.

According to the statement, the new Class A — MARS (Metaplanet Adjustable Rate Security) — is positioned as a senior and non-dilutive instrument with a variable monthly dividend rate that is adjusted depending on the share price.

According to Dylan LeClair, Head of the Strategy:

The second tier is the Class B MERCURY, perpetual preferred shares with a fixed annual dividend rate of 4.9% per 1,000 yen face value.

The volume of the fundraising is ¥21.25 billion ($150 million) through a private placement.

LeClair described MERCURY as a hybrid of fixed income and the asymmetric growth potential associated with bitcoin.

Meanwhile, the company’s mNAV has dropped to 0.96, meaning that the market values it cheaper than the value of bitcoins on its balance sheet. Metaplanet is the fourth largest holder of the first cryptocurrency in the world with 30,823 BTC, according to Bitcoin Treasuries.

In October of this year, the company announced a buyback program of up to 150 million shares to boost its mNAV and EPS. CEO Simon Gerovich said that this should “improve capital efficiency”. A credit facility of up to $500m was also approved.

In early November, Metaplanet took out a $100m loan secured by bitcoin as part of a stabilization strategy amid a falling share premium.