Metaplanet Builds Out Bitcoin-Aligned Funding Model With Dual Preferred Share System
Metaplanet (3350) has unveiled a revamped capital structure centered on two classes of preferred equity, reinforcing its strategy of using bitcoin as the core anchor of its financial model. At the top of the hierarchy is the firm’s new Class A preferred share, branded MARS (Metaplanet Adjustable Rate Security).
According to Head of Strategy Dylan LeClair, MARS functions as a senior, non-dilutive income instrument. It pays monthly dividends that adjust depending on where the security trades relative to par—rising when below par and easing when above it. With no conversion mechanism and no dilution for common shareholders, MARS is designed to act as a stability layer within the company’s capital stack, absorbing volatility while providing predictable yield.
The second tier of the structure is Mercury, Metaplanet’s newly issued Class B perpetual preferred share. The company raised approximately 21.25 billion yen ($150 million) through a third-party allotment of 23.61 million Mercury shares, each priced at 900 yen, to institutional investors.
Mercury offers a fixed annual dividend of 4.9% based on a 1,000-yen notional strike and pays out quarterly. Its initial dividend of 40.40 yen ($0.26) covers the period ending Dec. 31, 2025. The shares come with a 1,000-yen liquidation preference and a long-dated conversion option into common stock, giving the instrument both fixed-income traits and optional upside linked to bitcoin. Mercury ranks below MARS but above the company’s common equity.
These developments arrive as Metaplanet’s common stock trades at 387 yen, down more than 80% from its peak. The company’s market capitalization has fallen to 0.96 times its net asset value, meaning investors currently value the business at less than the bitcoin it holds. Metaplanet is the fourth-largest corporate holder of bitcoin globally, with 30,823 BTC on its balance sheet.
With this move, Metaplanet becomes the third major bitcoin-treasury firm to roll out a preferred-equity financing structure, following similar initiatives from Strategy (MSTR) and Strive (ASST).
In parallel with Mercury’s launch, the firm plans to hold an extraordinary general meeting on Dec. 22 to reduce capital stock and reserves, increase authorized shares to 3.83 billion, and establish broader capacity for future Class A and Class B issuances. The company is also retiring its 20th–22nd series stock acquisition rights and replacing them with new 23rd and 24th series rights for EVO FUND, simplifying its capital structure ahead of the preferred equity expansion.
