Metaplanet has launched a brand new two-tier most popular fairness construction designed to deepen its bitcoin-centric financing mannequin, launching a senior Class A instrument known as MARS and a brand new perpetual Class B most popular share, MERCURY, that’s anticipated to lift roughly $150 million.
The transfer positions the Tokyo-listed agency as the most recent main bitcoin treasury firm to undertake a perpetual most popular construction, following Technique and Try.
MARS — brief for Metaplanet Adjustable Fee Safety — turns into the highest layer of the corporate’s capital stack. The senior most popular shares are non-dilutive, supply no conversion rights, and have month-to-month dividends that alter based mostly on the place the share trades relative to par.
Based on Head of Technique Dylan LeClair, the design goals to provide Metaplanet a volatility-smoothing earnings instrument whereas preserving frequent shareholders from dilution. MARS sits senior to each MERCURY and customary fairness.
Metaplanet: Elevate cash, purchase bitcoin
The second layer of the construction, MERCURY, kinds the spine of Metaplanet’s new capital elevate. The corporate plans to situation 23.61 million Class B perpetual most popular shares at ¥900 every, producing ¥21.25 billion (roughly $150 million) by a third-party allotment to institutional buyers.
The popular inventory pays a 4.9% annual mounted dividend on a ¥1,000 notional strike, with quarterly distributions and an preliminary payout of ¥40.40 for the interval ending Dec. 31, 2025. The shares carry a ¥1,000 liquidation choice and a long-dated non-obligatory conversion into frequent fairness — a hybrid profile that blends mounted earnings with uneven upside tied to bitcoin.
The providing comes as Metaplanet’s frequent fairness has fallen greater than 80% from its all-time excessive and now trades round ¥387, pushing its market-to-NAV ratio beneath parity to 0.96. Traders at the moment worth the corporate at lower than the bitcoin it holds — a dynamic administration believes the brand new construction will help right by separating long-term capital suppliers from short-term fairness flows.
“MERCURY sits junior to MARS, senior to frequent, providing a hybrid profile: mounted earnings + uneven upside tied to BTC,” LeClair posted on X.
Metaplanet, now the world’s fourth-largest company holder of bitcoin with 30,823 BTC, plans to allocate roughly ¥15 billion of the brand new capital towards extra bitcoin purchases, with the rest directed to income-generating bitcoin methods and the redemption of excellent company bonds.
Executives have emphasised that downturns are strategic shopping for alternatives, and that constant bitcoin accumulation stays elementary to its treasury mannequin.
To assist the overhaul, the corporate will convene a rare basic assembly on Dec. 22 to approve reductions to capital inventory and capital reserves, develop licensed shares to three.83 billion, and clear legacy financing overhangs.
Metaplanet is cancelling a number of collection of prior inventory acquisition rights and issuing new rights to EVO FUND to streamline its construction forward of the popular rollout.
Metaplanet was as soon as a Japanese agency rooted in resort administration, actual property, and Web3 initiatives, and has quickly reinvented itself as a publicly traded Bitcoin treasury firm. Its core mission is now to maximise Bitcoin held per share, tapping fairness and debt markets to lift capital that’s then transformed into BTC.
The corporate frames Bitcoin accumulation as each an inflation hedge and a long-term worth engine for shareholders, making its treasury technique the middle of its company identification.
On October 1, Metaplanet (TSE: 3350, OTC: MTPLF) bolstered its transformation into Asia’s “Bitcoin rocketship” by buying 5,268 BTC for about $615.7 million, bringing its whole holdings to 30,823 BTC at a mean price of $107,912 per coin.
This makes it the fourth-largest publicly traded Bitcoin treasury globally, exceeding its FY2025 objective of 30,000 BTC and reaching a 497% year-to-date BTC yield. Q3 2025 income surged 115.7% to ¥2.438 billion, prompting a doubling of FY2025 income steering to ¥6.8 billion.