• Metaplanet introduces MARS and Mercury preferred shares to fund Bitcoin acquisitions and balance sheet adjustments.

• MARS provides senior priority with adjustable monthly dividends tied to share performance, ensuring non-dilutive financing.

• Mercury aims to raise approximately $150 million at 4.9% fixed annual dividend, with data showing Metaplanet’s 30,823 BTC holdings at a -15% unrealized loss.

Discover Metaplanet’s innovative MARS and Mercury preferred shares revolutionizing Bitcoin strategy funding. Explore details on dividends, conversions, and capital raises—stay ahead in crypto investments today!

What are Metaplanet’s new preferred shares MARS and Mercury?

Metaplanet’s preferred shares MARS and Mercury are innovative financial instruments designed to support the company’s long-term Bitcoin treasury strategy. MARS, a Class A senior preferred share, features adjustable monthly dividends that align with market conditions to provide stability without diluting common equity. Mercury, the Class B share, enables a significant capital raise of about $150 million through issuance to institutional investors, offering a fixed 4.9% annual dividend and optional conversion into common stock for potential upside tied to Bitcoin performance.

How does the MARS preferred share structure provide stability for Metaplanet?

The MARS share, short for Metaplanet Adjustable Rate Security, operates as a senior instrument in the capital structure, prioritizing it above Mercury and common equity. As explained by Head of Strategy Dylan LeClair, the dividend mechanism adjusts monthly: it increases when the share price trades below par value and decreases when above, creating a self-stabilizing effect. This design, detailed in filings with the Tokyo Stock Exchange, ensures consistent income for holders while allowing Metaplanet to access flexible funding for Bitcoin acquisitions. According to financial analysis from Bloomberg data, such adjustable structures have helped similar firms maintain liquidity during volatile crypto markets, with Metaplanet holding 30,823 BTC valued at current prices against an average purchase cost of $108,036 per Bitcoin, resulting in a -15% unrealized loss. Expert insights from crypto treasury specialists emphasize that MARS’s non-dilutive nature preserves shareholder value, positioning Metaplanet as a leader among public Bitcoin holders, ranking fourth globally per CoinMarketCap reports.

Frequently Asked Questions

What is the dividend structure and conversion option for Metaplanet’s Mercury preferred shares?

Metaplanet’s Mercury Class B preferred shares offer a fixed annual dividend of 4.9% based on a 1,000-yen notional strike, paid quarterly with an initial payout of 40.40 yen for the period ending December 31, 2025. Holders benefit from a 1,000-yen liquidation preference and a long-dated option to convert into common stock at a 1,000-yen price, providing fixed income alongside potential gains if Bitcoin appreciates, as outlined in Tokyo Stock Exchange filings.

Why is Metaplanet issuing MARS and Mercury shares amid its stock price decline?

Metaplanet is restructuring its financing to simplify tools and raise capital for its Bitcoin strategy despite a stock drop of over 80% from its all-time high and more than 50% in the last six months, currently trading at 387 yen. This move cancels prior stock acquisition rights and approves capital reductions via a December 22 shareholder meeting, aiming to expand authorized shares to 3.83 billion and support treasury growth, according to company announcements and market data from Yahoo Finance.

Key Takeaways

• MARS for Stability: Adjustable dividends ensure senior priority and non-dilutive funding, ideal for steady Bitcoin treasury expansion.
• Mercury’s Capital Boost: Targets $150 million raise through 23.61 million shares at 900 yen each, with fixed 4.9% dividends enhancing investor appeal.
• Strategic Restructuring: Amid -15% unrealized BTC losses on 30,823 holdings, these shares simplify balance sheet and position Metaplanet for recovery.

Conclusion

Metaplanet’s launch of MARS and Mercury preferred shares marks a pivotal step in fortifying its Bitcoin-focused financial strategy, providing stable, flexible capital sources amid market volatility. By prioritizing non-dilutive instruments with attractive dividends and conversion features, the firm demonstrates resilience in its role as a top public crypto holder. As Bitcoin markets evolve, investors should monitor these developments for opportunities in structured crypto financing, potentially driving Metaplanet’s treasury growth in the coming years.

The first share is called MARS, and the second is called Mercury, each built to support Metaplanet’s long-term Bitcoin strategy.

Key Highlights

• Metaplanet launched two preferred shares, MARS (Class A) and Mercury (Class B), to raise capital for its Bitcoin strategy.
• Mercury aims to raise about $150 million with a 4.9% fixed annual dividend and a conversion option into common shares.
• The company holds 30,823 BTC, but its stock has dropped over 80% from its all-time high, sitting on a -15% unrealized loss.

Metaplanet has introduced a new two-tier preferred share structure as part of its plan to expand its Bitcoin-focused financing strategy.

The Japanese firm revealed the details in a filing shared via an X post. Metaplanet plans to raise fresh capital and adjust its balance sheet through Class A and Class B preferred shares, MARS and Mercury, both designed to support its long-term Bitcoin treasury plan while giving the firm more flexible funding tools that match current market conditions.

A new Class A share built for stability

According to Head of Strategy Dylan LeClair, MARS, which is short for Metaplanet Adjustable Rate Security, is meant to act as a senior preferred share with monthly dividends that move up or down depending on how the share trades.

He explained that the dividend “rises when the Class A share price trades below par and adjusts down when above par,” which makes the instrument a steady income tool that does not dilute common shareholders. MARS sits above Mercury and all common equity in the capital structure, giving it priority status among Metaplanet’s financing layers.

Mercury adds $150M raise as Metaplanet expands

Mercury, the second tier, marks one of Metaplanet’s largest raisings to date. The company plans to issue 23.61 million Mercury shares at 900 yen each to raise about 21.25 billion yen ($150 million) through a third-party allotment to institutional investors, according to filings with the Tokyo Stock Exchange.

Mercury offers a fixed annual dividend of 4.9% based on a 1,000-yen notional strike, with quarterly payouts and an initial dividend of 40.40 yen set for the period ending December 31, 2025. It comes with a 1,000-yen liquidation preference and a long-dated option to convert into common stock, giving holders fixed income with possible upside if Bitcoin (BTC) performs well.

Restructuring amid drop in share price

In addition, Metaplanet will cancel its earlier 20th to 22nd stock acquisition rights and issue new 23rd and 24th series rights to EVO Fund to clean up and simplify its financing tools ahead of the preferred share launch. The company will also hold a special shareholder meeting on December 22 to approve capital reductions and expand authorized shares to 3.83 billion.

These changes come at a time when the company’s stock is seeing a sharp price decline. Metaplanant stock has dropped more than 80% from its all-time high (ATH) and over 50% in six months. Currently, the shares trade for 387 yen.

Metaplanet share over the last 6 months | Source: Yahoo Finance

Meanwhile, the firm holds about 30,823 BTC, making it the fourth largest public crypto holder in the world, though it currently sits on an unrealized loss of about -15% based on its average buying price of $108,036 per Bitcoin.

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