• Metaplanet approved issuing MERCURY Class B preferred shares to secure 21.25 billion JPY ($150 million) for Bitcoin purchases.

• Of the funds, $115 million will directly support growing Bitcoin reserves from 30,823 BTC to a target of 210,000 BTC by 2027.

• The structure limits dilution to 2.07% and includes a 4.9% fixed dividend, resulting in a 4% stock price increase post-announcement, per company disclosures.

Discover how Metaplanet’s MERCURY shares enable Bitcoin accumulation with minimal dilution. Learn about dividends, conversion features, and strategic impacts in this detailed analysis. Stay informed on crypto investments today.

What is Metaplanet’s MERCURY Shares Issuance?

Metaplanet’s MERCURY shares represent a strategic issuance of Class B preferred shares designed to raise 21.25 billion Japanese yen, equivalent to approximately $150 million, targeted at overseas institutional investors. This hybrid security combines fixed quarterly dividends at an annual rate of 4.9% with an equity-linked conversion option at a price of 1,000 yen per share, allowing investors to benefit from potential stock appreciation. Approved by the Board of Directors on November 20, 2025, the proposal awaits shareholder confirmation at an Extraordinary General Meeting scheduled for December 22, 2025, underscoring Metaplanet’s commitment to bolstering its Bitcoin treasury without significant equity dilution.

Tokyo-based fintech company Metaplanet, known for its aggressive Bitcoin adoption strategy, currently holds 30,823 BTC valued at around $2.9 billion, acquired at an average price of ¥15.89 million per Bitcoin. The MERCURY issuance allocates 14.998 billion yen specifically for Bitcoin purchases between December 2025 and March 2026, aligning with the firm’s long-term goal of reaching 210,000 BTC by 2027. This move reflects broader trends in corporate Bitcoin accumulation, as highlighted in reports from financial analysts tracking institutional crypto strategies.

Industry experts, such as those cited in blockchain research publications, emphasize that such instruments provide stability in volatile markets. By avoiding outright Bitcoin sales, Metaplanet maintains a robust balance sheet while positioning itself for upside potential in digital assets.

How Does the MERCURY Structure Benefit Investors and the Company?

The MERCURY shares, formally known as Metaplanet Convertible for Return & Yield, function as a hybrid security that balances income generation with growth opportunities. Investors receive quarterly dividends fixed at 4.9% annually, providing predictable returns regardless of market fluctuations. The equity-linked conversion feature enables conversion into common shares at 1,000 yen, offering participation in Metaplanet’s stock upside if the price rises, which could amplify gains tied to Bitcoin’s performance.

For Metaplanet, this structure caps potential dilution at just 2.07%, a figure calculated based on the high conversion price relative to current valuations. Data from the company’s financial filings indicate that this approach supports capital raising without overburdening existing shareholders. Following the announcement, Metaplanet’s stock surged over 4%, even amid a dip in Bitcoin prices to around $90,000, demonstrating market confidence in the strategy.

Supporting this, financial experts from institutions like Bloomberg Intelligence have noted in their analyses that preferred share issuances in the crypto space enhance liquidity while preserving asset holdings. At the same board meeting, Metaplanet also resolved to cancel existing Stock Acquisition Rights from the 20th to 22nd series and issue new ones to EVO FUND in the Cayman Islands through third-party allotment, further optimizing its capital structure for Bitcoin-focused initiatives.

This issuance builds on a prior $100 million Bitcoin-collateralized loan, illustrating the growing acceptance of digital assets in traditional finance. According to regulatory filings with Japanese authorities, such mechanisms allow firms like Metaplanet to leverage Bitcoin’s value without liquidation, fostering sustainable growth.

Frequently Asked Questions

What Are the Key Features of Metaplanet’s MERCURY Class B Preferred Shares?

Metaplanet’s MERCURY shares offer a 4.9% fixed annual dividend paid quarterly, with conversion rights into common stock at 1,000 yen per share. Targeted at institutional investors, they raise $150 million for Bitcoin acquisitions, limiting dilution to 2.07% and supporting holdings growth to 210,000 BTC by 2027, as outlined in board resolutions.

How Will Metaplanet Use the Funds from the MERCURY Issuance?

The primary allocation is 14.998 billion yen for purchasing additional Bitcoin from December 2025 to March 2026, aiming to increase reserves from 30,823 BTC to 210,000 BTC by 2027. This strategy emphasizes long-term accumulation, with remaining funds bolstering operational liquidity, according to company statements.

Key Takeaways

• Strategic Fundraising: MERCURY enables $150 million raise without selling Bitcoin, preserving treasury value amid market volatility.
• Investor Appeal: 4.9% dividends and conversion options provide stable income plus equity upside, attracting institutional capital.
• Bitcoin Focus: Funds target expanding holdings to 210,000 BTC by 2027; monitor regulatory changes for ongoing viability.

Conclusion

Metaplanet’s MERCURY shares issuance marks a pivotal step in its Bitcoin accumulation strategy, blending hybrid security benefits with minimal dilution risks to fuel growth toward 210,000 BTC holdings by 2027. By leveraging dividends and conversion features, the company appeals to institutional investors while maintaining financial flexibility. As digital assets gain mainstream traction, Metaplanet’s approach could set precedents for corporate crypto strategies—investors should watch upcoming shareholder votes and market responses for further developments.