The Japanese investment company Metaplanet has introduced an innovative two-tier capital structure based on Bitcoin, offering two new classes of preferred shares — MARS and MERCURY. Through the issuance of perpetual MERCURY shares, the company aims to raise $150 million.
This is reported by Finway
Details of Metaplanet’s New Capital Structure
Metaplanet has become the third company in the world to implement a Bitcoin treasury model using perpetual preferred shares, joining players such as Strategy (MSTR) and Strive (ASST). The new capital structure includes the launch of Class A — MARS (Metaplanet Adjustable Rate Security) and Class B — MERCURY.
Class A, or MARS, is a senior instrument with a monthly dividend rate that varies based on the share price. Importantly, this class does not entail dilution of shares and has no conversion rights, making it attractive to investors seeking stable income and reduced volatility.
“The dividend rate increases when the Class A share price trades below par and decreases when it trades above. Without conversion rights and without share dilution, MARS is a stable income instrument that smooths volatility at the top of Metaplanet’s capital structure.”
The second tier — Class B MERCURY — consists of perpetual preferred shares with a fixed annual dividend rate of 4.9% of the par value, which is 1,000 yen. The total amount raised through the private placement will be 21.25 billion yen (approximately $150 million).
Strategic Decisions and Current Company Status
Metaplanet has simultaneously canceled previously announced securities series 20-22 and scheduled an extraordinary general meeting of shareholders for December 22, 2025. On the agenda is a vote on changes to the capital structure, including an increase in the maximum number of shares to 3.83 billion.
The company’s mNAV has dropped to 0.96, indicating a market valuation below the value of the Bitcoins on its balance sheet. In terms of Bitcoin holdings (30,823 BTC), Metaplanet ranks fourth in the world, according to Bitcoin Treasuries data.
In October 2025, the company announced a buyback program for up to 150 million shares to enhance mNAV and earnings per share. CEO Simon Gerovich emphasized that this is expected to “improve capital efficiency.” Additionally, a credit line of up to $500 million has been approved.
In early November, Metaplanet took out a loan of $100 million secured by its own Bitcoins. This is part of the company’s strategy to stabilize in light of the declining premium on its shares.