Metaplanet has unveiled a new capital structure featuring senior and junior preferred shares, both linked to its bitcoin-centric strategy.
he company’s announcement marks a significant step in aligning its financing with bitcoin treasury management practices.
Mars and mercury preferred shares
The new structure begins with MARS, a senior Class A preferred share, designed as a non-dilutive instrument providing monthly adjustable dividends.
According to Head of Strategy Dylan LeClair, the MARS dividend rate rises when the share price trades below par and falls when above, offering stable income and smoothing volatility.
LeClair explained that MARS sits atop the capital stack, senior to both Mercury and common equity, and features no conversion rights or dilution for common shareholders.
Building on this, Metaplanet has also launched MERCURY, a Class B perpetual preferred equity.
The initial issuance comprises 23.61 million shares at 900 yen each, raising 21.25 billion yen (about $150 million) from institutional investors.
Mercury pays a fixed 4.9% annual dividend with quarterly payments and features a conversion option tied to bitcoin upside. It holds a liquidation preference and is junior to MARS but senior to common equity.
Market context and capital changes
Metaplanet’s move comes as its common stock trades at a steep discount from all-time highs, with the company’s market value now below its net bitcoin holdings.
The company plans an extraordinary general meeting on December 22 to approve increased share authorization and capital reductions to allow long-term flexibility.
Broader trend among bitcoin treasuries
By launching this preferred equity structure, Metaplanet joins other major bitcoin treasuries like MicroStrategy and Strive.
Metaplanet is currently the fourth largest corporate holder, with 30,823 BTC. The company is also restructuring earlier financing instruments, cancelling prior series rights and issuing new ones to streamline its capital stack ahead of the preferred equity rollout.
