Metaplanet (3350) has announced a two tier preferred share structure aligned with its bitcoin centric financing strategy, beginning with its Class A preferred shares known as MARS. MARS, short for Metaplanet Adjustable Rate Security, is a senior, non dilutive preferred equity instrument designed to provide monthly adjustable dividends that respond to market conditions, according to Head of Strategy, Dylan LeClair.

LeClair notes, the dividend rate rises when the Class A share price trades below par and adjusts down when above par. With no conversion rights and no dilution to common shareholders, MARS is positioned as the stable income and volatility smoothing instrument at the top of Metaplanet’s equity capital stack, sitting senior to both Mercury and common equity.

Building on that structure, Metaplanet has also announced Mercury, its new Class B perpetual preferred equity. The initial issuance totals 23.61 million preferred shares priced at 900 yen each, raising approximately 21.25 billion yen ($150 million) via third party allotment to institutional investors.

Mercury provides a fixed annual dividend of 4.9% on a 1,000 yen notional strike price with quarterly payments and an initial dividend of 40.40 yen ($0.26) for the period ending Dec. 31 2025.

The instrument includes a 1,000 yen liquidation preference and a long dated 1,000 yen conversion option into common shares, offering a hybrid profile of fixed income plus asymmetric upside tied to BTC, according to LeClair. MERCURY sits junior to MARS but senior to common equity.

The preferred equity comes at a time when Metaplanet’s common shares have fallen more than 80% from their all time high and now trade at 387 yen.
The company’s multiple to net asset value (mNAV) has slipped below 1 to 0.96, meaning the market values Metaplanet at less than the bitcoin it holds.

This positions Metaplanet as the third bitcoin treasury company to launch a preferred equity structure following Strategy (MSTR) and Strive (ASST). Metaplanet itself is the fourth largest BTC treasury globally with 30,823 BTC.

Alongside Mercury the company will hold an extraordinary general meeting on Dec. 22 to approve reductions in capital stock and capital reserve, expand authorized shares to 3.83 billion, and enable long term flexibility for future Class A and Class B share programs.

Metaplanet is also restructuring its earlier financing instruments by cancelling the 20th to 22nd series stock acquisition rights and issuing new 23rd and 24th series rights to EVO FUND, simplifying its capital structure ahead of the preferred equity launch.