Metaplanet has introduced a redesigned two-tier preferred equity structure aimed at expanding its bitcoin-focused financing model. The Tokyo-listed company is launching a senior Class A preferred security called MARS and a new perpetual Class B preferred share known as MERCURY, which together position the firm to raise approximately $150 million. This shift places Metaplanet alongside other major bitcoin treasury companies, including Strategy and Strive, that have recently turned to perpetual preferred structures to support long-term digital asset strategies.
MARS Becomes the Senior Layer in Metaplanet’s Capital Stack
The Metaplanet Adjustable Rate Security (MARS) now sits at the top of the company’s capital stack. These senior preferred shares are non-dilutive and include no conversion rights, ensuring that common shareholders retain full ownership without the risk of dilution. MARS also delivers monthly adjustable dividends, which shift in response to market conditions—offering investors a flexible income option built around the company’s bitcoin-centric operations.
MERCURY Aims to Raise $150 Million Through Perpetual Preferred Shares
Below MARS in the structure is MERCURY, Metaplanet’s new perpetual Class B preferred share. Designed to raise around $150 million, MERCURY supports the company’s mission to scale its bitcoin treasury using long-term, stable capital. By adopting this two-tier preferred equity model, Metaplanet is reinforcing its position as an innovative player in corporate bitcoin finance.
Together, MARS and MERCURY create a more resilient financial foundation for Metaplanet, supporting its strategy of leveraging structured capital to increase bitcoin holdings while offering investors clearer, more predictable pathways to returns. This move highlights the growing industry trend of using perpetual preferred instruments to back bitcoin-driven growth.
