Metaplanet Unveils New BTC Backed Capital Structure with $150M Perpetual Preferred Offering
Metaplanet introduced a two-tier preferred share structure, including MARS and Mercury, to raise $150 million backed by Bitcoin.Summary
Metaplanet announced a new two-tier preferred share structure aligned with its Bitcoin-centric financing strategy, featuring Class A MARS (Metaplanet Adjustable Rate Security) shares and Class B Mercury perpetual preferred equity. MARS shares are senior, non-dilutive, and offer monthly adjustable dividends based on market conditions. The initial issuance of Mercury shares totals 23.61 million, priced at 900 yen each, raising approximately 21.25 billion yen ($150 million) through a third-party allotment to institutional investors. Mercury provides a fixed annual dividend of 4.9% and includes a conversion option into common shares, offering a hybrid fixed-income and upside profile tied to BTC. This move comes as Metaplanet's common shares have fallen significantly, and its market valuation is below its net asset value (mNAV). Metaplanet, the fourth largest BTC treasury globally with 30,823 BTC, joins other Bitcoin treasury companies in launching preferred equity structures. The company will also hold a general meeting to approve capital structure adjustments to support these new share programs.
(Source：CoinDesk)