Metaplanet plans another $95 million bitcoin purchase after MERCURY preferred shares raise
Metaplanet plans to raise about $135 million via MERCURY preferred shares to fund a $95 million bitcoin purchase.Summary
Bitcoin treasury firm Metaplanet announced the issuance of 23,610,000 Class B Preferred Shares, named MERCURY, to overseas institutional investors, aiming to raise approximately \u00a521.25 billion (about $135 million) in a pre-IPO financing round, pending shareholder approval.
The MERCURY shares are perpetual, convertible, non-voting instruments with a 4.9% annual dividend, designed as a hybrid security linking fixed income with potential upside from bitcoin appreciation. Metaplanet intends to use about \u00a515 billion (roughly $95 million) of the estimated net proceeds to buy bitcoin between December 2025 and March 2026, while also allocating funds for its bitcoin income business and redeeming corporate bonds.
This move, which CEO Simon Gerovich and Dylan LeClair have referred to as an "~$150M" placement based on liquidation preference, is intended to minimize common equity dilution while continuing long-term bitcoin accumulation, similar to Michael Saylor's strategy. The issuance occurs amid a restructuring of Metaplanet's capital stack and a recent downturn in digital asset treasury company stocks.
(Source：The Block)