Metaplanet is Building a Two-Tier Rocket Ship to Buy More Bitcoin

Metaplanet, a Tokyo-listed firm and the world's fourth-largest corporate Bitcoin holder with 30,823 BTC, has introduced a new two-tier preferred equity structure to deepen its Bitcoin-centric financing model. This structure involves a senior Class A instrument called MARS (Metaplanet Adjustable Rate Security) and a perpetual Class B preferred share named MERCURY, which is expected to raise approximately $150 million.

MERCURY forms the core of the capital raise, with plans to issue shares generating ¥21.25 billion ($150 million) via a third-party allotment to institutional investors. These shares offer a hybrid profile blending fixed income (4.9% annual dividend) with optional conversion into common equity, designed to attract long-term capital providers while separating them from short-term equity flows, especially as the common equity trades below its net asset value.

Metaplanet intends to allocate roughly ¥15 billion of the new capital toward purchasing additional Bitcoin, with the remainder going to income-generating Bitcoin strategies and redeeming outstanding corporate bonds. This move follows similar perpetual preferred structures adopted by other Bitcoin treasury companies and reinforces Metaplanet's core mission of maximizing Bitcoin held per share.

(Source：Bitcoin Magazine)