 
 
Metaplanet, the Japanese hotelier-turned-Bitcoin treasury, is preparing another huge capital raise via the issuance of its new Class B perpetual shares to fuel a massive Bitcoin acquisition spree.
A Thursday formal notice shows that the company plans to issue 23,610,000 Class B Preferred shares, dubbed MERCURY, at 900 yen each, raising approximately 21.2 billion yen ( roughly $135 million) through a third-party allotment to overseas institutional investors, pending approval at an extraordinary general meeting on Dec. 22, 2025.
Mercury comes with a fixed annual dividend of 4.9% on the ¥1,000 ($6.34) notional strike price. It has quarterly payments and an initial dividend of 40.40 yen ($0.26) for the period ending Dec. 31, 2025. Holders will have the right to convert the preferred shares into common stock at a $6.34 conversion price.
MERCURY offers a hybrid profile of fixed income plus long-dated upside potential tied to Bitcoin-driven appreciation in Metaplanet’s equity value.
The firm plans to allocate the majority of the net proceeds to buy more Bitcoin between December 2025 and March 2026. It also intends to allocate ¥1.67 billion (around $10.6 million) to its BTC income-generation business, and ¥3.75 billion (around $23.8 million) to redeem its 19th Series corporate bonds.
 
Metaplanet has now become the third Bitcoin treasury firm to introduce a preferred equity structure, following Michael Saylor’s Bitcoin behemoth Strategy (formerly known as MicroStrategy) and Strive.
The capital raise is coupled with a broader restructuring of Metaplanet’s earlier financing instruments. The company plans to cancel its 20th to 22nd series stock acquisition rights and issue new 23rd and 24th series rights to Cayman Islands–based investment fund Evo Fund.
Metaplanet — which has been dubbed “Asia’s MicroStrategy” and is the world’s fourth biggest corporate Bitcoin holder — pivoted from its core hotel and technology business to start accumulating BTC in 2024 and now holds 30,823 BTC worth nearly $2.67 billion at today’s BTC price.
The Simon Gerovich-led company aims to acquire 210,000 Bitcoin, approximately 1% of the overall supply, by 2027 as part of a master plan.