Metaplanet Unveils ¥22.7B “MERCURY” Preferred Shares to Turbocharge Its Bitcoin Buying Strategy

Key Takeaways:

• Metaplanet launches MERCURY, a new Class B perpetual preferred share offering with a 4.9% fixed dividend and ¥1,000 conversion price.
• The raise, equivalent to roughly USD 150 million (¥22.7 billion) will be directed entirely toward expanding the company’s Bitcoin reserves.
• The move signals Metaplanet’s accelerating shift toward a Bitcoin-centric treasury model, echoing global corporate BTC-accumulation trends.

Metaplanet, one of Japan’s most closely watched Bitcoin-exposed public companies, has announced a new fundraising vehicle designed specifically to scale its BTC strategy. The company introduced MERCURY, a perpetual preferred equity instrument engineered to attract long-term capital while giving investors a fixed income stream and optional equity conversion.

Read More: Capital Group Snaps Up $500M Stake in Metaplanet, Now Largest Shareholder

MERCURY: A New Tool to Speed Up Bitcoin Accumulation

The MERCURY issuance represents Metaplanet’s boldest capital-raising step since publicly committing to a Bitcoin-first treasury strategy. The security offers a 4.9% annual fixed dividend, which positions it as an income-generating product for investors who prefer yield but still want optional access to Metaplanet’s equity.

With a ¥1,000 conversion price, holders can elect to convert their preferred shares into common shares, creating potential upside exposure if Metaplanet’s long-term Bitcoin bet pays off. As a perpetual instrument, the shares have no maturity date, giving the company flexibility while locking in a predictable dividend obligation.

Metaplanet stated that the new mechanism is designed to “scale its Bitcoin treasury strategy,” signaling the company’s intent to reinforce BTC as a core component of its balance sheet.

Why Raise Capital Through Preferred Shares?

Preferred shares, particularly perpetual shares provide an issuer with the power to issue large amounts of capital without causing immediate dilution to the common shareholders. In the case of Metaplanet, MERCURY will establish a balance between the interests of the investors and corporate flexibility:

Stable Yield for Investors

Fixed dividend of 4.9% is very attractive in a yield-seeking market, particularly in Japan where low interest rates have been the order of the day. This is one of the reasons why MERCURY is an appealing investment option to conservative investors seeking a predictable performance without necessarily having volatile assets such as Bitcoin in their portfolio.

Optional Equity Conversion

The conversion price of ¥1,000 is a forerunner of possible dilution. If Metaplanet’s share price rises meaningfully often correlated with Bitcoin bull cycles – investors may exercise the conversion, expanding the common share base.

No Redemption Pressure

Because MERCURY is perpetual, Metaplanet avoids the repayment obligations associated with traditional debt. This matters for a company positioning Bitcoin as a long-term strategic asset rather than a short-term speculative play.

Read More: Metaplanet Buys 463 BTC Worth $53.7M in Latest Bitcoin Acquisition

A Clear Signal: More Bitcoin Purchases Ahead

Metaplanet confirmed that 100% of proceeds from the MERCURY issuance will be allocated to increasing its Bitcoin holdings. This reinforces the company’s thesis that Bitcoin acts as a superior long-term store of value relative to the yen, which continues to face depreciation pressures.

The company has been gradually positioning itself as Asia’s closest equivalent to MicroStrategy, regularly acquiring BTC using structured financing tools. With MERCURY, Metaplanet gains a scalable, repeatable method to raise capital without disrupting operating cash flow.

Bitcoin-treasury practices are rapidly increasing in companies that want to guard against currency debasements. Nevertheless, Metaplanet is one of the earliest Japanese companies to design a formalized issuance scheme that is directly related to BTC amassing.

Potential Dilution

In case MERCURY holders are converted into common stock, existing stockholders will face the risk of dilution. This will depend on the market conditions and the appetite of the investors to convert.

Dividend Obligations

Constant 4.9% dividend brings in continuing financial obligations. Although it can be absorbed in the present, this expense would grow significant over an extended period of market depression, particularly when Bitcoin is vulnerable to volatility or had significant drawdowns.

Increased Sensitivity to Bitcoin Price

Since the raised capital will be fully invested in Bitcoin, the balance sheet of the company is going to be even more correlated with the BTC price volatility. This exaggerates the upside potential and the downside exposure.

Nonetheless, to investors who think Bitcoin will appreciate over the long term, the Metaplanet strategy still falls under macro trends: institutionalization, supply-side BTC market scarcity, and the global transition to digital assets as a substitute store of value.