Metaplanet is preparing for another major addition to its bitcoin holdings, announcing plans to purchase roughly $95 million worth of BTC after raising fresh capital through a new preferred share offering.
The company revealed it will issue 23,610,000 Class B Preferred Shares, called MERCURY, at ¥900 (about $5.71) each through a third-party allotment to overseas institutional investors. The offering still requires approval at an extraordinary general meeting scheduled for December 22.
If approved, the deal is expected to raise ¥21.25 billion, or about $135 million, as part of what Metaplanet describes as a pre-IPO financing round. Company leaders, including CEO Simon Gerovich and Director of Bitcoin Strategy Dylan LeClair, have referred to the raise as a “~$150M” placement. That estimate comes from the ¥23.61 billion liquidation preference attached to the MERCURY shares, not the immediate cash raised.
The MERCURY shares are designed as hybrid securities. They are perpetual, convertible preferred shares with no voting rights and pay a fixed annual dividend of 4.9 percent on their ¥1,000 ($6.34) notional value. Metaplanet positions them as instruments that offer steady income while preserving exposure to the long-term upside potential of bitcoin and the company’s equity.
According to the company’s filing, around ¥15 billion (roughly $95 million) of the expected ¥20.41 billion ($129.5 million) in net proceeds will be used to buy bitcoin between December 2025 and March 2026. Another ¥1.67 billion (about $10.6 million) is set aside for its bitcoin income-generation business, while ¥3.75 billion ($23.8 million) will be allocated toward redeeming its 19th Series corporate bonds.
Metaplanet already holds 30,823 BTC valued near $2.8 billion, making it the fourth-largest public company bitcoin treasury.
The company says the preferred share structure will reduce dilution for existing common shareholders while supporting its long-term bitcoin accumulation strategy, similar to financing models popularized by MicroStrategy’s Michael Saylor.
This latest move comes alongside a broader reshaping of Metaplanet’s capital structure. LeClair said the firm’s Class A Preferred Shares will be renamed MARS, short for Metaplanet Adjustable Rate Security. MARS will sit at the top of the capital stack, offering senior preferred equity status with monthly variable dividends intended to help smooth volatility.
Metaplanet has announced MERCURY, our new Class B 4.9% dividend convertible perpetual preferred equity instrument.
— Dylan LeClair (@DylanLeClair) November 20, 2025
The initial ~$150M issuance was allocated to institutional investors via third-party allotment, and is intended to serve as a pre-IPO financing round.
MERCURY will sit just below MARS but above common equity, reflecting Metaplanet’s multilayered approach to funding its ongoing bitcoin strategy.
The timing aligns with a challenging period for digital asset treasury firms. Market caps across the sector have slipped as valuations tighten. Metaplanet’s own shares (MTPLF) have fallen about 80 percent since June, with the company’s market cap-to-net asset value ratio now at roughly 0.88.
Even so, Metaplanet appears committed to expanding its bitcoin position, viewing the new MERCURY raise as a way to strengthen its balance sheet while staying aligned with its long-term vision.
