On November 20, Metaplanet unveiled a new two-tier preferred share structure to support its Bitcoin-centric financing strategy. The first tier consists of MARS (Metaplanet Adjustable Rate Security) Class A preferred shares, designed as senior, non-dilutive instruments offering monthly adjustable dividends. These dividends can be adjusted up or down based on market conditions, acting as a buffer against price volatility for common shareholders. This structure is seen as a way to provide stable cash flow while serving as a financial cushion during Bitcoin price fluctuations.
Meanwhile, the Mercury Class B perpetual preferred shares plan to issue 23.61 million shares, raising approximately $150 million, targeting institutional investors. Mercury shares offer a fixed annual dividend of 4.9%, paid quarterly, along with a ¥1,000 liquidation preference and long-term conversion rights. This hybrid structure allows investors to enjoy stable returns while retaining exposure to Bitcoin's upside potential. Analysts suggest this provides a relatively secure entry point for institutional investors in volatile markets, coupled with long-term growth opportunities.
Metaplanet's preferred share issuance comes as its common stock has plummeted over 80% from its peak, currently trading at ¥387. The company's market cap relative to its Bitcoin net asset value (mNAV) stands at just 0.96, indicating potential undervaluation of its Bitcoin holdings. The Mercury preferred shares offer Metaplanet capital flexibility for future equity adjustments and support follow-on issuances of both Class A and B shares. The company has also streamlined its capital structure by canceling previous share acquisition rights (Series 20–22) and introducing new Series 23 and 24 rights to enhance operational efficiency.
From a broader market perspective, Metaplanet joins Strategy (MSTR) and Strive (ASST) as the third Bitcoin treasury firm to adopt perpetual preferred shares, now ranking as the world's fourth-largest BTC holder with 30,823 BTC. The dual-class preferred share structure reflects a growing trend in Bitcoin-related financing innovation, catering to varying risk appetites: Class A MARS shares suit stability-seeking investors, while Class B Mercury shares combine fixed income with Bitcoin-linked upside for long-term institutional participants. However, analysts caution that preferred share performance remains tied to Bitcoin price volatility and corporate operations, requiring balanced risk management.
Metaplanet's innovative capital structure enhances financial resilience while offering institutional investors new tools amid rising crypto volatility and traditional financing costs. Market observers will closely monitor the issuance results of both share classes, Bitcoin's impact on dividend yields, and the company's long-term value creation. Investors are advised to align returns with risk tolerance while adjusting strategies based on macroeconomic trends and crypto market movements.