Japan's Largest Bitcoin Holder Metaplanet Launches Dividend-Backed Preferred Shares and ADR Program
Metaplanet has approved five proposals to create two new classes of preferred shares designed to fund Bitcoin purchases and provide fixed monthly and quarterly dividends.
The authorized preferred shares have been expanded to 555 million for both Class A and Class B. Class A shares will carry monthly floating-rate dividends under the MARS system, while Class B shares, branded as Mercury, target overseas institutional investors.
Class A dividends are designed to be monthly and adjustable to maintain price stability—rising when Metaplanet trades below par and falling when above par. Mercury Class B shares pay a 4.9% annual dividend and have the option to convert to common stock if Metaplanet's share price triples.
In November, Mercury shares raised ¥21.25 billion ($135 million) through a third-party allocation to overseas institutional investors, with a conversion price set above market levels to limit near-term dilution.
The dividend-backed model is similar to Strategy’s STRC, launched in July, which trades near $98 with about a 10.75% annual dividend, funding roughly 21,000 BTC purchases since its IPO.
Additionally, Metaplanet launched a Sponsored Level I American Depositary Receipt (ADR) program with ticker MPJPY. Deutsche Bank Trust Company Americas serves as depositary and MUFG Bank as custodian. The ADRs began trading in the U.S. on December 19, 2025. This program is not intended for capital raising and does not change the number of Metaplanet's shares.
