Metaplanet Announces Mars Preferred Stock Structure to Fund Bitcoin Purchases
Tokyo-listed Metaplanet has confirmed plans for a two-class preferred-equity structure, named Mars and Mercury, designed to fund its Bitcoin accumulation strategy. The launch of the Mars stock is subject to shareholder approval later in December, as announced by CEO Simon Gerovich at the Bitcoin for Corporations Symposium alongside Strategy Chairman Michael Saylor.
Mars is a senior, non-dilutive Class A preferred stock that ranks above Mercury and common equity. It carries no conversion rights and provides a senior claim on dividends and assets. The proceeds from Mars shares are specifically allocated for Bitcoin purchases as part of Metaplanet's treasury strategy. Dividends on Mars are adjustable and paid monthly; rates increase when the stock trades below par and decrease when it trades above par to mitigate price volatility. This structure offers exposure linked to Bitcoin without direct equity risk.
The Mars preferred stock is modeled after Strategy's STRC structure, a variable-rate perpetual preferred stock launched in July 2025. STRC pays about a 10% annualized dividend (approximately an 11% yield) with monthly rate adjustments to maintain price near $100. Strategy has utilized STRC proceeds to expand its Bitcoin treasury.
On November 20, 2025, Metaplanet approved issuing 23.61 million Mercury Class B shares through a third-party allocation, raising approximately ¥21.25 billion (~$135 million). The conversion price of Mercury shares is set above market levels to limit immediate dilution.
Metaplanet has also relied on debt backed by its Bitcoin holdings. In late November, the company disclosed a $130 million BTC-backed loan under a previously announced $500 million credit facility. It currently holds 30,823 BTC valued near $2.7 billion, with an average acquisition cost of about $108,070 per coin, reflecting unrealized losses.
