Metaplanet has taken another step in its push to become Asias flagship corporate Bitcoin accumulator. The Tokyo-listed firm has launched a new capital structure built entirely around its BTC-centric treasury model. It begins with a senior preferred share called MARS. And it extends into a 150m raise through MERCURY. A perpetual Class B preferred instrument. Structured to deliver fixed income. With asymmetric Bitcoin upside.
Building the MARSMERCURY StackThe new senior tier, MARS, sits at the top of the capital stack. It pays an adjustable monthly dividend. It rises when the share trades below par. It falls when above. It does not convert into common. It does not dilute. It is the stabiliser. The volatility buffer. The income instrument for institutions that want Bitcoin exposure without equity risk.
MERCURY sits directly below. It is the engine of the raise. It totals 23.61m preferred shares. Each priced at 900 yen. Raising around 21.25bn yen 150m. It pays a 4.9 fixed annual dividend. Quarterly. With a 40.40-yen initial payout. It carries a 1,000-yen liquidation preference. And a long-dated 1,000-yen conversion option. A hybrid between fixed income and Bitcoin-linked optionality.
