Bitcoin Magazine Metaplanet is Building a Two-Tier Rocket Ship to Buy More Bitcoin

Metaplanet has introduced a new two-tier preferred equity structure designed to deepen its bitcoin-centric financing model, launching a senior Class A instrument called MARS and a new perpetual Class B preferred share, MERCURY, that is expected to raise roughly $150 million.

The move positions the Tokyo-listed firm as the latest major bitcoin treasury company to adopt a perpetual preferred structure, following Strategy and Strive.

MARS — short for Metaplanet Adjustable Rate Security — becomes the top layer of the company’s capital stack. The senior preferred shares are non-dilutive, offer no conversion rights, and feature monthly dividends that adjust based on where the share trades relative to par.

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