Tokyo-based Metaplanet (3350.T) has launched a new program tagged the Mercury program, with just one goal in mind: to raise net proceeds of approximately ¥20.4 billion, equivalent to $135 million, through a third-party allotment of 23.6 million Class B perpetual preferred shares, with a total liquidation preference of ¥23.61 billion, worth $150 million.
The Japanese investment company, often compared to Strategy for its aggressive Bitcoin treasury style, announced the financing on November 20, 2025, as part of its capital-stack restructuring with the aim to scale its BTC holdings at a time of severe crypto market downturn.
The Class B shares are priced at ¥900 each and carry a fixed 4.9% annual dividend on a ¥1,000, valued at $6.34 notional value, payable quarterly at $0.078 per share.
They are convertible into common stock at ¥1,000, a 166.7% premium over the close of 375 yen on November 19, 2025, and include a company call option if the common stock trades above 130% of the liquidation preference for 20 consecutive trading days.
The shares are non-voting and rank junior to the newly rebranded MARS (Metaplanet Adjustable Rate Security) Class A preferred shares, which feature variable monthly dividends that are specially designed to address volatility issues.
Of the expected net proceeds, ¥15 billion, which is worth approximately $95 million, will be dedicated to direct Bitcoin purchases between December 2025 and March 2026, with the balance allocated to Bitcoin options trading and bond redemptions. This capital infusion is part of a company’s restructuring plan, which also involved canceling the 20th through 22nd series stock acquisition rights and issuing new 23rd and 24th series warrants to the Cayman Islands-based Evo Fund.
The investment company is now the fourth-biggest public Bitcoin holder in the world, currently holding 30,823 BTC as of November 20, 2025, valued at roughly $2.84 billion at today’s price, against an average acquisition cost of $108,036, yielding a -14.80% unrealized loss.
CEO Simon Gerovich described the Mercury program on X as “a new step in scaling Metaplanet’s Bitcoin treasury strategy,” while the company continues to target 210,000 BTC by 2027.
Today we announced MERCURY, our new Class B perpetual preferred equity. 4.9% fixed dividend. ¥1,000 conversion price. A new step in scaling Metaplanet’s Bitcoin treasury strategy. pic.twitter.com/UtnHA2lPRE
— Simon Gerovich (@gerovich) November 20, 2025
Metaplanet Goes All-In: New Funding Round Targets Bitcoin Accumulation
The proposal requires approval at an extraordinary general meeting scheduled for December 22, 2025, where investors will also vote on capital reductions, reserve adjustments, and an increase in authorized common shares to 3.83 billion.
Metaplanet’s stock closed November 19 at ¥375, up 11% from the previous day in anticipation of the news, and added roughly 3% in early November 20 trading. Despite the short-term lift, shares remain down more than 80% from their all-time high and trade at 0.96 multiple to net asset value, below the value of its Bitcoin holdings.
The broader “great crypto crash of 2025” has wiped $1 trillion off the market, with Bitcoin falling to a seven-month low of $88,522. Reports show Japan’s Financial Services Agency and the Tokyo Stock Exchange are increasing scrutiny of listed companies with large cryptocurrency exposures.
To analysts, Mercury is innovative, being Japan’s first Bitcoin-backed preferred shares, providing institutions with crypto-linked yields without full volatility exposure. Bitcoin Strategy Director Dylan LeClair and Gerovich have publicly described the placement as a “~$150 million” raise when measured by liquidation preference.
