If you're tuned into the Bitcoin space, you've probably heard of Metaplanet—the Japanese company that's been aggressively stacking sats like it's Asia's answer to MicroStrategy. Well, things just got even more interesting. On November 20, 2025, Simon Gerovich, President of Metaplanet, dropped a bombshell tweet announcing "Mercury," their new Class B perpetual preferred equity. This move is all about leveling up their Bitcoin treasury game, and it's got the crypto community buzzing.

In the tweet, Gerovich keeps it straightforward: "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." Accompanied by a slick graphic that screams sci-fi Bitcoin empire, it's clear this isn't just another funding round—it's a calculated play to fuel more BTC buys.

Breaking Down Mercury: What It Means

Perpetual preferred equity might sound like jargon from a finance textbook, but let's break it down simply. It's essentially a type of share that pays a fixed dividend indefinitely—no expiration date like a bond. For Mercury, that dividend is locked at 4.9% annually, based on a notional strike price of ¥1,000 (about $6.50 at current rates). Investors get quarterly payouts, starting with an initial dividend of around ¥40.40 for the period ending December 31, 2025.

The real kicker? A 1:1 conversion right into Metaplanet's common stock at that ¥1,000 price. This acts like a built-in call option, giving holders the chance to convert if the stock price moons—tied directly to Bitcoin's performance since Metaplanet is all-in on BTC. The company is raising about ¥21.25 billion (roughly $150 million) by issuing 23.61 million shares at ¥900 each to institutional investors. There's also a ¥1,000 liquidation preference, meaning these shares get paid out first in case of any wind-down.

This fits into a bigger structure that includes "Mars," a senior Class A preferred share. Mars is non-dilutive with adjustable dividends based on market vibes but no conversion rights. Mercury sits junior to Mars but senior to common stock, creating a layered capital stack that's optimized for Bitcoin accumulation.

Why This Matters for Bitcoin and Crypto Enthusiasts

Metaplanet isn't new to bold moves. Holding over 30,823 BTC, they're the fourth-largest corporate Bitcoin holder globally. But their common shares have taken a hit, down more than 80% from all-time highs to around ¥387, trading below their market net asset value (mNAV) of 0.96. That means the market's valuing the company at less than its Bitcoin stash alone—talk about undervalued potential.

By issuing Mercury, Metaplanet raises cheap capital (that 4.9% dividend is a steal compared to Bitcoin's historical growth rates) without immediately diluting existing shareholders. It's non-dilutive until conversion, and even then, it happens at a premium. As one reply from Zynx on X put it, it's like "raising capital at a high mNAV multiple without the market needing to price the stock at that level today." This echoes strategies from giants like MicroStrategy, which has used similar instruments to stack more BTC.

The company also canceled some older stock acquisition rights and restructured others, paving the way for this. An extraordinary general meeting is set for December 22 to greenlight capital adjustments and bump authorized shares to 3.83 billion. All this is geared toward one goal: more Bitcoin. As Gerovich and team see it, this secures the future with BTC at the core.

Community Reactions: Bullish Vibes All Around

The tweet sparked immediate excitement. Replies poured in with congratulations and breakdowns. Zynx called it "absolutely fascinating" and likened it to MicroStrategy's STRK product, emphasizing how it's "incredibly powerful for Bitcoin accumulation." Others chimed in with "To the Mercury" and "We're going higher!"—classic crypto optimism. Even some humor crept in, with one user joking about small investors amid the big-money moves.

It's worth noting this positions Metaplanet as the third Bitcoin treasury firm (after MicroStrategy and Strive) to roll out perpetual preferred equity. In the broader crypto world, where meme tokens thrive on hype and virality, Metaplanet's story has a meme-like quality: a public company betting big on Bitcoin, turning heads and potentially inspiring similar plays in the blockchain space.

For full details, check the TSE disclosure or Metaplanet's official site. As always, this isn't financial advice—do your own research. But if you're into Bitcoin treasuries, Mercury could be a game-changer worth watching.

Stay tuned to Meme Insider for more updates on how moves like this ripple through the crypto ecosystem, from meme tokens to institutional strategies.