If you've been following the intersection of traditional finance and cryptocurrency, Metaplanet is a name that's hard to miss. Often dubbed the "MicroStrategy of Japan," this Tokyo-listed company has been making waves with its aggressive Bitcoin accumulation strategy. And just when you thought their playbook couldn't get more innovative, they drop a bombshell: the introduction of MERCURY, a new Class B preferred equity instrument designed to raise around $150 million.

The news came via a thread from Dylan LeClair, Metaplanet's Bitcoin Strategy lead, highlighting not just the new issuance but a complete overhaul of their capital structure. Let's break it down step by step, because this isn't just another funding round—it's a clever blend of fixed income and crypto upside that's got investors buzzing.

What's MERCURY All About?

MERCURY stands for Metaplanet Convertible for Return & Yield, and it's a perpetual preferred share with some attractive features. It offers a fixed 4.9% cumulative dividend, a ¥1,000 liquidation preference, and the option to convert into common shares at ¥1,000. This setup sits junior to their proposed Class A shares but senior to common stock, providing a hybrid investment: steady yields with potential for big gains tied to Bitcoin's performance.

The initial issuance of about $150 million was allocated to institutional investors through a third-party allotment, positioning it as a pre-IPO financing move. As detailed in their official notice, this is part of a broader plan to enhance financial flexibility and support ongoing Bitcoin acquisitions.

Introducing MARS: The Senior Adjustable Rate Security

Alongside MERCURY, Metaplanet is proposing amendments to create Class A shares, dubbed MARS (Metaplanet Adjustable Rate Security). These are senior, non-dilutive preferred equities aimed at delivering monthly dividends that adjust based on market conditions. If the shares trade below par, dividends increase to stabilize value; above par, they rise to reward holders.

This structure prioritizes MARS in the capital stack, above MERCURY and common shares, minimizing volatility while aligning with Metaplanet's Bitcoin-centric growth. The proposals will be voted on at an extraordinary general meeting scheduled for December 22, 2025.

Capital Adjustments and Warrant Resets

To make room for this new setup, Metaplanet is reducing its capital stock and reserves, reallocating funds to boost distributable surplus for potential dividends. They're also cancelling the 20th-22nd series of movable stock warrants (MSWs), equivalent to about 398.44 million shares, and reissuing 210 million new ones at exercise floors of 637 JPY and 777 JPY—without any discount to the previous close.

This move cleans up the balance sheet and sets the stage for more agile financing, all while keeping the focus on stacking sats (that's crypto slang for accumulating Bitcoin).

Why This Matters for the Crypto Ecosystem

Metaplanet's strategy echoes MicroStrategy's playbook, using equity and debt to amass Bitcoin holdings—currently over 10,000 BTC as of recent reports. By tying yields and conversions to Bitcoin's performance, they're essentially creating Bitcoin-backed financial products that could inspire other firms to follow suit.

For blockchain practitioners and meme token enthusiasts alike, this highlights how institutional adoption of Bitcoin can create ripple effects. While meme coins thrive on community hype and virality, moves like this bolster the overall crypto infrastructure, potentially stabilizing markets and attracting more capital. It's a reminder that behind the memes, serious financial engineering is pushing the space forward.

If you're intrigued, check out the original thread on X for the full scoop, or read more in this CoinDesk coverage.

As the crypto world evolves, innovations like MERCURY and MARS show how companies are blending tradfi with blockchain to create win-win scenarios. Stay tuned—Metaplanet might just be charting the course for the next wave of Bitcoin treasury plays.