New Financing Initiative Aims to Scale Bitcoin Holdings Amidst Market Downturn
Tokyo-based Metaplanet (3350.T) has launched a new program, the Mercury program, with the primary objective of raising net proceeds of approximately ¥20.4 billion, equivalent to $135 million. This will be achieved through a third-party allotment of 23.6 million Class B perpetual preferred shares, carrying a total liquidation preference of ¥23.61 billion, or $150 million.
The Japanese investment company, known for its aggressive Bitcoin treasury strategy akin to Strategy, announced this financing on November 20, 2025. The move is part of its capital-stack restructuring efforts aimed at scaling its Bitcoin (BTC) holdings during a period of severe crypto market downturn.
The Class B shares are priced at ¥900 each and feature a fixed 4.9% annual dividend on a ¥1,000 notional value, which translates to approximately $6.34 annually. These dividends are scheduled to be paid quarterly, with each share receiving $0.078.
These preferred shares are convertible into common stock at a price of ¥1,000 per share. This conversion price represents a significant 166.7% premium over the closing price of 375 yen on November 19, 2025. The terms also include a company call option that can be exercised if the common stock trades above 130% of the liquidation preference for 20 consecutive trading days.
The Class B shares are non-voting. They rank junior to the newly rebranded MARS (Metaplanet Adjustable Rate Security) Class A preferred shares. The MARS Class A shares are designed with variable monthly dividends to help mitigate volatility issues.
Of the anticipated net proceeds, ¥15 billion, which amounts to approximately $95 million, is earmarked for direct Bitcoin purchases. These purchases are planned to occur between December 2025 and March 2026. The remaining funds will be allocated to Bitcoin options trading and bond redemptions. This capital infusion is a component of the company's broader restructuring plan, which also involved the cancellation of the 20th through 22nd series stock acquisition rights and the issuance of new 23rd and 24th series warrants to Evo Fund, a Cayman Islands-based entity.
As of November 20, 2025, Metaplanet holds 30,823 BTC, valued at roughly $2.84 billion at the prevailing price. This positions the investment company as the fourth-largest public Bitcoin holder globally. The average acquisition cost for these holdings is $108,036, resulting in a current unrealized loss of -14.80%.
Metaplanet CEO Simon Gerovich commented on the Mercury program via X, describing it as "a new step in scaling Metaplanet’s Bitcoin treasury strategy." The company continues to maintain its ambitious target of accumulating 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
Shareholder Approval and Market Context
The Mercury program proposal is subject to approval at an extraordinary general meeting scheduled for December 22, 2025. At this meeting, investors will also vote on other significant matters, including capital reductions, reserve adjustments, and an increase in the authorized common shares to 3.83 billion.
Metaplanet's stock experienced a notable increase, closing November 19 at ¥375, an 11% rise from the previous day, anticipating the announcement. The stock saw an additional gain of approximately 3% in early trading on November 20. Despite these short-term gains, the shares remain significantly down, over 80% from their all-time high, and are trading at a multiple of 0.96 to their net asset value, which is below the valuation of their Bitcoin holdings.
The current market conditions, often referred to as the "great crypto crash of 2025," have seen the overall market capitalization decrease by $1 trillion. Bitcoin has fallen to a seven-month low of $88,522. Reports indicate that Japan's Financial Services Agency and the Tokyo Stock Exchange are intensifying their scrutiny of listed companies with substantial cryptocurrency exposures.
Analysts view the Mercury program as an innovative development, potentially marking Japan's first Bitcoin-backed preferred shares. This structure could offer institutions a way to gain crypto-linked yields without direct exposure to the full volatility of the cryptocurrency market. Dylan LeClair, Bitcoin Strategy Director, and Simon Gerovich have publicly referred to the placement as a raise of approximately $150 million when considering the liquidation preference.