Capital Raise General Overview
Tokyo-listed Metaplanet said they intended to raise around $135 million by offering 23.6 million Class B perpetual preferred shares (dubbed "MERCURY") at ¥900 ($5.71 each. About ¥15 billion (~$95 million), the bulk of the proceeds, will be used to buy more Bitcoin between December 2025 and March 2026; the remainder would be earmarked for Bitcoin income-generating initiatives and the redemption of outstanding corporate bonds.
Offerings' structure
Shares of the new Class B "MERCURY" are convertible into common shares at ¥1,000 per share and carry a constant 4.9% yearly dividend. Initially, without voting rights, they acquire them upon conversion. Metaplanet may raise non-dilutive (until conversion) capital at a comparatively low cost with this structure while providing investors upside exposure to the company's Bitcoin strategy.
Market Position and Strategic Context
Explicitly presenting itself as Asia's response to MicroStrategy, metaplanet already contains roughly 30,823 BTC, worth about $2.8 billion. The move mirrors a bigger 2025 trend of corporate treasury diversification into Bitcoin, particularly in Asia, where businesses are progressively employing innovative preferred-equity arrangements to expedite Bitcoin accumulation amid expanding regulatory clarity and continuous institutional demand.
