Metaplanet Reveal MERCURY, Japan Bitcoin-Backed Shares

Key Highlights:

• Metaplanet launches Bitcoin-backed shares in Japan, known as “MERCURY.”
• Investors will get 4.9% annual yield with conversion options.
• The funds raised through these shares will be used for expanding Bitcoin holdings.

Metaplanet Inc., a Tokyo-based company that holds large amounts of Bitcoin, has announced today, November 20, 2025, through social media platform X, a new investment opportunity known as “MERCURY.” This is a special type of share, known as Class B perpetual preferred equity, and the company plans to raise almost ¥23.61 billion (approximately $150 million) through this offering.

The investors through this program will receive a fixed annual dividend of 4.9% and each share can be converted at a price of ¥1,000. The main aim of this offering is to raise funds so that the company can acquire more Bitcoins and increase its holdings.

Structured Capital Raising Aligned with Bitcoin Acquisition Goals

According to the document, the company will issue these MERCURY shares through a third-party allotment, with payment set for December 29, 2025. A total of 23,610,000 shares will be sold at ¥900 each, which brings it to about ¥20.4 billion after costs. Most of the funds, about ¥15 billion, will be used to buy Bitcoin from December 2025 and March 2026.

The rest of the amount, which is ¥1.66 billion will be used to support the company’s Bitcoin Income Generation business, which uses derivatives trading to earn stable returns, and roughly ¥3.75 billion will be used to pay off existing corporate bonds.

Enhanced Dividend Structure and Investor Benefits

MERCURY shareholders will receive priority dividends every quarter, based on a notional value of ¥1,000 per share. This works out to ¥12.25 per share each quarter, which equals an annual rate of 4.9%.

For the first dividend period ending December 31, 2025, the dividend will be ¥0.40 per share. Even though these preferred shares do not have voting rights, shareholders can convert them into common stock at ¥1,000 per share. With this feature, the investors will be able to gain if the share price rises and it allows them to sell back the shares if unlisted by 2026, which provides safety and liquidity as well.

Strategic Move Amid Macroeconomic and Market Dynamics

In a world facing inflation, rising government debt, and changing monetary policies, government bonds are becoming less reliable. Here, Metaplanet sees Bitcoin as a store of value, which guides its treasury strategy. The MERCURY shares are an important financial tool that will help Metaplanet buy Bitcoin slowly and steadily while limiting the dilution of common stock .

Metaplanet currently holds 30,823 BTC and aims to increase the holdings up to 210,000 BTC by 2027. The fund raised from the preferred shares will provide a stable base for Bitcoin purchases and income-generating activities, supporting the company’s long-term growth plan.

Financial Prudence and Shareholder Considerations

The strategy by the company has been planned very carefully and it balances Bitcoin investment, raising capital, and buying back shares. This approach helps limit dilution while keeping the company financially strong. While paying dividends on preferred shares is an ongoing expense, the company expects gains from Bitcoin appreciation and income from derivatives trading to more than cover these costs, creating value for shareholders.

The company is also offering options to repurchase shares if their market price rises enough, and institutions participating in the offering must follow lock-up agreements to ensure stability. Overall, this financial structure is designed to manage Bitcoin price swings and increase investor confidence.

Market Innovation and Future Prospects

By launching MERCURY, Metaplanet became the first company in Japan that offers Bitcoin-backed preferred shares. With this offering, institutional investors can earn returns that are linked to cryptocurrency and the company can get a flexible funding to grow its Bitcoin treasury.

Although a Tokyo Stock Exchange listing is still being considered, the current offering to overseas institutions helps set a transparent price and measure demand ahead of a possible future public listing. This approach could reshape how companies fund Bitcoin accumulation worldwide.

Also Read: Metaplanet Hits Strong Q3, Reveals New Capital Plans