Overview
- Metaplanet seeks to issue 23.61 million Class B perpetual preferred shares branded MERCURY at ¥900 each, raising about ¥21.249 billion ($135–$150 million) via a third‑party allotment to institutional investors.
- MERCURY carries a 4.9% annual dividend, a ¥1,000 conversion and liquidation reference price, and no voting rights, with investor protections including listing and redemption triggers.
- A TDnet filing specifies roughly $107 million for direct Bitcoin purchases and $12 million for options trading, setting a near‑term deployment plan for most of the proceeds.
- The offering forms part of a two‑tier structure that adds Class A MARS preferred shares as a senior, adjustable‑rate, non‑dilutive layer above MERCURY and common equity.
- The company says the structure limits immediate dilution as its stock has traded at or below the value of its Bitcoin holdings; Metaplanet reports 30,823 BTC and the deal is reported to be arranged by Goldman Sachs Japan and Cantor Fitzgerald with institutional participation.