Metaplanet Launches Innovative MARS Instrument To Accelerate Bitcoin Accumulation Strategy

In order to continue stockpiling Bitcoin, MetaPlanet is planning to offer a new class of preferred shares.

Speaking this week at the Bitcoin Mena 2025, the company's CEO, Simon Gerovich, confirmed that the company is planning to launch the Metaplanet Adjustacle Rate Security (MARS), a senior preferred instrument that will anchor its capital structure and provide funding for additional Bitcoin purchases. Gerovich compared it to MicroStrategy's yield-bearing stock "Stretch" (STRC), as both instruments are designed to give investors a fixed return while channeling proceeds directly into Bitcoin accumulation.

"We have a shareholder meeting coming up at the end of this month, and that's when we will be doing a shelf [registration] for our version of Stretch," Gerovich said during Bitcoin Mena. 

The move comes only around a month after Metaplanet announced a new Class B share called "MERCURY", which provided a fixed 4.9% yearly dividend and conversion rights into common stock. 

MARS, in contrast, is set to become Metaplanet's Class A senior preferred share, designed to be first in line in dividends, in front of both MERCURY and the company's common shares 3350.T (TYO:3350). 

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About Share Dilution

The company argues that MARS will allow it to raise significant capital for Bitcoin purchases without immediately diluting common shareholders. Because preferred dividends are paid before common equity receives earnings, the structure reduces the risk of flooding the market with new common shares.

While it is true that MARS holds no conversion rights whatsoever, the same cannot be said about MERCURY. Holders of the Class B preferreds were granted the option to convert into common shares at a ¥1,000 conversion price, giving them potential upside if Metaplanet’s equity trades above that level.

Meanwhile, MARS has no conversion features. However, its dividend seniority is ahead of both MERCURY and Metaplanet’s common shares (3350.T) in the capital stack, meaning holders will be paid first in the event of distributions or liquidation. 

The two instruments complement each other in Metaplanet's road to raising capital. While MERCURY appeals to investors seeking both yield and potential equity gains, MARS provides stable and predictable income for shareholders. 

Drawing a comparison to MicroStrategy, the American firm was able to come up with billions of dollars to continue allocating Bitcoin by introducing new financial instruments. However, the company issued a tremendous amount of debt and equity to fund its strategy.

Ultimately, the move aids the company in raising capital fast, but it also leaves it far more dependent on favorable Bitcoin moves. Just last week, MicroStrategy established a $1.44 billion reserve to cover dividends on preferred stock and interest on outstanding debt.