Metaplanet Unveils New Bitcoin Backed Capital Structure With $150M Perpetual Preferred Offering

Metaplanet is introducing a senior Class A preferred share, MARS, and raising $150M through MERCURY, a Class B perpetual preferred equity paying a 4.9% fixed dividend with BTC linked upside.
The company has cancelled its 20th to 22nd ahead of a Dec. 22 meeting to approve capital changes and expanded share authorization.
The preferred equity comes at a time when Metaplanet’s common shares have fallen more than 80% from their all time high and now trade at 387 yen.
The company’s multiple to net asset value (mNAV) has slipped below 1 to 0.96, meaning the market values Metaplanet at less than the bitcoin it holds.
Metaplanet becomes the third bitcoin treasury company to launch a perpetual preferred equity.

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