Tokyo-listed Metaplanet is set to launch a new preferred-share structure modeled directly on MicroStrategy's STRC instrument, designed to raise capital exclusively for Bitcoin acquisitions. CEO Simon Gerovich confirmed the plan, dubbed MARS (MetaPlanet Acquisition and Reserve Strategy), during remarks at the Bitcoin for Corporations Symposium alongside MicroStrategy Chairman Michael Saylor. Shareholders will vote later this month on the initiative.
The MARS shares are structured as senior, non-dilutive Class A preferred stock, sitting above other equity in the company's capital stack. They carry no conversion rights and provide holders with a senior claim on dividends and assets. Proceeds are intended to be directed toward Bitcoin accumulation as part of Metaplanet's long-term treasury strategy.
The shares are also designed to pay adjustable monthly dividends. The dividend rate is structured to rise when the stock trades below par and fall when it trades above, a mechanism intended to reduce price volatility while offering steady income to investors seeking Bitcoin-linked exposure without direct equity risk. This mirrors the structure of MicroStrategy's STRC stock, which launched in July 2025, trades near $98, and pays an annualized dividend of about 10.75%.
Metaplanet has already been active in raising capital for Bitcoin. In November, it approved the issuance of 23.61 million Mercury Class B preferred shares, raising roughly $135 million (¥21.25 billion). The company also disclosed a new $130 million loan backed entirely by its Bitcoin holdings. As of its latest update, Metaplanet holds 30,823 BTC with an average acquisition cost of $108,070 per coin, resulting in unrealized losses of roughly $636 million with Bitcoin trading below that level.
The announcement comes during a broader slowdown in corporate Bitcoin treasury inflows. Data from DefiLlama shows inflows dropped to $1.32 billion in November, the lowest monthly total of 2025. In November alone, MicroStrategy shares fell more than 35%, while Metaplanet’s stock dropped over 20% as Bitcoin slid nearly 25% from October highs.
Following the MARS announcement, Metaplanet's stock (listed in Japan) jumped 3.31% to close at 406 JPY on Monday. The company also completed the acquisition and cancellation of its 20th to 22nd series stock acquisition rights as part of a refinancing strategy.
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