Liquid Mercury announced on September 4, 2026, that its subsidiary ACQUA1, LLC completed the initial closing of its MERC exchange offering on September 1, 2026.
The offering is part of Liquid Mercury’s Lab Company program, which licenses its Mercury RWA technology to companies tokenizing real-world assets. In return, ACQUA1 receives fees and a minority equity stake. Liquid Mercury remains the majority holder and manager.
According to Tony Saliba, CEO and founder of Liquid Mercury, dozens of companies have approached the firm over the past 18 months seeking asset tokenization. He noted that licensing Mercury RWA lets those companies launch on already live and proven systems at a fraction of the time and cost. “ACQUA1 token holders now own a slice of the business that earns equity, plus fees from the companies in the Lab Company program,” Saliba said.
Verified accredited investors exchanged MERC for non-voting Class B units of ACQUA1 at an initial conversion rate of 10 MERC per unit. The initial closing resulted in 56,323,000 Class B units issued and 563,230,000 MERC received. On September 2, all MERC received at the initial closing were burned via a transfer to the dead address, as required by the operating agreement. ACQUA1 must burn 100% of MERC it receives within five business days and cannot transfer, trade, lend, stake, pledge, or otherwise deploy the tokens.
The units are evidenced on-chain by ACQUA1-C tokens, which convert one-for-one into ACQUA1 tokens upon issuance. Remaining closings are scheduled on or about October 30 and December 31, 2026, though ACQUA1 may skip or terminate them at its discretion, and subsequent conversion rates may differ.
As of the date of publication, outstanding MERC supply excluding the dead address is 5,436,770,000 MERC. The offering was conducted under Rule 506(c) of Regulation D and is limited to verified accredited investors.
