Tokyo-listed Metaplanet is preparing to launch a new preferred-share MARS instrument designed to fund additional Bitcoin accumulation. The initiative reflects a structure modeled after Strategy’s STRC vehicle, which has become a widely referenced benchmark for institutional Bitcoin financing.
Metaplanet CEO Simon Gerovich outlined the plan during remarks at the Bitcoin for Corporations Symposium, where he appeared alongside Strategy Chairman Michael Saylor. Shareholders are expected to vote this month on the introduction of the MARS instrument, formally titled Metaplanet Acquisition and Reserve Strategy. The capital raised through the program would be directed toward long-term Bitcoin purchases, reinforcing the company’s position as one of Japan’s largest public holders of the asset
JUST IN: MetaPlanet $MTPLF CEO just announced plan to launch their version of Strategy's $STRC (MARS) to buy more #Bitcoin.#Bitcoin-backed credit is booming 🚀🔥 pic.twitter.com/72RsD0NNug
— BitcoinTreasuries.NET (@BTCtreasuries) December 8, 2025
MARS Structure Mirrors Strategy’s Capital Model
The MARS shares are classified as senior, non-dilutive preferred equity, ranking above existing Mercury preferred shares and common stock in the company’s capital stack. They carry no conversion rights and are designed to pay adjustable monthly dividends that rise when the stock trades below par and decline when it moves above that level. The mechanism is intended to reduce volatility while offering investors income with indirect Bitcoin exposure.
The structure parallels Strategy’s STRC preferred shares, launched in mid-2025. STRC pays an annualized dividend of roughly 10.75% and has maintained trading levels close to its target price. Strategy has used proceeds from STRC and related preferred programs to expand its Bitcoin holdings significantly, accumulating more than 650,000 BTC by late 2025. About 21,000 BTC were financed through the initial STRC issuance, with further purchases continuing through the year.
Metaplanet Builds Capital Stack as Market Conditions Shift
Metaplanet’s move comes as corporate Bitcoin treasury activity slows across the broader market. Digital asset inflows in November fell to the lowest monthly level of 2025, reflecting weaker demand amid a pullback in crypto prices. The company has already issued Class B Mercury preferred shares, which carry fixed quarterly dividends and include optional conversion rights. A recent issuance raised ¥21.25 billion, or approximately $135 million, at a conversion price set well above the market to limit dilution.
Alongside equity programs, Metaplanet continues to rely on Bitcoin-backed debt. In late November, the company secured a $130 million loan under a previously announced credit facility, using its BTC holdings as collateral. As of its latest disclosure, Metaplanet holds 30,823 BTC valued near $2.7 billion. With an average acquisition cost of $108,070, the position currently reflects unrealized losses of roughly $636 million as Bitcoin trades below that level.
Metaplanet’s shares have retreated more than 20% over the past month, and Strategy’s stock has fallen more than 35%, mirroring the decline in Bitcoin prices. Despite the broader downturn, Metaplanet’s leadership views the MARS structure as a long-term mechanism for scaling its digital asset strategy while aligning with evolving institutional demand.