Tokyo-listed Metaplanet, often dubbed “Japan’s MicroStrategy”, is officially accelerating its digital asset push by mirroring the playbook of its U.S. counterpart.
The company is preparing to launch a new, dedicated preferred-share structure, an instrument explicitly designed to raise capital for the sole purpose of acquiring more Bitcoin.
Metaplanet’s CEO on MARS
Confirmed this week by CEO Simon Gerovich at the “Bitcoin for Corporations Symposium,” the plan centers on a forthcoming capital vehicle named MARS (MetaPlanet Acquisition and Reserve Strategy).
Gerovich, appearing alongside Strategy Chairman Michael Saylor, described MARS as Metaplanet’s direct equivalent of Saylor’s highly successful STRC preferred stock.
With the plan in mind, shareholders are also set to vote on the implementation of this unique funding structure later this month. Expressing similar excitement, Michael Saylor commented,
How will MARS help in Metaplanet’s success?
That said, the MARS shares are structured as senior, non-dilutive Class A preferred stock, sitting above common equity in the capital stack.
This grants MARS holders a preferred claim on assets and, crucially, carries no conversion rights, preventing dilution for common shareholders.
Needless to say, all proceeds raised from MARS issuance will be strictly dedicated to Bitcoin [BTC] acquisition, positioning it as a specialized funding vehicle.
To manage price volatility, MARS will utilize a unique, self-adjusting dividend system, mirroring the structure of its U.S. counterpart.
On top of that, the monthly dividend rate is designed to rise when the stock trades below its par value and fall when it trades above par.
This mechanism aims to stabilize the stock price around par, offering investors a steady income stream and Bitcoin exposure without the typical volatility of common equity.
Following the announcement, Metaplanet’s stock rose 3.45% to 420 JPY, while Strategy’s MSTR gained 4.70% to $183.69, indicating strong market approval.
Is Metaplanet copying Strategy’s playbook?
Now, while the new MARS vehicle validates Metaplanet’s strategic commitment to long-term Bitcoin treasury expansion, a direct mirror of Strategy’s playbook, its recent inaction creates a tactical contradiction.
Despite launching this new capital-raising mechanism, Metaplanet has made no announced Bitcoin purchases since the 29th of September, when it last bought 2,744 BTC at approximately $112,000.
This silence persisted even as BTC plunged over 30% to $89,000, presenting a significant discount that Strategy typically exploits.
With all this in motion, the market is now watching to see whether Metaplanet will use MARS funds to buy the dip immediately or wait for clarity on the regulatory landscape, especially the upcoming MSCI decision.
Final Thoughts
- The preferred-share structure gives Metaplanet powerful, non-dilutive firepower to expand its Bitcoin treasury without weakening common shareholders.
- However, Metaplanet’s recent buying freeze raises critical questions, especially given the deep BTC discount that it did not exploit.
Source: https://ambcrypto.com/metaplanet-launches-new-mars-vehicle-to-buy-more-bitcoin-heres-why/
