MetaPlanet has introduced a bold new funding model called MARS to fuel its Bitcoin accumulation strategy, drawing inspiration from MicroStrategy’s playbook.
Key Takeaways
- MetaPlanet launched the MARS preferred share structure to raise funds exclusively for Bitcoin purchases, mirroring MicroStrategy’s successful model.
- MARS shares offer adjustable monthly dividends and sit atop the company’s capital structure, providing seniority and reducing equity dilution.
- A shareholder vote is scheduled for later in December to approve both the MARS and MERCURY share classes as part of a broader capital restructuring.
- Despite launching MARS, MetaPlanet hasn’t bought Bitcoin since September, prompting market watchers to see if the company will buy the dip using new funds.
What Happened?
MetaPlanet, often called “Japan’s MicroStrategy,” has launched a new capital strategy named MARS to raise money for additional Bitcoin purchases. The MARS plan introduces a special class of preferred shares with unique dividend and seniority features, echoing a similar model pioneered by MicroStrategy. The move comes as the company holds over 30,000 BTC but faces unrealized losses amid recent crypto market declines.
🚨BREAKING: Metaplanet unveils MARS, its own version of Strategy’s STRC, to buy more Bitcoin. pic.twitter.com/5eSeWXZp4P
— Coin Bureau (@coinbureau) December 8, 2025
MetaPlanet’s MARS Strategy Explained
MetaPlanet’s MARS, or MetaPlanet Acquisition and Reserve Strategy, is a newly designed preferred stock offering that aims to generate capital solely for expanding the company’s Bitcoin treasury. CEO Simon Gerovich announced the plan at the Bitcoin for Corporations Symposium, appearing on stage with MicroStrategy Chairman Michael Saylor.
Key features of the MARS shares include:
- Senior non-dilutive Class A preferred status, offering dividend and asset payout priority over common shares.
- No conversion rights, preventing dilution of existing equity.
- Adjustable monthly dividends that increase when MARS trades below its target price and decrease when above, to help stabilize share prices.
This structure is designed to appeal to institutional investors seeking Bitcoin exposure with reduced volatility and consistent income.
Introducing MERCURY: The Second Tier of MetaPlanet’s Dual-Share Plan
Alongside MARS, MetaPlanet also announced a second class of preferred shares called MERCURY. These Class B shares offer:
- A fixed 4.9% annual dividend.
- Conversion rights into common stock at ¥1,000 per share.
- Mid-tier placement between MARS and common shares in capital structure.
MetaPlanet plans to raise approximately ¥21.25 billion (around $150 million) through private placement of MERCURY shares. The funds will be directed toward Bitcoin accumulation, income-generating crypto strategies, and bond repayments.
Market Conditions and Investor Reactions
MetaPlanet currently holds 30,823 BTC purchased at an average price of $108,070, placing its unrealized losses at around $636 million given Bitcoin’s lower trading levels. The firm’s market value has slipped below the value of its Bitcoin holdings, trading at a market-to-net asset value ratio of 0.96.
Following the MARS announcement, MetaPlanet’s stock rose 3.45% to 420 JPY, while MicroStrategy’s stock gained 4.70%. Investors appear to favor the model, which has successfully fueled MicroStrategy’s holdings to over 650,000 BTC by late 2025.
Despite the announcement, MetaPlanet has not purchased new Bitcoin since September 29, when it acquired 2,744 BTC at around $112,000. This inactivity during a 30% market drop has puzzled analysts, especially as MicroStrategy continued to buy the dip.
Shareholder Vote Set to Decide the Future
A shareholder vote on the MARS and MERCURY share classes is scheduled for later this month. Approval is essential for the plan to proceed. Management previously canceled other fundraising efforts to focus entirely on this dual-share structure.
The company’s roadmap is ambitious:
- 30,000 BTC by end of 2025.
- 100,000 BTC by 2026.
- 210,000 BTC by 2027, representing about 1% of Bitcoin’s total supply.
If approved, MARS could position MetaPlanet as one of the largest Bitcoin treasury holders globally.
CoinLaw’s Takeaway
In my experience, when a company goes all-in like this during a volatile market, it’s either setting up for a massive leap forward or a serious stumble. MetaPlanet’s MARS plan is more than just a financial tool; it’s a statement of intent. I found the structure clever and rewarding long-term believers while shielding existing shareholders from dilution. But let’s be real: without actual Bitcoin purchases soon, the market may lose patience. The concept is strong, but execution will be everything.
