Metaplanet Unveils Strategic Funding Plan to Amass Bitcoin Treasury

The Japanese investment firm Metaplanet has formally launched its ambitious funding initiative, signaling a decisive move to expand its corporate Bitcoin holdings. Dubbed "MARS," this structured financial plan outlines a pathway for the company to accumulate a target of 100,000 BTC. Investor reaction was positive, with the company's shares advancing 3.31 percent to close at 406 Japanese Yen on the announcement day.

Central to the new strategy is the creation of two distinct classes of preferred shares, designed to fund Bitcoin acquisitions without diluting existing common stockholders.

• MARS (Class A Preferred Shares): This senior equity instrument is structured to provide variable monthly dividends. Its primary purpose is to facilitate aggressive Bitcoin purchasing.
• Mercury (Class B Preferred Shares): Already utilized, this fixed-income vehicle carries a 4.9 percent dividend yield. It has been instrumental in raising approximately 21.25 billion Yen (equivalent to $150 million).

In a concurrent move to streamline its capital framework, Metaplanet confirmed the acquisition and cancellation of its stock option series 20 through 22 on December 8. New series, 23 and 24, were issued to EVO FUND, generating a payment of 38.85 million Yen.

Following a Proven Blueprint

Market observers note clear parallels between Metaplanet's approach and that of MicroStrategy, the U.S. corporate Bitcoin pioneer. Like its American counterpart, which recently rebranded to "Strategy," Metaplanet is leveraging a mix of equity and debt instruments specifically to finance cryptocurrency asset accumulation.

The timing of this restructuring is viewed as strategic. Analysts point out that many firms with crypto-heavy treasuries currently face a financing challenge: issuing additional common stock becomes problematic when the share price trades below net asset value. By establishing alternative channels through preferred shares and dedicated debt—including a recently secured $50 million financing facility backed by existing Bitcoin—Metaplanet aims to circumvent this hurdle.

Should investors sell immediately? Or is it worth buying Metaplanet?

CEO Simon Gerovich detailed the MARS plan during a presentation at the Bitcoin MENA Conference on December 8. The core principle involves segregating capital earmarked for Bitcoin purchases from the company's operational funds.

Path Forward and Financial Context

Metaplanet, which currently holds a treasury of roughly 30,823 BTC valued at approximately $2.8 billion, had paused its Bitcoin accumulation in Q4 2025 due to market volatility. The MARS initiative is positioned as the mechanism to resume large-scale purchases starting in early 2026.

A shareholder vote scheduled for the end of this month will determine the formal adoption of the MARS preferred shares. Approval would clear the way for the renewed buying campaign.

For the 2025 fiscal year, the company forecasts revenue of $46.26 million and an operating profit nearing $32 million. With Bitcoin trading around $91,600 and its financing channels now revitalized, the market will be watching to see if Metaplanet can pursue its 100,000 BTC ambition without over-leveraging its balance sheet.