Tokyo-listed Metaplanet, often called “Japan’s MicroStrategy,” is officially accelerating its digital asset push by mirroring its U.S. counterpart’s playbook.
The company is preparing to launch a new dedicated preferred stock structure, a vehicle explicitly designed to raise capital for the sole purpose of acquiring more Bitcoin.
CEO of Metaplanet on MARS
Confirmed by CEO Simon Gerovich this week at the ‘Bitcoin for Corporations Symposium’, the plan focuses on an upcoming capital vehicle called MARS (MetaPlanet Acquisition and Reserve Strategy).
Gerovich, acting alongside Strategy Chairman Michael Saylor, described MARS as the director of Metaplanet equivalent of Saylor’s highly successful STRC preferred stock.
With the plan in mind, shareholders will also vote on the implementation of this unique financing structure later this month. Michael Saylor expressed a similar excitement, noting:
“I wish I had the name MARS. I think that’s really cool.”
How will MARS contribute to the success of Metaplanet?
That said, MARS shares are structured as senior, non-dilutive Class A preferred stock, which sits above the common stock in the capital stack.
This gives MARS holders a preferential claim on assets and, crucially, carries no conversion rights, preventing dilution for ordinary shareholders.
It goes without saying that all proceeds from the MARS issue will be strictly earmarked to Bitcoin [BTC] acquisition, positioning it as a specialized financing vehicle.
To manage price volatility, MARS will use a unique, self-adjusting dividend system, mirroring the structure of its US counterpart.
Additionally, the monthly dividend rate is intended to increase when the stock trades below par value and decrease when it trades above par value.
This mechanism aims to stabilize the stock price around par value, providing investors with a stable income stream and exposure to Bitcoin without the typical volatility of common stocks.
After the announcement, Metaplanet shares rose 3.45% to 420 JPY, while the MSTR won 4.70% to $183.69, indicating strong market approval.
Is Metaplanet copying Strategy’s playbook?
While the new MARS vehicle validates Metaplanet’s strategic commitment to the long-term expansion of Bitcoin treasuries, a direct reflection of Strategy’s playbook, its recent inaction creates a tactical contradiction.
Despite the launch of this new capital raising mechanism, Metaplanet has not made any announced Bitcoin purchases since September 29, when it last bought 2,744 BTC for approximately $112,000.
This lull continued even as BTC fell more than 30% to $89,000, creating a significant discount that Strategy typically takes advantage of.
With all this in flux, 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 stock structure gives Metaplanet powerful, non-dilutive firepower to grow its Bitcoin treasury without weakening common shareholders.
- However, Metaplanet’s recent purchase stop raises critical questions, especially given the large BTC discount that it has not used.