Metaplanet Mercury
MERCURYAnnounced · pre-IPOMetaplanet · Japan
Mercury is one of the two perpetual preferred series ("Metaplanet Prefs") announced by Metaplanet Inc. in late 2025 as a vehicle to expand its Bitcoin treasury. The instrument offers a fixed 4.9% dividend on a ¥1,000 par value (~$6.62 USD at the current exchange rate) and is designed specifically for the Japanese fixed income market, with the goal of building a BTC-backed yield curve in yen. Its public listing is pending — once the shares start trading, they will appear here with a live price and an active yield calculator. Metaplanet's common shares trade on the Tokyo Stock Exchange (TSE Standard: 3350).
Yield Calculator
Pre-IPOThe calculator will be available once this instrument starts trading. Announced yield: 4.9% per year on a par value of $6.62.
Dividend History
Payment history not available yet.
Instrument Terms
Capital Structure
Mercury series of the "Metaplanet Prefs". Senior to the common shares (3350.T). Junior to Metaplanet's secured debt. Coexists with the MARS series (not yet included, pending data).
Bitcoin Exposure
Direct funding of new BTC purchases by Metaplanet from the Japanese market, without tapping the USD market. Every yen raised translates into additional BTC on the balance sheet.
Specific Risks
4 factors identifiedIssuer credit risk
Metaplanet's preferreds are not collateralized by the company's Bitcoin reserves. They are an unsecured obligation: in a bankruptcy scenario, senior bondholders are paid first and preferred holders only recover from residual assets afterwards. The backing is credit-based, not a BTC collateral pledge. A severe and prolonged drop in the Bitcoin price could compromise the issuer's ability to service the dividends.
Non-cumulative dividend
If the issuer's board decides not to declare the dividend in a given period, the investor loses that payment with no future claim. Unlike a cumulative preferred, missed periods are not recovered when payments resume.
Call risk (early redemption)
At any time from the call date, the issuer may redeem the issuance at par value ($6.62 per share). If market rates are lower than the current yield by then, it will likely do so: the investor gets the principal back and must reinvest it at worse yields. This scenario is especially relevant for instruments trading at a premium to par.
Interest rate sensitivity
Like any perpetual fixed income instrument, the secondary price moves inversely to rates. A significant rise in interest rates can cause sharp price declines even if the issuer keeps paying dividends on time. The effect grows with effective duration, and perpetuals are the most sensitive.
This risk analysis is for information purposes only and does not constitute financial advice. The official prospectuses (SEC) contain the full risk factor disclosure and should be reviewed before investing.
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.