MERCURY vs SATA
MERCURYSATA
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In summary
Generated from the terms, not an opinionMERCURY pays a fixed rate and can convert into common stock; SATA pays a variable rate set by the issuer.
MERCURY pays quarterly, SATA pays each business day.
They are issued by different companies (Metaplanet Inc., Strive, Inc.), so their claims rank against different balance sheets.
They are denominated in different currencies (JPY, USD); figures are shown without FX conversion.
Effective yield, six months
MERCURYSATABitcoin, right axisTerms, aligned
Rows above the line move with price| Term | MERCURY Metaplanet Inc. | SATA Strive, Inc. |
|---|---|---|
| Last close | — | $97.98 |
| vs par | — | −2.02% |
| Effective yield | — | 13.27% |
| Stated rate | 4.90%, fixed | 13.00%, variable |
| Rate mechanism | Fixed | Issuer may adjust the monthly rate at its sole discretion with notice before the period starts. Cuts limited to 25bp plus the decline in monthly SOFR over the prior period, may not go below monthly SOFR, and are only allowed if all accumulated dividends are paid and the prior period's average price is >= $99 (and, for the first 3 months, a 20-day average above $100). |
| Cumulative | — | Yes |
| Frequency | quarterly | each business day |
| Next payment | — | 30 Nov 2026 |
| Rank within issuer | 2 (1 = most senior preferred) | 1 (1 = most senior preferred) |
| Redemption | — | Optional redemption of all or part at $110 (or higher at issuer's discretion) plus accumulated dividends, any time after listing; partial only if >= $50m stated amount stays outstanding. Also clean-up (<25%) and tax redemptions at liquidation preference. |
| Conversion | Long-dated option to convert into common at ¥1,000 (secondary source; mechanics unverified) | None |
| Listing, currency | Unlisted, JPY | Nasdaq, USD |
| Terms as of | 20 Nov 2025 | 13 Oct 2026 |