How MARS works
MARS is the name used for Metaplanet's planned Class A perpetual preferred shares. Nothing on this page comes from a filed term sheet. As of 22 October 2026, 21DC has seen no issued MARS shares and no final terms. Everything below is drawn from press coverage and describes plans, not contractual terms.
According to CoinDesk's report of 13 May 2026, Metaplanet's shareholders approved the preferred share programme at an extraordinary general meeting on 22 December 2025. The Class A series had not been issued at the date of that report. Metaplanet was described as adapting the design to Japanese market practice. Press coverage describes the planned design as:
- a floating dividend rate, reset monthly;
- a rate managed with the aim of keeping the share price near its notional amount, similar in concept to par-targeted instruments such as STRC and SATA;
- a ranking above the Class B preferred shares (MERCURY) and the common stock.
The following are not confirmed:
- the stated or notional amount;
- the initial rate and any limits on changing it;
- whether dividends would be cumulative;
- redemption and conversion terms;
- the listing venue and the timetable.
None of these should be treated as settled until Metaplanet publishes final terms through TDnet.
21DC lists MARS with the status "announced" so that readers can follow it. The page stays out of search indexes until filed terms have been reviewed. Once Metaplanet publishes terms, this page will be rewritten from the filing and the source will be linked here.
Reviewed against press coverage only (CoinDesk, 13 May 2026); no filed terms for the Class A preferred shares have been seen, and Metaplanet's primary TDnet disclosures have not yet been reviewed. A summary; the filing governs.