How MERCURY works
MERCURY is the name used for Metaplanet's Class B perpetual preferred shares. Every term on this page comes from secondary sources and is unverified. 21DC has not yet reviewed Metaplanet's primary disclosures on the Tokyo Stock Exchange's TDnet system. Treat the figures below as provisional.
CoinDesk reported on 20 November 2025 the following terms:
- a fixed dividend of 4.9% a year on a notional amount of ¥1,000 per share, paid quarterly;
- a liquidation preference of ¥1,000 per share;
- a long-dated option for holders to convert into Metaplanet common stock at ¥1,000 per share.
The same report described an initial dividend of ¥40.4 per share for the period to 31 December 2025. We have not confirmed that this was paid, or on what date.
Press reports, including TipRanks coverage, say the shares were issued through a third-party allotment rather than a public offering: about 23.61 million shares at ¥900, for roughly ¥21.2 billion, with payment reported complete in late December 2025. Metaplanet's fiscal year 2025 earnings presentation also refers to the issue.
The shares are not listed. CoinDesk reported on 13 May 2026 that Metaplanet had delayed its plans to list preferred shares, citing Japanese market structure. 21DC has found no later listing. Without a listing, there is no public end-of-day price, so this page shows no price, yield or discount.
According to the same coverage, MERCURY ranks below the planned Class A preferred (MARS), which has not been issued, and above the common stock. The following are not confirmed:
- whether dividends are cumulative;
- whether, when and at what price Metaplanet may call or redeem the shares;
- how dividend dates and record dates are set;
- the exact conversion mechanics.
This page will be updated once the TDnet disclosures and the share terms have been reviewed.
Reviewed against press coverage only (CoinDesk, 20 November 2025 and 13 May 2026) and Metaplanet's fiscal year 2025 earnings presentation; Metaplanet's primary TDnet disclosures have not yet been reviewed. A summary; the filing governs.