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    Metaplanet (TSE:3350) Is Up 17.6% After Unveiling MARS Bitcoin-Linked Preferred Shares Plan - Has The Bull Case Changed?

    Simply Wall St·12/10/2025 08:18:28
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    • In recent days, Tokyo-listed Metaplanet outlined plans to launch novel perpetual preferred share structures, including its MARS instrument, to raise capital dedicated to expanding its Bitcoin holdings, with a related Mercury digital credit instrument targeted for Japan’s perpetual preferred market by early 2026.
    • By securing a 12‑month head start in Japan after Strategy ruled out issuing similar preferred equity locally, Metaplanet is positioning these new instruments as a potentially distinctive way to grow its Bitcoin-focused corporate treasury.
    • We’ll now examine how Metaplanet’s planned MARS preferred-share issuance for Bitcoin accumulation could reshape the company’s investment narrative.

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    What Is Metaplanet's Investment Narrative?

    To own Metaplanet today, you have to buy into the idea that a Tokyo small cap can keep scaling a Bitcoin‑centric treasury while managing heavy use of capital markets, volatile earnings and a still‑new leadership team. Until now, the key short‑term catalysts were execution on aggressive revenue and earnings growth forecasts, the Florida treasury build‑out, and how cleanly the company refinances or redeems its EVO‑linked bonds and stock acquisition rights after a period of substantial dilution and sharp share price swings. The planned MARS perpetual preferred for Bitcoin accumulation, combined with the Mercury digital credit, could meaningfully shift those catalysts by giving Metaplanet a potentially less dilutive, more flexible funding channel, at least during its 12‑month “head start” in Japan. At the same time, this structure concentrates the story even more around Bitcoin price and market access, which also raises the stakes if demand for these new instruments proves weaker than management expects.

    But there is one funding risk here that equity holders really need to understand. Metaplanet's shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.

    Exploring Other Perspectives

    TSE:3350 1-Year Stock Price Chart
    TSE:3350 1-Year Stock Price Chart
    Six Simply Wall St Community fair value views span from just ¥2.47 to ¥1,927.50, underlining how far apart private investors can be on Metaplanet. Set against the new MARS preferred plan and its tighter link to Bitcoin financing, that spread hints at very different expectations for how this funding model could affect long term resilience and volatility.

    Explore 6 other fair value estimates on Metaplanet - why the stock might be worth over 4x more than the current price!

    Build Your Own Metaplanet Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.