PreferredActiveBTC
Mercury
Mercury
291.00 JPY▲ 2.11%
BTC Holdings
40,177 BTC
Total Debt
¥76.20B
Leverage
10.6%
mNAV
0.79x
Notional
¥23.61B
Insufficient history
Issue date
2025-12-30
Price
¥1,000.00
Insufficient history
Dividend / Share
¥49/yr
Eff. Yield
4.90%
Insufficient history
Mkt Cap
¥23.61B
Insufficient history
Shares Outs.
23,610,000
Insufficient history
Conversion price
¥1,000
ITM Status
OTM (-70.9%)
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Junior to MARS preferred, senior to common equity
- Settlement
- Shares
- Liquidation preference
- ¥1,000 per share
- Cumulative
- Yes
- Payment frequency
- Quarterly
- Payment dates
- Mar 31, Jun 30, Sep 30, Dec 31
- Rate type
- Fixed
- Forced conversion
- Market Price-Based Call: If closing price of Class B Preferred Shares on TSE exceeds 130% of liquidation preference (¥1,300) for 20 consecutive trading days, the Company may acquire all outstanding shares. Not exercisable before 10th anniversary of issue date (December 2035)
- Call provision
- Capital Threshold-Based Call: If total liquidation preference of outstanding Class B Preferred Shares falls below ¥6.0 billion, the Company may acquire all shares
- Put provision
- Non-Listing Event: If not listed on TSE by 20th business day after Dec 29, 2026, holders may redeem at ¥1,000 + accumulated unpaid dividends (void upon listing). Fundamental Change: Upon corporate reorganization, squeeze-out, or delisting, holders may redeem within 20 trading days at Cash Redemption Amount
- Use of proceeds
- BTC acquisition, Bitcoin income generation, and bond redemption
Outstanding History
Outstanding history(1)
| As of | Shares Outstanding |
|---|---|
| 2025-12-30 | 23,610,000 |
- 2025-12-30 — 23,610,000 sharesMercury Preferred Stock I…