Liquid Mercury Subsidiary Burns Over 563M MERC Tokens in RWA Offering

Liquid Mercury announced that its subsidiary, ACQUA1, LLC, completed the initial closing of an exchange offering on Sept. 1, 2026, resulting in the permanent removal of over half a billion MERC tokens from circulation. The offering allows accredited investors to gain exposure to the firm's business focused on the tokenization of real-world assets (RWAs).

Offering Details and Token Burn

In the initial closing, verified accredited investors exchanged MERC tokens for non-voting Class B units of ACQUA1 under a Rule 506(c) private placement. The transaction saw 563,230,000 MERC tokens exchanged for 56,323,000 units at a conversion rate of 10 MERC per unit.

As stipulated by the offering's operating agreement, ACQUA1 was required to burn 100% of the received MERC tokens. The company confirmed this was completed on Sept. 2 by transferring the tokens to a dead address, a common method for permanently removing tokens from the circulating supply. Following the burn, the outstanding supply of MERC is 5,436,770,000, according to the announcement.

Strategic Rationale

ACQUA1 operates Liquid Mercury’s Lab Company program, which licenses its technology to companies seeking to tokenize real-world assets. In exchange, ACQUA1 receives service fees and a minority equity stake in these client companies. This offering effectively allows investors to buy into a vehicle that aggregates equity and fee revenue from a portfolio of RWA-focused ventures.

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"Licensing Mercury RWA lets them launch on systems that were already live and proven, at a fraction of the time and cost," said Tony Saliba, CEO and founder of Liquid Mercury. He added that ACQUA1 token holders "now own a slice of the business that earns equity, plus fees from the companies in the Lab Company program."

What's Next

Liquid Mercury has scheduled two potential subsequent closings for the offering on or around October 30 and December 31, 2026. However, the company noted that ACQUA1 retains the discretion to skip or terminate these future closings.

The terms also state that the conversion rate for MERC tokens in any subsequent closings may differ from the initial 10:1 ratio. The Class B units are considered restricted securities and may remain illiquid indefinitely, a key risk factor highlighted in the offering documents.