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To better address the situation described in the original post:

Merfolk Secretkeeper itself has no abilities. When you cast the card as an adventure, you are casting Ventuer Deeper and not Merfolk Secretkeeper . When you cast Merfolk Secretkeeper from your hand or from exile after it was cast as an adventure (or anywhere else), it will only have the normal characteristics (the right side) and not have the characteristics of Venture Deeper.

January 8, 2020 11:22 p.m.

If I am correct in understanding this, the OP is asking if the effect of Venture Deeper of Merfolk Secretkeeper happens once when casting it as an adventure and once when Merfolk Secretkeeper is cast/enters the battlefield.

The answer would be no. Adventure cards consist of two parts; the normal characteristics (the right side) and the alternative characteristics (the left side). Except when cast as an adventure, a card with an adventure has only its normal characteristics (the right side). The only time an adventure card will use its alternate characteristics (the left side) is on the stack when cast as an adventure.

From the Comprehensive Rules:

715.2. The text that appears in the inset frame on the left defines alternative characteristics that the object may have while it’s a spell. The card’s normal characteristics appear as usual, although with a smaller text box on the right.

and

715.3b While on the stack as an Adventure, the spell has only its alternative characteristics.

and

715.4. In every zone except the stack, and while on the stack not as an Adventure, an adventurer card has only its normal characteristics.

January 8, 2020 11:11 p.m.

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