Metaplanet Launches MPJPY ADRs for US Investors
Metaplanet, a Japan-based Bitcoin treasury company, is preparing to expand its market presence by launching trading in the United States through American Depositary Receipts (ADRs). According to the company’s announcement, trading is expected to begin on Friday on the over-the-counter (OTC) market under the ticker symbol MPJPY, with shares listed in US dollars.
The move is aimed at improving accessibility for US-based investors. Commenting on the development, Metaplanet CEO Simon Gerovich said:
“This directly reflects feedback from US retail and institutional investors seeking easier access to our equity.”
He added that the ADR launch represents another milestone in the company’s strategy to broaden its global reach.
ADR Structure and Purpose
Metaplanet’s ADR program has been established through a sponsored level trust agreement with Deutsche Bank Trust Company Americas, which will act as the depositary, while MUFG Bank will serve as the custodian in Japan.
American Depositary Receipts are financial instruments issued by US banks that represent shares of foreign companies, allowing US investors to trade non-US equities without accessing overseas exchanges directly.
The company emphasized that the ADR program is not designed to raise new capital.
“The ADRs are not intended to raise funds, but to fund the issuance of common shares and preferred shares by the company,” Metaplanet stated.
The ADR initiative is distinct from Metaplanet’s MTPLF listing, which began trading on the OTCQX market in December 2024 and is not based on a sponsored ADR structure.
Bitcoin Strategy and Recent Developments
The US trading debut comes as Metaplanet’s Bitcoin acquisition activity has slowed. After purchasing approximately 29,000 BTC in 2025, the company paused further acquisitions in September, with its most recent purchase recorded on September 29, according to data from Bitbo.
Since launching its Bitcoin strategy in April 2024, Metaplanet has accumulated a total of 30,823 BTC, positioning itself among the world’s largest digital asset treasury companies. The pause in buying followed a period when the company’s enterprise value briefly fell below the value of its Bitcoin holdings, drawing industry attention.
Despite recent volatility, Metaplanet reported that its market-to-Bitcoin NAV (mNAV) ratio has recovered above 1, standing at 1.12 at the time of publication.
