Metaplanet, a Japanese Bitcoin treasury enterprise, is set to begin trading in the United States via American Depositary Receipts (ADRs), with the aim of expanding access for U.S. investors without needing to raise new capital.
Trading is anticipated to commence on Friday, with shares denominated in U.S. dollars on the OTC market under the ticker symbol MPJPY, according to an official announcement.
“This directly reflects feedback from U.S. retail and institutional investors seeking easier access to our equity,” said Metaplanet CEO Simon Gerovich in a post on X (formerly Twitter). He further noted that this launch signifies a step towards wider global accessibility for the company.
This development follows months after Metaplanet formed a subsidiary in Miami, USA, with an initial capital of $15 million to bolster its Bitcoin revenues.
ADRs Not for Raising Capital
Metaplanet’s ADR initiative is implemented through a sponsored trust agreement with Deutsche Bank Trust Company Americas acting as the depositary, and MUFG Bank serving as custodian in Japan.
American Depositary Receipts are instruments issued by U.S. banks representing shares in foreign companies, enabling U.S. investors to trade shares of international firms without the necessity of participating in foreign exchanges.
“The ADRs are not intended to raise funds, but to aid in issuing common and preferred shares by the company,” stated Metaplanet.
Data from Metaplanet’s ADR offering (translated by Google). Source: Metaplanet
The ADR program is distinct from Metaplanet’s MTPLF issuance, which started trading on the OTCQX market in December 2024, emphasizing that it is not a sponsored ADR scheme.
Metaplanet Halts Bitcoin Purchases
This launch of the MPJPY ADR program arrives amid a freeze in Metaplanet’s Bitcoin purchasing. After acquiring around 29,000 Bitcoin in 2025, the company ceased purchases in September, with the last acquisition dated September 29, according to data from Bitbo.
Since initiating its Bitcoin acquisition strategy in April 2024, Metaplanet has accumulated a total of 30,823 BTC, positioning itself among the largest digital asset treasuries globally, alongside strategies like those of Michael Saylor.
Bitcoin treasury holdings by top seven DATs. Source: CoinGecko
The cessation of Bitcoin purchases coincided with Metaplanet’s enterprise value dropping below that of its Bitcoin holdings mid-October, sparking industry-wide concerns. Several digital asset treasury firms also experienced significant declines in their share prices following a robust rally in July 2025.
Metaplanet’s market to Bitcoin NAV (mNAV)—a measure of the company’s value relative to its BTC assets—has since rebounded to above 1, clocking in at 1.12 at the time of publication, based on official company data.
