Metaplanet, a Japanese company focused on Bitcoin treasury management, is poised to commence trading in the United States through American Depositary Receipts (ADRs).
Trading for Metaplanet’s ADRs is anticipated to start on Friday, with shares listed in US dollars on the over-the-counter (OTC) market under the ticker symbol MPJPY, as stated in an announcement.
“This initiative directly responds to feedback from US retail and institutional investors who desire easier access to our equity,” Metaplanet CEO Simon Gerovich mentioned in a post on X on Friday, noting that the launch signifies another step toward broader global accessibility for the company.
This launch follows months after Metaplanet established a US subsidiary in Miami, initiating with a capital of $15 million to enhance its Bitcoin (BTC) income.
Metaplanet Clarifies the Intent of ADRs
Metaplanet’s ADR program is inaugurated through a sponsored level trust agreement with Deutsche Bank Trust Company Americas serving as depositary, while MUFG Bank operates as custodian in Japan.
American Depositary Receipts are financial instruments issued by US banks representing shares of non-US companies, facilitating US investors to buy and sell shares of foreign entities without directly trading on foreign exchanges.
“The ADRs are not designed to raise capital, but to support the issuance of common and preferred shares by the company,” Metaplanet explained.
The ADR program is distinct from Metaplanet’s MTPLF offering, which commenced trading on the OTC Markets Group’s OTCQX market in December 2024.
“It [MTPLF] is not established on a sponsored ADR program,” the company highlighted in its announcement.
Pause in Bitcoin Purchases for Metaplanet
The rollout of Metaplanet’s MPJPY ADR program coincides with a pause in the company’s Bitcoin acquisitions. Following the purchase of approximately 29,000 Bitcoin in 2025, Metaplanet ceased purchases in September, with the latest recorded acquisition on Sept. 29, based on data from Bitbo.
Since initiating its Bitcoin acquisition strategy in April 2024, Metaplanet has secured a total of 30,823 BTC, becoming one of the world’s largest digital asset treasuries alongside Michael Saylor’s Strategy.
The halt in Bitcoin purchases occurred as Metaplanet’s enterprise value fell below its Bitcoin holdings in mid-October, raising concerns industry-wide.
Numerous DAT companies also experienced significant declines in share prices following a robust rally in July 2025.
Related: Strategy adds nearly $1B in Bitcoin as market slump pressures MSTR stock
Metaplanet’s market to Bitcoin NAV (mNAV) — a ratio reflecting the company’s value against its BTC holdings — has since rebounded above 1, standing at 1.12 by the time of publication, based on official data reported by the company.
