Japanese bitcoin treasury firm Metaplanet (3350) announced that its American depositary receipts (ADRs) will commence trading on the U.S. over-the-counter (OTC) market under the ticker MPJPY starting December 19.
The securities aim to enhance access, transparency, and operational efficiency for U.S. investors in the fourth-largest corporate holder of bitcoin . These will take the place of existing unsponsored OTC trading under the MTPLF ticker, which had no formal deposit agreement or direct company involvement. The ADRs comply with level I issuance standards, meaning they adhere to the lowest compliance and regulatory level and cannot be traded on regulated exchanges.
Each ADR corresponds to one common share and settles through standard U.S. securities infrastructure. Deutsche Bank Trust Company Americas will serve as depositary, while MUFG Bank will act as custodian in Japan. This program is not aimed at raising capital and does not impact the company’s total shares outstanding.
Despite the ADRs being limited to OTC trading instead of Nasdaq or the NYSE, they provide significantly improved settlement, broader brokerage access, and lower trading fees compared to unsponsored OTC instruments, Dylan Le Clair, head of bitcoin strategy at the Tokyo-based company, noted in a post on X.
The structure eliminates critical barriers for both retail and institutional investors, many of whom require compliant ADR frameworks due to regulatory and custodial requirements, he explained.
Metaplanet’s shares increased by over 6% in Tokyo, reaching 443 yen ($2.80).
