Metaplanet will start trading in the US using American Depositary Receipts (ADRs). The goal is to make it easier for US investors to get involved without raising new capital.
The Japanese Bitcoin treasury business Metaplanet will start trading in the US on the OTC market using American Depositary Receipts (ADRs).
According to an announcement, trading in Metaplanet’s ADRs is set to begin on Friday. The company’s shares will be listed in US dollars on the over-the-counter (OTC) market under the ticker symbol MPJPY.
“This is a direct result of feedback from US retail and institutional investors who want easier access to our equity,” stated Metaplanet CEO Simon Gerovich in an X post on Friday. He went on to say that the launch is another step towards making the company more accessible to people throughout the world.
The launch comes months after Metaplanet opened a US office in Miami with $15 million in initial cash to help Bitcoin BTC$87,987 income expand.
Metaplanet states that ADRs are not meant to raise money. The company’s ADR program starts with a sponsored level trust arrangement with Deutsche Bank Trust Company Americas, which acts as the depositary, and MUFG Bank, which acts as the custodian in Japan.
American Depositary Receipts (ADRs) are financial instruments that US banks issue that represent shares of companies that are not based in the US. They let US investors buy and sell shares of overseas corporations without having to trade directly on foreign exchanges.
Metaplanet said, “The ADRs are not meant to raise money; they are meant to pay for the company’s issuance of common and preferred shares.”
The ADR program is not the same as Metaplanet’s MTPLF offering, which started trading on the OTC Markets Group’s OTCQX platform in December 2024.
Metaplanet has not bought anymore Bitcoin
Metaplanet’s MPJPY ADR program is now available, but the company hasn’t been able to buy any more Bitcoin. Bitbo said that Metaplanet stopped buying Bitcoin in September 2025, after getting over 29,000 Bitcoin. The last purchase was on September 29.
Metaplanet has become one of the world’s largest digital asset treasuries since it started buying Bitcoin in April 2024. It has already collected 30,823 BTC, together with Michael Saylor’s Strategy.
Metaplanet stopped buying BTC when its enterprise value fell below the value of its Bitcoin assets in mid-October. This worried some in the industry.
After a big rise in July 2025, the share prices of a number of digital asset treasury (DAT) companies also fell sharply.
According to the company’s own data, Metaplanet’s market to Bitcoin NAV (mNAV), which is the ratio of the company’s valuation to its BTC holdings, has subsequently returned above 1 and is now at 1.12 at the time of publication.