Metaplanet

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Bitcoin

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Metaplanet, a Japanese Bitcoin treasury company, is set to begin trading in the United States on the OTC market via American Depositary Receipts (ADRs).
Trading in Metaplanet’s ADRs is expected to start on Friday, with its shares listed in US dollars on the over-the-counter (OTC) market under the ticker symbol MPJPY, <a href="https://contents.xj-storage.jp/xcontents/33500/870252ea/e363/40c1/ac7c/090156d4dab9/140120251219523150.pdf" rel="noopener noreferrer nofollow" target="_blank">according</a> to an announcement.
“This directly reflects feedback from US retail and institutional investors seeking easier access to our equity,” Metaplanet CEO Simon Gerovich <a href="https://x.com/gerovich/status/2001913847599484969" rel="noopener noreferrer nofollow" target="_blank">said</a> in an X post on Friday, adding that the launch marks another step to broader global access to the company.
The launch comes months after <a href="https://cointelegraph.com/news/metaplanet-launches-us-japan-subsidiaries-bitcoin-income" rel="noopener noreferrer nofollow" target="_self">Metaplanet established a US subsidiary in Miami</a> with an initial capital of $15 million to grow Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) income.
<h2 id="adrs-are-not-intended-to-raise-capital-metaplanet-says">ADRs are not intended to raise capital, Metaplanet says</h2>
Metaplanet’s ADR program is launched through a sponsored level trust agreement with Deutsche Bank Trust Company Americas, acting as depositary, and MUFG Bank as custodian in Japan.
American Depositary Receipts are financial instruments issued by US banks that represent shares of non-US companies, allowing US investors to buy and sell shares of foreign firms without the need to trade directly on foreign exchanges.
“The ADRs are not intended to raise funds, but to fund the issuance of common shares and preferred shares by the company,” Metaplanet said.
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 <img src="https://s3.cointelegraph.com/uploads/2025-12/019b35e1-f466-7d39-b4a2-329fdc031c82.png" title="" alt="Metaplanet to debut US trading with Deutsche Bank under MPJPY">
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 Data from Metaplanet’s ADR offering (translated by Google). Source: Metaplanet
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The ADR program differs from Metaplanet’s MTPLF offering, which began trading on the OTC Markets Group’s OTCQX market in December 2024.
“It [MTPLF] is not based on a sponsored ADR program,” the company noted in the announcement.
<h2 id="metaplanet-has-not-bought-any-bitcoin-since-september">Metaplanet has not bought any Bitcoin since September</h2>
The launch of Metaplanet’s MPJPY ADR program comes as the company’s Bitcoin buying has stalled. After acquiring around 29,000 Bitcoin in 2025, Metaplanet halted purchases in September, with its most recent acquisition dated Sept. 29, <a href="https://bitbo.io/treasuries/metaplanet/" rel="noopener noreferrer nofollow" target="_blank">according</a> to data from Bitbo.
Since launching its Bitcoin acquisition strategy in April 2024, Metaplanet has <a href="https://metaplanet.jp/en/analytics" rel="noopener noreferrer nofollow" target="_blank">accumulated</a> a total of 30,823 BTC, emerging as one of the world’s largest digital asset treasuries alongside Michael Saylor’s Strategy.
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 <img src="https://s3.cointelegraph.com/uploads/2025-12/019b35e1-f78c-7cf1-8027-4ae5b99ccf07.png" title="" alt="Metaplanet to debut US trading with Deutsche Bank under MPJPY">
 <figcaption style="text-align: center;">
 Bitcoin treasury holdings by top seven DATs. Source: <a href="https://www.coingecko.com/en/treasuries/bitcoin" rel="noopener noreferrer nofollow" target="_blank">CoinGecko</a>
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Metaplanet’s BTC buying halt came amid Metaplanet’s enterprise value <a href="https://cointelegraph.com/news/metaplanet-enterprise-value-below-bitcoin-holdings-mnav" rel="noopener noreferrer nofollow" target="_self">falling below the value of its Bitcoin holdings</a> in mid-October, <a href="https://cointelegraph.com/news/strategy-sell-bitcoin-last-resort-mnav-capital" rel="noopener noreferrer nofollow" target="_self">raising concerns across the industry</a>.
Several digital asset treasury (DAT) companies also saw sharp share price declines following a strong rally in July 2025.
Related: <a href="https://cointelegraph.com/news/strategy-bitcoin-purchase-dollar-reserve-market-volatility" rel="noopener noreferrer nofollow" target="_self">Strategy adds nearly $1B in Bitcoin as market slump pressures MSTR stock</a>
Metaplanet’s market to Bitcoin NAV (mNAV) — a ratio between the company’s value and its BTC holdings — has since recovered above 1, standing at 1.12 by publishing time, according to official data reported by the company.

Metaplanet to debut US trading with Deutsche Bank under MPJPY

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