Metaplanet, the Japanese company known for its massive Bitcoin treasury, has commenced trading in the United States through American Depositary Receipts (ADRs). The shares, listed under the ticker symbol MPJPY on the over-the-counter (OTC) market, began trading on Friday, December 19, 2025.
The ADR program is facilitated through a sponsored trust agreement with Deutsche Bank Trust Company Americas as the depositary and MUFG Bank as the custodian in Japan. This structure allows U.S. retail and institutional investors to gain exposure to Metaplanet's equity without trading directly on foreign exchanges. "This directly reflects feedback from US retail and institutional investors seeking easier access to our equity," stated Metaplanet CEO Simon Gerovich in an X post, framing the launch as a step toward broader global access.
Notably, the company clarified that the ADR issuance is not intended to raise capital but to fund the issuance of common and preferred shares. This launch follows Metaplanet's establishment of a $15 million US subsidiary in Miami earlier in the year, aimed at growing Bitcoin-related income. The new MPJPY ADR program is distinct from the company's existing OTCQX listing under the ticker MTPLF, which began in December 2024.
The listing arrives at a pivotal time for Metaplanet's core strategy. The company has not purchased any Bitcoin since September 29, 2025, halting a buying spree that saw it accumulate 30,823 BTC since April 2024, making it one of the world's largest corporate Bitcoin holders. This pause coincided with a period in mid-October where Metaplanet's enterprise value fell below the value of its Bitcoin holdings, raising industry concerns. However, by the time of the ADR launch, the company's market-to-Bitcoin NAV ratio had recovered to 1.12.
