Metaplanet, a Japan-based Bitcoin treasury firm, is preparing to enter the U.S. market through the launch of American Depositary Receipts (ADRs).
According to the company, trading of Metaplanet’s ADRs is expected to begin on Friday. The shares will be denominated in U.S. dollars and traded on the over-the-counter (OTC) market under the ticker symbol MPJPY.
Metaplanet CEO Simon Gerovich said in a post on X that the move responds directly to interest from U.S. retail and institutional investors who want simpler access to the company’s stock. He added that the ADR listing represents another step toward expanding Metaplanet’s global investor base.
The U.S. trading debut follows Metaplanet’s decision earlier this year to establish a subsidiary in Miami, backed by an initial $15 million in capital, aimed at expanding its Bitcoin-related revenue activities.
The company emphasized that the ADR program is not designed to raise new capital. Instead, it is being introduced under a sponsored Level I trust agreement, with Deutsche Bank Trust Company Americas serving as the depositary and MUFG Bank acting as the custodian in Japan.
ADRs are U.S.-issued financial instruments that represent shares of foreign companies, enabling American investors to trade international equities without accessing overseas exchanges directly.
Metaplanet clarified that while the ADRs facilitate trading access, they are not a fundraising tool, but rather support the issuance of the company’s common and preferred shares.
The ADR program is separate from Metaplanet’s existing MTPLF listing, which began trading on the OTC Markets Group’s OTCQX platform in December 2024. The company clarified in its announcement that MTPLF “is not based on a sponsored ADR program.”
The rollout of Metaplanet’s MPJPY ADRs comes as the firm’s Bitcoin accumulation has slowed. After purchasing roughly 29,000 BTC in 2025, Metaplanet paused further acquisitions in September, with its latest purchase recorded on Sept. 29, according to data from Bitbo.
Since launching its Bitcoin treasury strategy in April 2024, Metaplanet has amassed a total of 30,823 BTC, positioning it among the largest corporate holders of digital assets globally, alongside Michael Saylor’s Strategy.
Metaplanet’s pause in Bitcoin purchases followed a mid-October drop in its enterprise value below the value of its Bitcoin reserves, a development that sparked broader industry concern.
The downturn was not isolated. Several digital asset treasury (DAT) companies also experienced steep share price declines after a strong rally in July 2025.
Since then, Metaplanet’s market-to-Bitcoin net asset value (mNAV)—which measures the company’s valuation relative to its Bitcoin holdings—has rebounded above 1. As of publication, the ratio stood at 1.12, based on data reported by the company.
