Metaplanet To Debut US Trading Via American Depositary Receipts
Metaplanet, a Japanese Bitcoin treasury firm, will begin trading in the US through American Depositary Receipts (ADRs) under the ticker MPJPY on the OTC market. The ADR launch, facilitated by Deutsche Bank Trust Company Americas and MUFG Bank, aims to provide US investors easier access to Metaplanet shares, but is not intended to raise capital. Metaplanet previously established a US subsidiary in Miami with $15 million to expand Bitcoin-related income. The ADR program differs from Metaplanet’s MTPLF shares, which trade OTC without a sponsored ADR structure. Since April 2024, Metaplanet has accumulated 30,823 BTC, positioning itself among the largest corporate Bitcoin holders. The company stopped buying Bitcoin in September 2025 after acquiring about 29,000 BTC that year, due to its enterprise value dropping below its Bitcoin holdings. Its market to Bitcoin net asset value (mNAV) has since recovered, reaching 1.12. The ADR launch reflects rising US investor interest following share price declines among public DAT companies in late 2025.
