Metaplanet to debut US trading with Deutsche Bank under MPJPY

cointelegraphPublished on 2025-12-19Last updated on 2025-12-19

Abstract

Japanese Bitcoin treasury company Metaplanet will begin trading its American Depositary Receipts (ADRs) in the U.S. under the ticker MPJPY on the OTC market. The program, facilitated by Deutsche Bank and MUFG Bank, aims to provide U.S. investors easier access to its equity and is not intended to raise capital. This launch follows the company's existing OTCQX listing (MTPLF). The announcement comes as Metaplanet, which holds 30,823 BTC, has not purchased any Bitcoin since September 2025. Its market value to Bitcoin NAV ratio has since recovered to 1.12.

Metaplanet, a Japanese Bitcoin treasury company, is set to begin trading in the United States 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, according to an announcement.

“This directly reflects feedback from US retail and institutional investors seeking easier access to our equity,” Metaplanet CEO Simon Gerovich said in an X post on Friday, adding that the launch marks another step to broader global access to the company.

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.

The ADRs are not intended to raise capital, Metaplanet says

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.

Data from Metaplanet’s ADR offering (translated by Google). Source: Metaplanet

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.

Metaplanet’s has not bought any Bitcoin since September

The launch of Metaplanet’s MPJPY ADR programme comes as the company’s Bitcoin (BTC) buying has stalled. After acquiring around 29,000 Bitcoin in 2025, Metaplanet halted purchases in September, with its most recent acquisition dated Sept. 29, according to data from Bitbo.

Since launching its Bitcoin acquisition strategy in April 2024, Metaplanet has accumulated a total of 30,823 BTC, emerging as one of the world’s largest digital asset treasuries alongside Michael Saylor’s Strategy.

Bitcoin treasury holdings by top seven DATs. Source: CoinGecko

Metaplanet’s BTC buying halt came amid Metaplanet’s enterprise value falling below the value of its Bitcoin holdings in mid-October, raising concerns across the industry.

Several DAT companies also saw sharp share price declines following a strong rally in July 2025.

Related: Strategy adds nearly $1B in Bitcoin as market slump pressures MSTR stock

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.


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Related Questions

QWhat is Metaplanet and what is its primary Bitcoin-related strategy?

AMetaplanet is a Japanese Bitcoin treasury company that has implemented a Bitcoin acquisition strategy, accumulating a total of 30,823 BTC since April 2024 to become one of the world's largest digital asset treasuries.

QHow will Metaplanet begin trading in the United States and under what ticker symbol?

AMetaplanet will begin trading in the United States via American Depositary Receipts (ADRs) listed on the over-the-counter (OTC) market under the ticker symbol MPJPY.

QWhich financial institutions are involved in Metaplanet's ADR program and what are their roles?

ADeutsche Bank Trust Company Americas is acting as the depositary for the ADR program, while MUFG Bank serves as the custodian in Japan.

QAccording to the company, what is the purpose of issuing these ADRs?

AMetaplanet stated that the ADRs are not intended to raise funds but to facilitate the issuance of common shares and preferred shares by the company, providing easier access for US investors.

QWhat recent change has occurred regarding Metaplanet's Bitcoin purchasing activity?

AMetaplanet halted its Bitcoin purchases in September 2025 after acquiring around 29,000 BTC that year, with its most recent acquisition dated September 29th.

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