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.
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.
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.
