U.S. investors will soon gain streamlined access to Metaplanet through newly listed metaplanet ADR on the American over-the-counter market.
Launch details for the new ADR structure
Metaplanet’s sponsored level I American depositary receipts (ADR) will start trading on the U.S. over-the-counter market under the ticker MPJPY on Dec. 19. Each ADR will represent one common share and settle via standard U.S. securities infrastructure, aligning the instrument with typical American equity workflows.
The new securities are designed to improve access, transparency and operational efficiency for U.S.-based investors in Metaplanet, currently the fourth-largest corporate holder of bitcoin (BTC $87,853.38). Moreover, they will offer a more formalized structure than the previous unsponsored arrangement and bring the company into direct engagement with the ADR program.
Replacement of existing unsponsored OTC trading
The MPJPY instruments will replace existing unsponsored OTC trading in Metaplanet shares conducted under the MTPLF ticker. That said, the previous framework operated without a formal deposit agreement and lacked direct company participation, limiting transparency and coordination for investors and intermediaries.
As sponsored level I ADR, the new receipts fall under the lowest tier of U.S. issuance compliance and therefore cannot trade on regulated exchanges such as Nasdaq or the New York Stock Exchange. However, they can circulate broadly on the OTC market, providing an organized, issuer-backed alternative to the earlier structure.
Role of Deutsche Bank and MUFG in the program
Deutsche Bank Trust Company Americas will act as the depositary bank overseeing the ADR program, including issuance and cancellation processes. In parallel, MUFG Bank will serve as the custodial institution in Japan, holding the underlying Metaplanet common shares that back each ADR unit.
The company noted that the program is not intended to raise capital and does not alter Metaplanet’s total shares outstanding. Moreover, the initiative focuses on market access and operational upgrades rather than balance sheet expansion, keeping the overall equity structure unchanged while enhancing cross-border trading mechanics.
Market infrastructure, liquidity and investor access
The ADRs will provide U.S. dollar settlement, improved liquidity and standardized U.S. market infrastructure, all without raising new capital.
According to Metaplanet’s post on X, the sponsored design should deliver materially better settlement reliability, broader brokerage access and significantly lower trading fees than the earlier unsponsored OTC instruments.
In the company’s view, the new framework for metaplanet adrs removes key barriers for both retail and institutional investors. Many such investors must operate within compliant ADR structures due to regulatory, custodial and internal mandate requirements, so the sponsored program is expected to broaden the potential shareholder base.
Market reaction in Tokyo
Following the announcement, Metaplanet shares gained more than 6% in Tokyo trading, closing at 443 yen ($2.80). However, the move primarily reflects improved access for offshore investors rather than any change in the company’s underlying capital position or bitcoin holdings.
Overall, the shift from the MTPLF unsponsored line to MPJPY ADRs marks a structural upgrade in how Metaplanet trades in the United States, aligning the stock with recognized ADR standards while preserving its existing share count.
Source: https://en.cryptonomist.ch/2025/12/19/metaplanet-adr-otc-trading/
