Bitcoin Treasury Metaplanet Opens to US Investors via $MPJPY ADRs — No New Shares

Metaplanet, a Tokyo-listed Bitcoin treasury company, is set to open its stock to U.S. investors through a new American Depositary Receipt program, giving American buyers dollar-denominated access without issuing any new shares.

The company said trading of its sponsored Level I ADRs will begin Friday on the U.S. over-the-counter market under the ticker symbol MPJPY, according to an announcement.

Each ADR will represent one ordinary Metaplanet share and will trade in U.S. dollars.

The program is being launched with Deutsche Bank Trust Company Americas acting as depositary, while MUFG Bank will serve as custodian for the underlying shares in Japan.

Metaplanet Shares Jump After Company Upgrades U.S. Trading Structure

Metaplanet said the decision followed growing demand from U.S. retail and institutional investors who have been seeking a more direct and efficient way to gain exposure to the company’s equity.

Chief executive Simon Gerovich said the move reflects feedback the company has received over several quarters and marks another step in expanding global access to Metaplanet’s stock.

The ADR program is not designed to raise capital, and it does not affect the number of issued common or preferred shares and will not dilute existing shareholders.

Instead, the structure is intended to improve settlement efficiency, lower transaction costs, and increase transparency for U.S. investors who face operational and regulatory hurdles when trading foreign-listed stocks directly.

Metaplanet’s shares have previously traded in the U.S. under the symbol MTPLF, but that arrangement was not part of a sponsored ADR program.

The company said the earlier trading format involved no formal agreement with a depositary bank and limited its ability to provide consistent disclosures and investor support.

By contrast, the new sponsored ADR framework places Metaplanet directly within the program’s governance and reporting structure, aligning it more closely with standard practices used by internationally listed companies.

The announcement appeared to be welcomed by the market, as Metaplanet shares rose 6.65% in Tokyo trading following the news, closing at 433 yen.

After Rapid Bitcoin Accumulation, Metaplanet Taps the Brakes

The U.S. listing comes as Metaplanet continues to refine its broader Bitcoin-focused balance sheet strategy.

Since launching its Bitcoin acquisition plan in April 2024, the company has accumulated 30,823 BTC, making it one of the largest corporate holders globally alongside Strategy.

Metaplanet acquired roughly 29,000 BTC during 2025 but paused further purchases in late September, with its most recent acquisition dated Sept. 29, according to Bitcointreastries.net data.

That pause followed a period of volatility for Bitcoin treasury companies, as falling share prices pushed some firms’ enterprise values below the market value of their Bitcoin holdings.

Metaplanet faced similar pressure in mid-October, when concerns emerged over its market-to-Bitcoin net asset value ratio.

The company said that ratio has since recovered above 1 and stood at 1.12 at the time of publication.

Equity Raises, Bitcoin Loans, and a Strategy-Style Structure

Metaplanet has relied on a mix of equity and debt instruments to fund its Bitcoin strategy.

In November, the company approved the issuance of 23.61 million Mercury Class B preferred shares through a third-party allocation, raising about ¥21.25 billion, or roughly $135 million.

The conversion price was set well above the prevailing market price, limiting near-term dilution.

Around the same time, Metaplanet disclosed a new $130 million loan backed entirely by Bitcoin under an existing $500 million credit facility.

As of its latest treasury update, the company’s Bitcoin holdings were valued at roughly $2.7 billion, based on an average acquisition cost of $108,070 per coin.

With Bitcoin trading below that level, Metaplanet reported unrealized losses of about $636 million.

The company is also preparing to introduce a new preferred-share structure modeled on funding vehicles popularized by Strategy.