Metaplanet, a Japanese Bitcoin treasury company, is set to commence trading in the United States via American Depositary Receipts (ADRs) under the ticker symbol MPJPY on the over-the-counter (OTC) market. Trading is expected to begin today, December 19, 2025.
The move to list ADRs in the U.S. reflects the company's strategic effort to broaden its investor base and provide easier access to its equity for U.S. retail and institutional investors. According to Metaplanet CEO Simon Gerovich, this launch marks a significant step towards greater global accessibility for the company.
An American Depositary Receipt (ADR) is a financial instrument issued by U.S. banks representing shares of non-U.S. companies. ADRs allow U.S. investors to buy and sell shares of foreign companies without directly trading on foreign exchanges. Metaplanet's ADR program is a Sponsored Level I program established through a trust agreement with Deutsche Bank Trust Company Americas, acting as depositary, and MUFG Bank as custodian in Japan. Each ADR represents one common share of Metaplanet. The ADRs will be traded in U.S. dollars, utilizing the U.S. securities trading infrastructure, which is expected to lower transaction costs and improve settlement efficiency. The CUSIP number for the ADR is 59141L 109.
Metaplanet has clarified that the ADR program is not intended to raise capital. Instead, it aims to enhance accessibility, transparency, and liquidity for U.S. and global institutional investors. The company aims to align its capital markets strategy with international best practices. Metaplanet also stated that the ADR program differs from its MTPLF offering, which began trading on the OTC Markets Group's OTCQX market in December 2024 and is not based on a sponsored ADR program.
Prior to this launch, Metaplanet shares were accessible to overseas investors via over-the-counter trading in the U.S. under the symbol MTPLF. The company is targeting a growing global and particularly U.S.-based investor base, including institutional investors who prefer formal ADR structures for regulatory and operational reasons.
Metaplanet established a U.S. subsidiary in Miami with an initial capital of $15 million to grow Bitcoin (BTC) income. However, Metaplanet's Bitcoin buying has stalled since September 2025. After acquiring around 29,000 Bitcoin in 2025, the company halted purchases, with its most recent acquisition on September 29. Metaplanet initially launched its Bitcoin acquisition strategy in April 2024.
The launch of the MPJPY ADR program is designed to provide a more streamlined and compliant framework compared to the existing unsponsored MTPLF OTC structure, potentially broadening its shareholder base without diluting current investors.
