Metaplanet Launches U.S. Investment Opportunity Through $MPJPY ADRs

Summary:
Metaplanet, a Tokyo-based Bitcoin treasury company, is expanding its reach to U.S. investors by launching American Depositary Receipts (ADRs) under the ticker symbol MPJPY. This new program allows American investors to trade its shares without the issuance of new stock, catering to the rising demand for direct investment opportunities in the company's equity.

Key Takeaways

Metaplanet begins trading U.S. ADRs (MPJPY) offering dollar-denominated access without issuing new shares.
Trading is facilitated by Deutsche Bank Trust Company and MUFG Bank.
The initiative aims to enhance investment access for U.S. retail and institutional investors.
Metaplanet's prior stock trading arrangement lacked proper oversight and transparency.
Recent adjustments to their Bitcoin strategy include a pause in further acquisitions amid market volatility.

Metaplanet Launches U.S. Investment Opportunity Through $MPJPY ADRs

Metaplanet Opens its Doors to U.S. Investors

Metaplanet, an established Bitcoin treasury company listed in Tokyo, is now accessible to U.S. investors through a new American Depositary Receipt (ADR) program. This initiative permits American buyers to invest in Metaplanet’s shares, denominated in dollars, without the need for issuing additional stock.

Starting Friday, trading of the sponsored Level I ADRs will begin on the U.S. over-the-counter market under the ticker symbol MPJPY, as announced by the company.

Each ADR represents one ordinary share of Metaplanet and is traded in U.S. dollars, making it easier for foreign investors to participate in the company's growth.

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

Metaplanet's Shares Surge Following Structural Upgrades

In recent news, Metaplanet cited an increased demand from U.S. retail and institutional investors who are looking for more straightforward methods to invest in the company’s equities. According to CEO Simon Gerovich, this move aligns with feedback received over recent quarters and represents a step towards improving global access to Metaplanet’s stock.

Interestingly, the ADR program is not aimed at raising capital and will not affect the number of outstanding common or preferred shares, ensuring no dilution for current shareholders. Instead, this initiative is focused on enhancing the efficiency of settlements, reducing transaction costs, and increasing transparency for U.S. investors who usually face obstacles when it comes to trading foreign stocks.

Previously, Metaplanet shares traded in the U.S. under the symbol MTPLF, but this arrangement was not part of an official ADR program. The earlier trading format was more limited, lacking a formal agreement with any depositary bank, which restricted the company’s ability to provide consistent disclosures and investor support.

On the other hand, the new sponsored ADR framework connects Metaplanet more closely to the governance and reporting mechanisms typically employed by internationally listed companies.

Metaplanet Shares Surge Following Structural Upgrades

Metaplanet Pauses Bitcoin Acquisitions Amid Market Volatility

This U.S. listing occurs while Metaplanet refines its Bitcoin-focused balance sheet strategy. Since launching its Bitcoin acquisition plan in April 2024, the company has amassed 30,823 BTC, placing it among the largest corporate holders globally, alongside companies like Strategy.

In 2025, Metaplanet managed to acquire around 29,000 BTC but decided to halt further purchases in late September, with the last acquisition recorded on September 29, according to data from Bitcointreasuries.net.

Metaplanet Pauses Bitcoin Acquisitions Amid Market Volatility

This pause was implemented amid rising concerns in the market regarding the enterprise values of Bitcoin treasury companies, wherein some firms saw their market valuations drop below the worth of their Bitcoin reserves.

During mid-October, Metaplanet also felt the heat from similar market pressures, particularly regarding its market-to-Bitcoin net asset value ratio, which has since rebounded to 1.12 at the time of this publication.

Funding Strategies: Equity and Debt Instruments

To support its Bitcoin strategy, Metaplanet has utilized a combination of equity and debt instruments. In November, the company approved the distribution of 23.61 million Mercury Class B preferred shares through a third-party allocation, raising approximately ¥21.25 billion (about $135 million).

The conversion price for these shares was intentionally set above the existing market price to minimize any immediate dilution.

Additionally, Metaplanet disclosed a new $130 million loan backed entirely by Bitcoin, as part of a $500 million credit facility already in place.

Per its latest treasury report, Metaplanet’s Bitcoin holdings are valued at about $2.7 billion based on an average acquisition cost of $108,070 per coin.

Funding Strategies: Equity and Debt Instruments

Given that Bitcoin is currently trading below this valuation, Metaplanet reported unrealized losses of around $636 million. The company is also gearing up to introduce a new preferred-share structure modeled after funding strategies popularized by other leading corporations in the space.