Metaplanet to Launch US Trading of MPJPY with Deutsche Bank

Summary:
Metaplanet, a Japanese Bitcoin treasury firm, is set to commence trading in the United States through American Depositary Receipts (ADRs) under the ticker MPJPY. This move aims to enhance accessibility for US investors. Notably, the company has paused its Bitcoin purchases since September, amid concerns about its market value compared to its Bitcoin holdings.

Key Takeaways

Metaplanet is beginning US trading of ADRs under the symbol MPJPY.
The launch is aimed at facilitating easier investment access for US retail and institutional investors.
The ADRs are not intended for capital raising but to fund the issuance of common and preferred shares.
Metaplanet has not purchased any Bitcoin since September, following concerns about its market value relative to its Bitcoin assets.

Metaplanet to debut US trading with Deutsche Bank under MPJPY

Introduction to Metaplanet's US Trading Initiative

Metaplanet, a company based in Japan that focuses on accumulating Bitcoin, is preparing to start trading in the United States through American Depositary Receipts (ADRs). Trading of these ADRs is expected to commence on Friday, with shares listed in US dollars on the over-the-counter (OTC) market under the ticker symbol MPJPY. This initiative is designed to respond to the growing demand from both retail and institutional investors in the US for easier access to Metaplanet’s equity. According to CEO Simon Gerovich, this launch represents a significant step towards expanding global access to the company's offerings.

The ADR program is being facilitated through a sponsored level trust agreement with Deutsche Bank Trust Company Americas, which will act as the depositary, and MUFG Bank serving as the custodian in Japan.

What Are American Depositary Receipts?

American Depositary Receipts (ADRs) are financial instruments created by US banks that allow American investors to buy shares of foreign companies without needing to trade on international exchanges. Metaplanet has clarified that these ADRs are not aimed at raising new capital; rather, they are intended to support the issuance of common and preferred shares by the company itself.

Metaplanet's ADR offering details
Data from Metaplanet’s ADR offering (translated by Google). Source: Metaplanet

This ADR program is distinct from Metaplanet’s earlier MTPLF offering, which started trading on the OTC Markets Group’s OTCQX market in December 2024. The company highlighted that MTPLF operates outside of a sponsored ADR framework.

Halting Bitcoin Purchases: What It Means

Metaplanet’s announcement of the MPJPY ADR program comes at a time when the company has paused its Bitcoin acquisitions. After purchasing approximately 29,000 Bitcoins in 2025, Metaplanet stopped its purchases in September, with the last recorded acquisition on September 29, according to Bitbo data.

Since launching its Bitcoin acquisition strategy in April 2024, Metaplanet has amassed a total of 30,823 BTC, positioning itself among the world's largest digital asset treasuries, comparable to strategies pursued by notable figures like Michael Saylor.

Bitcoin treasury holdings data
Bitcoin treasury holdings by top seven DATs. Source: CoinGecko

The decision to halt Bitcoin purchases came after Metaplanet's enterprise value dropped below the market value of its Bitcoin holdings around mid-October, raising concerns in the crypto sector. Several digital asset treasury (DAT) companies faced significant stock price drops following a strong market rally in July 2025.

As part of the ongoing analysis, Metaplanet's market to Bitcoin NAV (mNAV)—a measure comparing the company’s market valuation to its Bitcoin assets—has shown signs of recovery, improving to a ratio of 1.12 at the time of reporting, as indicated by the company’s official data.

For further context and developments regarding Metaplanet's trading initiatives and Bitcoin strategy, stay tuned for updates.