Metaplanet to Launch US OTC Trading via Bitcoin-Linked ADRs

Metaplanet, a Japan-based Bitcoin treasury firm, is preparing to enter the US market through American Depositary Receipts (ADRs) listed on the over-the-counter (OTC) market.

Trading is expected to begin on Friday under the ticker MPJPY, with shares priced in US dollars, according to the company. Metaplanet said the move responds to growing demand from US retail and institutional investors who want easier access to its stock.

CEO Simon Gerovich said on X that the US listing is another step toward expanding the company’s global investor base. The launch follows Metaplanet’s decision earlier this year to set up a US subsidiary in Miami, backed by $15 million in initial capital, aimed at supporting its Bitcoin-focused income strategy.

How Metaplanet’s ADR program works

Metaplanet’s ADRs are issued through a sponsored Level I trust structure. Deutsche Bank Trust Company Americas is acting as the depositary, while MUFG Bank serves as the custodian in Japan.

ADRs allow US investors to trade shares of foreign companies without accessing overseas exchanges directly. Metaplanet said the ADRs are not designed to raise new capital but to support the issuance of its common and preferred shares.

The company also clarified that the MPJPY ADR program is separate from its MTPLF shares, which began trading on the OTCQX market in December 2024 and are not linked to a sponsored ADR structure.

Bitcoin buying pauses as valuation recovers

The ADR launch comes as Metaplanet has slowed its Bitcoin purchases. After buying roughly 29,000 BTC in 2025, the company paused acquisitions in September. Its latest reported purchase was on Sept. 29, according to Bitbo data.

Since starting its Bitcoin strategy in April 2024, Metaplanet has accumulated 30,823 BTC, placing it among the world’s largest corporate Bitcoin holders alongside firms such as Michael Saylor’s Strategy.

The buying pause followed a period in which Metaplanet’s enterprise value dropped below the value of its Bitcoin holdings in mid-October, sparking concern in the market. Other digital asset treasury companies also saw sharp stock declines after a strong rally earlier in July 2025.

Metaplanet said its market-to-Bitcoin net asset value (mNAV) has since improved. The ratio has climbed back above 1 and stood at 1.12 at the time of publication, based on company-reported data.