Metaplanet, a Japanese Bitcoin treasury company, is set to begin trading in the United States via American Depository Receipts (ADRs).
Metaplanet’s ADRs are expected to begin trading on Friday, and its shares are listed in US dollars on the over-the-counter (OTC) market under the symbol MPJPY, according to on publication.
“This directly reflects feedback from US retail and institutional investors seeking easier access to our capital,” Metaplanet CEO Simon Gerovich he said in X’s announcement on Friday, adding that the launch marks another step towards the company’s broader global reach.
Metaplanet’s ADR program was launched through a sponsored trust agreement with Deutsche Bank Trust Company Americas, acting as depositary, and MUFG Bank as custodian in Japan.
ADRs are not intended to raise capital, Metaplanet says
American depositary receipts are financial instruments issued by US banks that represent shares of non-US companies, allowing US investors to buy and sell shares of foreign companies without having to trade directly on foreign exchanges.
“ADRs are not intended to raise funds, but to finance the issuance of common stock and preferred stock by a company,” Metaplanet said.
The ADR program is distinct from Metaplanet’s MTPLF offering, which began trading on OTC Markets Group’s OTCQX in December 2024.
“It (MTPLF) is not based on a sponsored ADR program,” the company said in a release.
Metaplanet has not bought any Bitcoin since September
The launch of Metaplanet’s MPJPY ADR program comes at a time when the company’s Bitcoin (BTC) purchases are at a standstill. After acquiring around 29,000 Bitcoins in 2025, Metaplanet stopped buying in September, with the most recent acquisition dated September 29 according to to data from Bitbo.
Since launching its Bitcoin acquisition strategy in April 2024, Metaplanet has accumulated a total of 30,823 BTC, emerging as one of the world’s largest digital asset hoards with Michael Saylor’s strategy.
Metaplanet’s suspension of BTC purchases comes amid a drop in Metaplanet’s business value below the value of its Bitcoin holdings in mid-October, causing concern across the industry.
Several DAT companies also saw their share prices fall sharply after strong gains in July 2025.
Related: The strategy adds nearly $1 billion in Bitcoin as the market decline puts pressure on MSTR stock
Metaplanet’s market to Bitcoin NAV (mNAV) — the ratio between the company’s value and its BTC holdings — has since recovered above 1, standing at 1.12 as of press time, according to official data released by the company.
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