Metaplanet to Roll Out US Trading With Deutsche Bank Under MPJPY

• Metaplanet launches U.S. OTC ADRs under MPJPY to expand global investor access.
• ADR listing follows U.S. expansion and is not intended to raise new capital.
• Bitcoin buying remains paused as Metaplanet’s mNAV recovers to 1.12.

Metaplanet, a Japanese Bitcoin treasury company, is set to begin trading in the United States through American Depositary Receipts on the over-the-counter market. The listing gives US investors direct exposure to the company’s equity. The ADRs will trade in U.S. dollars. The move expands Metaplanet’s global market access.

The trading is projected to begin on Friday using the following ticker “MPJPY.” An official announcement by the firm confirmed the launch. The ADRs will be traded on the OTC market instead of a major exchange in the U.S. This structure reduces the barrier to American investors.

Chief Executive Officer Simon Gerovich said the decision was based on demand by US investors. He quoted interest among retail and institutional purchasers. According to Gerovich, investors also wanted easier access to Metaplanet shares. He defined the ADR launch as another move toward global involvement.

Metaplanet Sets Up US Subsidiary and ADR Program

The entry to the US market is after Metaplanet had extended its market to North America. The firm has opened up a subsidiary in Miami in the US this year. The unit was introduced with an investment of $15 million. The management claimed that the subsidiary helps in the growth of Bitcoin income and manages the overseas operations.

Metaplanet initiated the ADR program through a sponsored Level I trust agreement. The depositary is Deutsche Bank Trust Company Americas. The MUFG bank serves as the custodian of Japan. This arrangement enables the US banks to issue receipts supported by shares abroad.

Source: Metaplanet

Also Read: Metaplanet taps $130M Bitcoin-backed loan to fuel BTC acquisitions

American Depositary Receipts are the shares of non-American companies. They enable US investors to trade international equities without having to trade them abroad through an overseas exchange. Trading occurs during US market hours. The settlement is also made in US dollars.

Metaplanet indicated that the ADR program would not aim to raise capital. The company said that it has no future funding round. Rather, the program contributes to the issues and trading of the current common and preferred shares. The management positioned the move as an access upgrade rather than a financing tool.

The company also separated the ADRs from its shares in the MTPLF. In December 2024, MTLPF started trading on the OTCQX market. Such an offering is not based on a sponsored ADR structure. Metaplanet asserted that the two listings operate on different frameworks.

Bitcoin Buying Halts After 2025 Accumulation Push

The ADR launch is preceded by Metaplanet halting its Bitcoin purchases. In 2025, the company purchased approximately 29,000 Bitcoin. It stopped additional purchases in September. Bitbo data indicates that the most recent acquisition took place on Sept. 29.

Metaplanet holds 30,823 Bitcoin since April 2024. The holdings position it as one of the largest corporate treasuries of Bitcoin. The move resembles the tactics of other Bitcoin companies. It has also pegged the company valuation to Bitcoin prices.

Source: CoinGecko

In mid-October, the enterprise value of Metaplanet was lower than the value of its Bitcoin holdings. The advancement caused alarm in the digital asset treasury industry. Some of the peers also experienced a drastic decrease in share prices following a favorable boom in July 2025.

According to the company, the market conditions have since improved. The firm has signaled a market-to-Bitcoin net asset value ratio of above 1. The official data shows the mNAV 1.12 at the time of publication. 

Also Read: Bitcoin (BTC) Volatility Explodes Ahead of $23 Billion Options Expiry Next Week