Japanese Bitcoin Treasury Firm Expands US Investor Access Without Capital Raise
Japanese Bitcoin treasury company Metaplanet is set to debut US trading through an American Depositary Receipt (ADR) program, marking a significant step in its global expansion strategy. The ADRs will trade in US dollars on the over-the-counter (OTC) market under the ticker MPJPY, providing US investors with streamlined access to Metaplanet’s equity.
Trading is expected to begin shortly under a sponsored Level I ADR program, with Deutsche Bank Trust Company Americas acting as the depositary and MUFG Bank serving as custodian in Japan. ADRs allow US investors to gain exposure to foreign companies without the complexities of trading on overseas exchanges.
Importantly, Metaplanet emphasized that the ADR launch is not intended to raise new capital. Instead, the program is designed to broaden investor accessibility and improve liquidity while funding the issuance of existing common and preferred shares.
The ADR rollout follows Metaplanet’s decision earlier this year to establish a US subsidiary in Miami, capitalized with $15 million, to support Bitcoin-related income initiatives and corporate development. Company leadership cited strong demand from US retail and institutional investors seeking easier exposure to Metaplanet’s shares.
Metaplanet has not added to its Bitcoin holdings since September, after acquiring approximately 29,000 BTC during 2025. Since launching its Bitcoin strategy in April 2024, the company has accumulated 30,823 BTC, positioning it among the world’s largest corporate Bitcoin treasuries.
While the company briefly faced valuation pressure when its enterprise value fell below the value of its Bitcoin holdings, its market-to-Bitcoin NAV ratio has since recovered above 1, signaling renewed investor confidence as US trading access expands.
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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.