Japanese Bitcoin treasury firm Metaplanet is making a fresh push beyond its home market, opening the door for US investors to gain exposure to its equity without trading overseas.
The company is set to debut a new over-the-counter listing in the United States through American Depositary Receipts, marking a notable expansion of its investor base.
Key takeaways
Metaplanet is launching a new US OTC listing via ADRs under the ticker MPJPY
The move builds on earlier US expansion through a Miami-based subsidiary
Bitcoin purchases have been paused since September despite large reserves
Rather than pursuing a capital raise, the move is positioned as an access play. Metaplanet says the ADR structure is designed to remove friction for US-based investors who have shown growing interest in the company’s Bitcoin-focused balance sheet but lack easy entry points through Japanese markets.
The ADRs will trade in US dollars on the OTC market under the ticker MPJPY, with trading expected to begin later this week. Management framed the listing as part of a broader effort to internationalize the company’s shareholder base, particularly among institutions and retail investors seeking Bitcoin-aligned equities.
Behind the scenes of the ADR structure
The program is built around a sponsored trust arrangement, with Deutsche Bank Trust Company Americas acting as the depositary and MUFG Bank handling custody in Japan. While ADRs often accompany fundraising efforts, Metaplanet made it clear that this is not the case here.
Instead, the receipts represent existing equity exposure and support the issuance framework for common and preferred shares, without bringing new capital onto the balance sheet. The company also drew a clear line between this initiative and its earlier US presence on OTC markets. Its MTPLF listing, which began trading late last year, operates independently and is not tied to a sponsored ADR structure.
US expansion follows earlier strategic groundwork
The timing of the ADR launch is not accidental. Months earlier, Metaplanet quietly laid the groundwork for deeper US involvement by setting up a subsidiary in Miami, seeded with $15 million in initial capital. That entity was created to support Bitcoin-related income strategies and strengthen operational reach outside Japan.
Taken together, the Miami subsidiary and the ADR rollout suggest a coordinated effort to position Metaplanet as a globally accessible Bitcoin treasury company, rather than a regionally confined one.
Bitcoin buying pauses as valuation pressures emerge
While access is expanding, Metaplanet’s Bitcoin accumulation has gone quiet. After a rapid buildup earlier in the year, the company stopped adding to its holdings in September. Its last reported purchase took place near the end of that month.
Despite the pause, Metaplanet remains a heavyweight in the corporate Bitcoin landscape. Since launching its treasury strategy in 2024, it has amassed 30,823 BTC, placing it among the largest digital asset treasury holders worldwide.
The buying slowdown came during a turbulent stretch for Bitcoin-aligned equities. In October, Metaplanet’s enterprise value briefly slipped below the market value of its Bitcoin reserves, triggering debate over whether treasury-driven valuations had run ahead of fundamentals. Several peer firms experienced similar pullbacks after a strong mid-year rally.
Signs of stabilization return
More recently, valuation metrics have shown signs of recovery. Metaplanet reports that its market-to-Bitcoin net asset value ratio has moved back above parity, sitting at roughly 1.12. While still far from earlier highs, the rebound suggests that investor sentiment toward Bitcoin treasury models may be stabilizing after months of volatility.
With US trading access expanding and its balance sheet firmly anchored in Bitcoin, Metaplanet now enters a new phase – one where global visibility grows even as strategic questions around accumulation and valuation remain firmly in focus.
