Bitcoin Treasury Metaplanet Opens to US Investors via $MPJPY ADRs — No New Shares
Metaplanet, a Tokyo-listed Bitcoin treasury firm, is about to open its inventory to U.S. traders by a brand new American Depositary Receipt program, giving American patrons dollar-denominated entry with out issuing any new shares.
The firm stated buying and selling of its sponsored Level I ADRs will start Friday on the U.S. over-the-counter market underneath the ticker image MPJPY, according to an announcement.
Each ADR will symbolize one peculiar Metaplanet share and can commerce in U.S. {dollars}.
The program is being launched with Deutsche Bank Trust Company Americas appearing as depositary, whereas MUFG Bank will function custodian for the underlying shares in Japan.
Metaplanet stated the choice adopted rising demand from U.S. retail and institutional traders who’ve been looking for a extra direct and environment friendly approach to achieve publicity to the corporate’s fairness.
Chief government Simon Gerovich said the transfer displays suggestions the corporate has obtained over a number of quarters and marks one other step in increasing world entry to Metaplanet’s inventory.
The ADR program just isn’t designed to increase capital, and it doesn’t have an effect on the variety of issued widespread or most popular shares and won’t dilute current shareholders.
Instead, the construction is meant to enhance settlement effectivity, decrease transaction prices, and enhance transparency for U.S. traders who face operational and regulatory hurdles when buying and selling foreign-listed shares straight.
Metaplanet’s shares have beforehand traded within the U.S. underneath the image MTPLF, however that association was not a part of a sponsored ADR program.
The firm stated the sooner buying and selling format concerned no formal settlement with a depositary financial institution and restricted its potential to present constant disclosures and investor assist.
By distinction, the brand new sponsored ADR framework locations Metaplanet straight throughout the program’s governance and reporting construction, aligning it extra carefully with commonplace practices utilized by internationally listed firms.
The announcement appeared to be welcomed by the market, as Metaplanet shares rose 6.65% in Tokyo buying and selling following the information, closing at 433 yen.
After Rapid Bitcoin Accumulation, Metaplanet Taps the Brakes
The U.S. itemizing comes as Metaplanet continues to refine its broader Bitcoin-focused steadiness sheet technique.
Since launching its Bitcoin acquisition plan in April 2024, the corporate has accumulated 30,823 BTC, making it one of many largest company holders globally alongside Strategy.
Metaplanet acquired roughly 29,000 BTC throughout 2025 however paused additional purchases in late September, with its most up-to-date acquisition dated Sept. 29, according to Bitcointreastries.internet knowledge.
That pause adopted a interval of volatility for Bitcoin treasury firms, as falling share costs pushed some companies’ enterprise values beneath the market worth of their Bitcoin holdings.
Metaplanet faced similar pressure in mid-October, when considerations emerged over its market-to-Bitcoin internet asset worth ratio.
Metaplanet’s mNAV hits 0.99, buying and selling beneath $3.4B Bitcoin reserves as one in 4 treasury companies are buying and selling at low cost, with company shopping for down 95% since July.#Metaplanet #Bitcoinhttps://t.co/1KgbHxWGf5
— Cryptonews.com (@cryptonews) October 14, 2025
The firm stated that ratio has since recovered above 1 and stood at 1.12 on the time of publication.
Equity Raises, Bitcoin Loans, and a Strategy-Style Structure
Metaplanet has relied on a mixture of fairness and debt devices to fund its Bitcoin technique.
In November, the corporate approved the issuance of 23.61 million Mercury Class B preferred shares by a third-party allocation, elevating about ¥21.25 billion, or roughly $135 million.
Metaplanet approves the issuance of latest Class B shares via a third-party allotment.#Bitcoin #Metaplanethttps://t.co/p8fYF0FyZt
— Cryptonews.com (@cryptonews) November 20, 2025
The conversion worth was set properly above the prevailing market worth, limiting near-term dilution.
Around the identical time, Metaplanet disclosed a new $130 million loan backed fully by Bitcoin underneath an current $500 million credit score facility.
As of its newest treasury replace, the corporate’s Bitcoin holdings were valued at roughly $2.7 billion, based mostly on a mean acquisition price of $108,070 per coin.
With Bitcoin buying and selling beneath that stage, Metaplanet reported unrealized losses of about $636 million.
The firm is also preparing to introduce a new preferred-share structure modeled on funding autos popularized by Strategy.
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