Metaplanet Launches Sponsored ADRs (MPJPY) to Open US Dollar Trading for Bitcoin-Treasury Shares
Metaplanet, a Japan-based bitcoin-focused treasury company, launched sponsored American Depositary Receipts (ADRs) trading under ticker MPJPY on the US OTC market. Deutsche Bank Trust Company Americas is the depositary and MUFG Bank is the custodian in Japan. The sponsored ADRs convert existing common and preferred shares into US-dollar tradable ADRs; they do not issue new shares or raise capital. This offering follows Metaplanet’s December 2024 OTCQX listing (MTPLF) and provides a more structured channel for US retail and institutional investors. Metaplanet established a US subsidiary in Miami with initial capital and had accumulated roughly 30,823 BTC since April 2024, holding about 29,000 BTC as of late September 2025, but paused further purchases in September. The ADR program aims to broaden US access to Metaplanet equity without diluting shareholders. For traders, the move increases US liquidity and accessibility for trading Metaplanet exposure to a bitcoin treasury strategy; monitoring trading volumes, ADR-market spreads, and any resumption of BTC accumulation will be key for assessing impact on Metaplanet’s share behavior and correlations with BTC price.
Neutral
The ADR launch primarily affects equity access and liquidity rather than Bitcoin’s supply-demand fundamentals. Converting existing shares into US-dollar ADRs should increase US investor access and could raise trading volumes and share-price discovery for Metaplanet equity. That may tighten spreads and reduce price dislocation for the stock, but it does not change the company’s BTC holdings or issuance (no new BTC buying is implied by the ADR itself). Since Metaplanet paused BTC purchases in September and holdings are unchanged by the ADR program, direct price pressure on BTC is limited. Indirect effects could occur if easier US trading attracts larger institutional positions in the equity that subsequently alter treasury behavior (e.g., if management resumes accumulation or sells BTC to meet corporate needs), but such scenarios are speculative. Short-term: possible modest volatility in Metaplanet shares as ADR trading begins and liquidity discovers a US price — neutral for BTC. Long-term: improved US access may raise persistent demand for the equity, but without new BTC purchases or disposals announced, the ADR program should have minimal direct impact on BTC price — overall neutral.