Metaplanet Opens Bitcoin Treasury to US Investors via $MPJPY ADRs — No New Shares Issued

Tokyo-listed Metaplanet just tore down a wall — and Wall Street might finally get it.

The firm, which has been aggressively stacking Bitcoin as a treasury asset, announced its American Depositary Receipts (ADRs) under the ticker $MPJPY are now open to U.S. investors. The key twist? This isn't a fresh capital raise. No new shares are being issued, meaning the move is purely about access, not dilution.

Bypassing the Traditional Gatekeepers

For stateside investors who've watched Asia's corporate Bitcoin adoption from the sidelines, this is a direct line in. ADRs let U.S. investors buy and trade shares of foreign companies on American exchanges, sidestepping the usual complexities of international brokerage accounts. Metaplanet's strategy effectively turns its Bitcoin-heavy balance sheet into a tradable product for a massive new pool of capital.

The 'Why Now' of Access

The timing isn't random. As regulatory clarity (or the lack thereof) continues to stifle U.S.-listed Bitcoin ETFs and corporate adoption, Metaplanet offers a backdoor play. Investors aren't just buying a company; they're buying a concentrated, leveraged bet on Bitcoin's price through a publicly traded vehicle — one that doesn't have to ask the SEC for permission.

It's a slick move that highlights a growing global divergence in crypto strategy. While U.S. firms navigate a regulatory maze, international players are simply building the products and opening the doors. One cynical finance veteran might call it "regulatory arbitrage" — everyone else just calls it opportunity.

So, watch the $MPJPY ticker. It's not just a stock quote; it's a real-time gauge of American appetite for a pure-play Bitcoin treasury strategy, no Wall Street middleman required.

Metaplanet Shares Jump After Company Upgrades U.S. Trading Structure

Metaplanet said the decision followed growing demand from U.S. retail and institutional investors who have been seeking a more direct and efficient way to gain exposure to the company’s equity.

Chief executive Simon Gerovich said the MOVE reflects feedback the company has received over several quarters and marks another step in expanding global access to Metaplanet’s stock.

U.S. trading of Metaplanet ADRs begins December 19. Ticker: $MPJPY

This directly reflects feedback from U.S. retail and institutional investors seeking easier access to our equity. Another step toward broader global participation in Metaplanet. pic.twitter.com/XEvfAFw8Z3

The ADR program is not designed to raise capital, and it does not affect the number of issued common or preferred shares and will not dilute existing shareholders.

Instead, the structure is intended to improve settlement efficiency, lower transaction costs, and increase transparency for U.S. investors who face operational and regulatory hurdles when trading foreign-listed stocks directly.

Metaplanet’s shares have previously traded in the U.S. under the symbol MTPLF, but that arrangement was not part of a sponsored ADR program.

The company said the earlier trading format involved no formal agreement with a depositary bank and limited its ability to provide consistent disclosures and investor support.

By contrast, the new sponsored ADR framework places Metaplanet directly within the program’s governance and reporting structure, aligning it more closely with standard practices used by internationally listed companies.

The announcement appeared to be welcomed by the market, as Metaplanet shares ROSE 6.65% in Tokyo trading following the news, closing at 433 yen.

After Rapid Bitcoin Accumulation, Metaplanet Taps the Brakes

The U.S. listing comes as Metaplanet continues to refine its broader Bitcoin-focused balance sheet strategy.

Since launching its bitcoin acquisition plan in April 2024, the company has accumulated 30,823 BTC, making it one of the largest corporate holders globally alongside Strategy.

Metaplanet acquired roughly 29,000 BTC during 2025 but paused further purchases in late September, with its most recent acquisition dated Sept. 29, according to Bitcointreastries.net data.

That pause followed a period of volatility for Bitcoin treasury companies, as falling share prices pushed some firms’ enterprise values below the market value of their Bitcoin holdings.

Metaplanet faced similar pressure in mid-October, when concerns emerged over its market-to-Bitcoin net asset value ratio.

Metaplanet's mNAV hits 0.99, trading below $3.4B Bitcoin reserves as one in four treasury firms are trading at discount, with corporate buying down 95% since July.#Metaplanet #Bitcoinhttps://t.co/1KgbHxWGf5

The company said that ratio has since recovered above 1 and stood at 1.12 at the time of publication.

Equity Raises, Bitcoin Loans, and a Strategy-Style Structure

Metaplanet has relied on a mix of equity and debt instruments to fund its Bitcoin strategy.

In November, the company approved the issuance of 23.61 million Mercury Class B preferred shares through a third-party allocation, raising about ¥21.25 billion, or roughly $135 million.

Metaplanet approves the issuance of new Class B shares via a third-party allotment.#Bitcoin #Metaplanethttps://t.co/p8fYF0FyZt

The conversion price was set well above the prevailing market price, limiting near-term dilution.

Around the same time, Metaplanet disclosed a new $130 million loan backed entirely by Bitcoin under an existing $500 million credit facility.

As of its latest treasury update, the company’s Bitcoin holdings were valued at roughly $2.7 billion, based on an average acquisition cost of $108,070 per coin.

With Bitcoin trading below that level, Metaplanet reported unrealized losses of about $636 million.

The company is also preparing to introduce a new preferred-share structure modeled on funding vehicles popularized by Strategy.