Metaplanet’s MPJPY: Deutsche Bank Partnership Opens US Trading Gateway

Metaplanet just flipped the script on crypto access. Forget waiting for spot ETFs—this Japanese fintech is launching US trading through Deutsche Bank, all under its proprietary MPJPY stablecoin umbrella.

The Backdoor Play

While US regulators drag their feet on clear crypto frameworks, Metaplanet is building its own on-ramp. Partnering with a banking titan like Deutsche Bank isn't just about credibility; it's a direct pipeline into the world's largest capital market. They're not asking for permission—they're building the infrastructure.

Stablecoin as a Strategic Weapon

MPJPY isn't just another digital yen. In this context, it's the rails. Using a proprietary stablecoin for settlement gives Metaplanet unprecedented control over the user experience, compliance flow, and—critically—the data. Every transaction becomes a node in their network.

The Institutional Whisper

This move screams 'institutional readiness.' Deutsche Bank doesn't dabble. This partnership signals a level of operational and regulatory comfort that could lure the cautious, deep-pocketed capital waiting on the sidelines. It's a trust signal wrapped in a utility token.

Global Liquidity, Local Compliance

The real magic trick? Providing US market access while ostensibly operating under a Japanese framework. It's a masterclass in regulatory arbitrage, offering global liquidity while navigating local rules. Others talk about borderless finance; Metaplanet is laying the cable.

One cynical finance jab? This is how you build a moat while the traditional finance giants are still debating whether to fill their moat with water. Metaplanet isn't just entering the US market; it's showing how outdated the current gatekeepers have become.

Metaplanet Sets Up US Subsidiary and ADR Program

The entry to the US market is after Metaplanet had extended its market to North America. The firm has opened up a subsidiary in Miami in the US this year. The unit was introduced with an investment of $15 million. The management claimed that the subsidiary helps in the growth of bitcoin income and manages the overseas operations.

Metaplanet initiated the ADR program through a sponsored Level I trust agreement. The depositary is Deutsche Bank Trust Company Americas. The MUFG bank serves as the custodian of Japan. This arrangement enables the US banks to issue receipts supported by shares abroad.

American Depositary Receipts are the shares of non-American companies. They enable US investors to trade international equities without having to trade them abroad through an overseas exchange. Trading occurs during US market hours. The settlement is also made in US dollars.

Metaplanet indicated that the ADR program WOULD not aim to raise capital. The company said that it has no future funding round. Rather, the program contributes to the issues and trading of the current common and preferred shares. The management positioned the move as an access upgrade rather than a financing tool.

The company also separated the ADRs from its shares in the MTPLF. In December 2024, MTLPF started trading on the OTCQX market. Such an offering is not based on a sponsored ADR structure. Metaplanet asserted that the two listings operate on different frameworks.

Bitcoin Buying Halts After 2025 Accumulation Push

The ADR launch is preceded by Metaplanet halting its Bitcoin purchases. In 2025, the company purchased approximately 29,000 Bitcoin. It stopped additional purchases in September. Bitbo data indicates that the most recent acquisition took place on Sept. 29.

Metaplanet holds 30,823 Bitcoin since April 2024. The holdings position it as one of the largest corporate treasuries of Bitcoin. The move resembles the tactics of other Bitcoin companies. It has also pegged the company valuation to Bitcoin prices.

In mid-October, the enterprise value of Metaplanet was lower than the value of its Bitcoin holdings. The advancement caused alarm in the digital asset treasury industry. Some of the peers also experienced a drastic decrease in share prices following a favorable boom in July 2025.

According to the company, the market conditions have since improved. The firm has signaled a market-to-Bitcoin net asset value ratio of above 1. The official data shows the mNAV 1.12 at the time of publication.