Metaplanet Stock: Japan’s Bitcoin Treasury Giant Now Welcomes US Investors

Tokyo's corporate Bitcoin whale just unlocked a massive new liquidity pool.

Metaplanet, the Japanese investment firm that's been aggressively stacking Bitcoin onto its balance sheet, just rolled out the red carpet for US investors. No longer confined to Tokyo's exchange, the company's shares are now accessible through major US over-the-counter markets—a direct bridge for American capital to back a pure-play Bitcoin strategy.

The Strategy: A Corporate Treasury Bet on Steroids

Forget mining rigs or crypto exchanges. Metaplanet's playbook is simpler and, to some, bolder: buy and hold Bitcoin as a primary treasury asset. The firm has been methodically converting yen reserves into BTC, positioning itself as a publicly-traded proxy for Bitcoin's price action—a move that echoes MicroStrategy's famous play but with a distinct Japanese regulatory twist.

Why This Move Matters Now

Opening the gates to US investors isn't just about broader access. It's a liquidity magnet. The OTC listing bypasses traditional barriers, letting US funds and retail traders easily gain exposure to a company whose value is increasingly correlated with crypto markets, not the Nikkei. It turns a Tokyo stock into a global digital asset vehicle overnight.

The appeal is clear for a certain investor profile: those who want Bitcoin exposure without the hassle of direct custody, wrapped in the structure of a listed company. It's a bet on corporate conviction in an asset class that still makes traditional portfolio managers sweat—though you won't find many of them admitting it over a sake.

A New Front in the Institutional Adoption War

This isn't just a listing; it's a strategic flanking maneuver. While US spot Bitcoin ETFs battle for flows, Metaplanet offers a different path—equity ownership in a firm whose strategy is transparently bullish. It creates a fresh, competing channel for capital seeking Bitcoin beta, proving that institutional adoption has more than one playbook.

The bottom line? A major Asian Bitcoin holder just invited the world's largest capital market to the table. Whether this fuels the next leg up or simply provides a new venue for speculative fervor remains to be seen—after all, on Wall Street, a new wrapper for an old bet is often just called innovation.

TLDR

• Metaplanet begins trading American Depositary Receipts on the US OTC market under ticker MPJPY on Friday through Deutsche Bank Trust Company Americas
• The ADR program is not raising new capital but provides easier access for US retail and institutional investors to Metaplanet shares
• Metaplanet has not purchased Bitcoin since September 29, 2024, after accumulating 30,823 BTC total since April 2024
• The company now has over 212,000 individual shareholders, making it one of Japan’s most widely held stocks
• Metaplanet’s market to Bitcoin NAV ratio recovered to 1.12 after falling below 1.0 in mid-October

Metaplanet starts trading in the United States on Friday. The Japanese Bitcoin treasury company launches American Depositary Receipts on the OTC market under ticker MPJPY.

JUST IN: Japanese #Bitcoin treasury company MetaPlanet launches new ADRs (American Depositary Receipts) trading on Deutsche Bank Trust Company Americas under the ticker $MPJPY. pic.twitter.com/vTic9FcPzk

— BitcoinTreasuries.NET (@BTCtreasuries) December 19, 2025

The MOVE comes after feedback from US investors seeking easier access to Metaplanet equity. CEO Simon Gerovich announced the launch marks another step toward broader global access.

Deutsche Bank Trust Company Americas serves as depositary for the ADR program. MUFG Bank acts as custodian in Japan. The program covers up to $200 million in American Depositary Shares.

Each ADR represents one ordinary share listed on the Tokyo Stock Exchange. This differs from Metaplanet’s existing MTPLF offering that began trading on OTCQX in December 2024.

The company clarified the ADRs are not intended to raise funds. Instead, the program aims to fund the issuance of common and preferred shares by the company.

Shareholder Base Expands Rapidly

Metaplanet now boasts more than 212,000 individual shareholders. This makes it one of Japan’s most widely held stocks.

The company transformed from a microcap hotel business to a bitcoin treasury firm in early 2024. Metaplanet divested hotel real estate assets and declared Bitcoin its primary treasury reserve asset.

The strategy mirrors Michael Saylor’s approach with Strategy. Metaplanet was added to the FTSE Japan and All-World indices in mid-2024, cementing its mainstream equity market presence.

The company established a US subsidiary in Miami earlier this year. The subsidiary launched with $15 million in initial capital to grow Bitcoin income.

Bitcoin Buying Activity Pauses

Metaplanet has not purchased Bitcoin since September 29, 2024. The company acquired around 29,000 BTC throughout the year before halting purchases.

Total Bitcoin holdings stand at 30,823 BTC. This positions Metaplanet as one of the world’s largest digital asset treasuries.

The buying halt came as Metaplanet’s enterprise value fell below its Bitcoin holdings value in mid-October. This raised concerns across the digital asset treasury sector.

Several other digital asset treasury companies experienced sharp share price declines after a strong rally in July 2024. The market correction affected multiple firms in the space.

Metaplanet’s market to Bitcoin NAV ratio has since recovered. The mNAV ratio now stands at 1.12, according to official company data.

The MPJPY ADR program provides US investors with a tradable proxy for exposure to Metaplanet’s Bitcoin strategy. Trading begins Friday on the OTC market through Deutsche Bank Trust Company Americas as depositary.