Metaplanet plans US OTC ADR trading to widen investor access, improve settlement efficiency, and strengthen regulated exposure to its Bitcoin treasury.
Metaplanet, a Japanese Bitcoin treasury company, announced plans to launch American depositary receipts in the United States. The ADRs will start trading on December 19 on the over-the-counter market. Moreover, it is a significant step to extend the access of US investors aiming to get regulated exposure.
Metaplanet Expands Market Access Through Structured US Listing
According to the company, the ADRs will have the ticker symbol MPJPY. Importantly, the securities will take the place of unsponsored OTC trading that was previously conducted under the ticker MTPLF. That previous set-up did not have a formal deposit agreement or direct company involvement. Consequently, the new structure helps in improving transparency, operational oversight, and reliability of settlement.
The ADRs comply with Level I of issuance standards under US securities. Therefore, they are still limited to over-the-counter trading and are not able to list on regulated exchanges. However, the structure can offer meaningful compliance improvements. Each ADR is a representation of a single common Metaplanet share and is settled via the standard US securities infrastructure.
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Deutsche Bank Trust Company Americas will serve as the depositary for the ADR program. Meanwhile, MUFG Bank will act as the custodian in Japan. As a result, the securities incorporate known cross-border custody arrangements. This setup increases confidence for brokers, custodians, and compliance investors.
Metaplanet stressed that the ADR program is not about raising capital. Accordingly, it does not issue any new shares or change the total shares outstanding. Instead, the initiative is aimed at market access and efficiency. This clarification includes responses to concerns about possible dilution.
Although ADRs trade in OTC markets, the benefits remain substantial. Trading fees are expected to be more favorable than those for unsponsored instruments. In addition, settlement processes become more predictable. Therefore, both retail and institutional participants have fewer technical barriers.
Bitcoin Treasury Strategy Drives Institutional Interest
Dylan Le Clair, head of bitcoin strategy at Metaplanet, underestimated the regulatory significance of the structure. He noted that there are many institutions that mandate compliant ADR frameworks. Consequently, the program eliminates constraints associated with custodial and regulatory mandates.
The MPJPY ADRs enable the US investors to trade in Metaplanet shares in US dollars. Moreover, the investors do not require Japanese brokerage accounts anymore. They also do not have any direct dealings with foreign exchanges. With this, the operational complexity reduces considerably.
Metaplanet claims to be a bitcoin treasury focused company. The firm has Bitcoin as a core balance sheet asset. According to its latest disclosure, Metaplanet had 30,823 BTC as of September 2025. That number puts the company in the top ranks of corporate bitcoin holders in the world.
Furthermore, the ADR launch helps Metaplanet to strengthen its visibility in international markets. US investors receive more convenient access to a company that is closely correlated with the price of Bitcoin. Meanwhile, the firm is maintaining a conservative compliance strategy by selecting OTC markets.
The move is part of Metaplanet’s larger international strategy. Earlier, the company set up a US subsidiary to facilitate the overseas operations. Therefore, the ADR program is consistent with longer-range expansion plans. It also represents an increase in institutional interest in regulated exposure to bitcoin treasury.
Overall, the ADR initiative makes accessibility accessible without adding financial risk. Improved settlement, wider brokerage coverage, and regulatory alignment boost investor confidence. Consequently, Metaplanet consolidates its position as a bridge between the traditional markets and the bitcoin-focused treasury strategies.
Source: https://www.livebitcoinnews.com/metaplanet-to-launch-bitcoin-treasury-adrs-on-us-otc-market/
