Metaplanet will debut US trading through a Sponsored Level I American Depositary Receipt (ADR) program under the ticker MPJPY, enabling U.S. investors to access the company’s equity and widening reach to its Bitcoin-focused business.
A Sponsored Level I ADR converts foreign shares into U.S.-tradeable certificates issued by a depositary bank, letting U.S. investors hold economic ownership of foreign equity without opening a foreign brokerage account. Metaplanet chose the Level I route, which places the ADR on the over‑the‑counter (OTC) market and avoids the full U.S. GAAP reconciliation and extensive SEC registration required for exchange listings.
Deutsche Bank will manage issuance, maintain the ADR register, and handle disbursement mechanics such as dividend distribution for this program. The ADR framework also removes the direct foreign‑exchange friction for U.S. dollar investors and can lower operational latency for cross‑border settlement relative to direct share purchases in Japan.
Metaplanet’s corporate identity centers on an active Bitcoin treasury strategy. As of early November 2025, the company held in excess of 30,823 BTC and has used portions of those holdings in financing and expansion initiatives.
Metaplanet US trading structure and market access
Metaplanet has filed a Form F‑6 with the U.S. Securities and Exchange Commission to register the ADRs and seeks to rely on the Rule 12g3‑2(b) exemption for furnishing information to the OTC market, reducing the immediate burden of full SEC reporting. Choosing a Sponsored Level I ADR reflects a deliberate trade‑off: speed and market access at the expense of the liquidity and regulatory profile associated with a U.S. exchange listing.
The structure signals a stepwise market‑entry strategy aimed at broadening liquidity, attracting a wider set of compliant institutional investors, and extending the company’s reach without the infrastructure demands of a full uplisting. The ADR program is scheduled to commence trading on the OTC market under the ticker MPJPY on December 19, 2025.
Deutsche Bank is acting as the depositary bank for the ADR program, simplifying dollar-denominated exposure to the company’s corporate strategy. Trading is scheduled to commence on the OTC market on December 19, 2025, broadening the firm’s potential investor base in the U.S. market.
Metaplanet’s ADR program is a measured attempt to translate a Bitcoin‑centric corporate balance sheet into an equity instrument accessible to U.S. investors while keeping regulatory and reporting obligations comparatively light.
