Metaplanet Launches ADR Program for U.S. Investors and Details Bitcoin Treasury Strategy
Metaplanet has launched a sponsored Level I American Depositary Receipt (ADR) program for U.S. investors under the ticker MPJPY. Each ADR represents one ordinary share and is listed on the U.S. OTC market in USD. No new shares have been issued and there is no dilution to existing shareholders. This program is designed to improve settlement efficiency and investor transparency for U.S. buyers rather than to raise capital.
Deutsche Bank Trust Company Americas will serve as the ADR depositary, while MUFG Bank will act as custodian for the underlying Japanese shares. U.S. trading of MPJPY ADRs is set to begin on December 19, 2025. Previously, Metaplanet traded in the U.S. as MTPLF but not via an ADR program. Following the announcement, Metaplanet shares rose 6.65% in Tokyo to 433 yen.
Since April 2024, Metaplanet has pursued a Bitcoin treasury strategy, amassing approximately 30,823 BTC, with about 29,000 BTC purchased in 2025. Purchases were paused in late September 2025, with the latest acquisition occurring on September 29, 2025. The Bitcoin holdings are valued around $2.7 billion, based on an average cost of $108,070 per coin, reflecting unrealized losses of about $636 million.
The mNAV reached 0.99 in October 2025, trading near $3.4 billion in Bitcoin reserves, and later recovered to 1.12 by the time of publication. In November 2025, Metaplanet issued 23.61 million Mercury Class B preferred shares via a third-party allocation, raising approximately ¥21.25 billion (around $135 million). The conversion price was set well above the market price to limit near-term dilution.
Additionally, Metaplanet disclosed a new $130 million Bitcoin-backed loan under an existing $500 million facility, and is preparing a new preferred-share structure modeled on Strategy’s funding vehicles.
