Japanese bitcoin treasury company Metaplanet (3350) said its American depositary receipts (ADRs) will start trading Dec. 19 on the U.S. over-the-counter (OTC) market under the ticker MPJPY.
The securities are designed to improve access, transparency and operational efficiency for U.S. based investors in the fourth-largest corporate holder of bitcoin BTC$88,121.51. They will replace existing, unsponsored OTC trading under the MTPLF ticker, which lacked a formal deposit agreement and direct company involvement. The ADRs meet level I issuance standards, meaning they are subject to the lowest level of compliance and regulation and cannot trade on regulated exchanges.
Each ADR represents one common share and settles through standard U.S. securities infrastructure. Deutsche Bank Trust Company Americas will act as depositary, with MUFG Bank serving as custodian in Japan. The program is not intended for capital raising and does not affect the company’s total shares outstanding.
Even though the ADRs are limited to OTC trading rather than on Nasdaq or the NYSE, they offer materially improved settlement, much broader brokerage access and significantly lower trading fees than unsponsored OTC instruments, Dylan Le Clair, head of bitcoin strategy at the Tokyo-based company, said in a post on X.
The structure removes key barriers for both retail and institutional investors, many of whom require compliant ADR frameworks due to regulatory and custodial mandates, he said.
Metaplanet shares rose more than 6% in Tokyo to 443 yen ($2.80).
Source: https://www.coindesk.com/markets/2025/12/19/metaplanet-to-start-sponsored-adr-program-to-woo-over-the-counter-u-s-investors
