Japanese Bitcoin treasury company Metaplanet (3350) has announced that its American Depositary Receipts (ADRs) will begin trading in the U.S. over-the-counter (OTC) market from December 19th under the ticker MPJPY.
The securities are designed to improve access, transparency, and operational efficiency for U.S.-based investors in Bitcoin's fourth-largest holder. BTC$88,092.82. These replace existing unsponsored OTC trading based on the MTPLF ticker, which lacked formal deposit agreements and direct corporate involvement. The ADR meets Level I issuance criteria. This means that ADRs are subject to minimum levels of compliance and regulation and cannot be traded on regulated exchanges.
Each ADR represents one common share and is settled through standard U.S. securities infrastructure. Deutsche Bank Trust Americas will act as depositary and Mitsubishi UFJ Bank will act as custodian in Japan. This program is not intended to raise capital and will not affect the total number of outstanding shares of the Company.
Although ADRs are limited to over-the-counter trading rather than the Nasdaq or New York Stock Exchange, they offer significantly improved settlement, much broader intermediary access, and significantly lower trading fees compared to unsponsored OTC products, Dylan Le Clerc, head of Bitcoin strategy at the Tokyo-based firm, said in a post on X.
He said this structure removes a key barrier for both retail and institutional investors, many of whom require compliant ADR frameworks due to regulatory and custodial obligations.
Metaplanet shares rose more than 6% to 443 yen ($2.80) in Tokyo.
