Metaplanet, a Japanese Bitcoin treasury company, is gearing up to make its debut in the U.S. trading arena. The company is launching American Depositary Receipts (ADRs) aimed at broadening access for U.S. investors while avoiding the need to raise new capital. Trading of Metaplanet's ADRs will commence this Friday on the over-the-counter (OTC) market, with shares priced in U.S. dollars under the ticker symbol MPJPY. This move comes in response to strong feedback from both retail and institutional investors in the U.S., who have expressed a desire for easier access to Metaplanet’s equity. CEO Simon Gerovich noted that this launch represents a significant step toward enhancing global access to the company’s offerings.

Earlier this year, Metaplanet established a U.S. subsidiary in Miami, backed by an initial $15 million investment aimed at scaling its Bitcoin income. The ADR program is being executed through a sponsored level trust agreement with Deutsche Bank Trust Company Americas, which will act as the depositary, while MUFG Bank serves as the custodian in Japan. ADRs are financial instruments issued by U.S. banks, enabling American investors to buy shares of foreign companies without needing to trade on international exchanges.

Despite the excitement surrounding the U.S. trading debut, Metaplanet has clarified that the ADRs are not intended to raise funds. Instead, they are designed to facilitate the issuance of common and preferred shares by the company. This is a pivotal distinction, especially considering that Metaplanet previously launched its MTPLF offering on the OTCQX market in December 2024, which operates under a different structure than the current ADR program.

As the company moves forward with its U.S. trading efforts, it faces some challenges. Notably, Metaplanet has not acquired any Bitcoin since September. The company made headlines in 2025 when it purchased approximately 29,000 Bitcoin, but it hit the brakes on further acquisitions last month. Data indicates that Metaplanet has accumulated a total of 30,823 BTC since it kicked off its Bitcoin acquisition strategy in April 2024. This positions Metaplanet as one of the leading digital asset treasuries globally, alongside notable figures like Michael Saylor.

The halt in Bitcoin purchases comes at a time when Metaplanet’s enterprise value has dipped below the value of its Bitcoin holdings. This trend has raised eyebrows across the industry, as several digital asset treasury companies have experienced significant share price declines following a robust rally in July 2025. As of now, Metaplanet's market to Bitcoin NAV (Net Asset Value) ratio has rebounded, currently sitting at 1.12, indicating some recovery in investor confidence.

In summary, the upcoming launch of Metaplanet's MPJPY ADR program marks an important milestone for the company as it seeks to penetrate the U.S. market. The initiative is poised to provide greater accessibility for U.S. investors, while the company navigates its current challenges in Bitcoin acquisition and market positioning. As the crypto landscape continues to evolve, Metaplanet aims to be at the forefront, driving innovation and accessibility in the digital asset space.