Japanese bitcoin treasury company Metaplanet (3350) said its American depositary receipts (ADRs) will begin trading on Dec. 19 in the US over-the-counter (OTC) market under the ticker MPJPY.
The securities are designed to improve access, transparency and operational efficiency for US-based investors in the fourth largest corporate owner of bitcoin . They will replace existing unsponsored OTC trading under the MTPLF ticker, which lacked a formal deposit agreement and direct corporate involvement. The ADRs meet Level I issuance standards, meaning they are subject to the lowest level of compliance and regulation and cannot be traded on regulated exchanges.
Each ADR represents one common share and is settled through standard US securities infrastructure. Deutsche Bank Trust Company Americas will act as depositary, with MUFG Bank acting as custodian in Japan. The program is not intended for capital raising and does not affect the company’s total outstanding shares.
Although the ADRs are limited to OTC trading rather than on the Nasdaq or NYSE, they offer significantly improved settlement, much broader broker access and significantly lower trading fees than non-sponsored OTC instruments, Dylan Le Clair, head of bitcoin strategy at the Tokyo-based firm, said in a note 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).
