Metaplanet Launches U.S. OTC ADR Trading to Expand Bitcoin Investment Access

Japanese bitcoin treasury firm Metaplanet (ticker: 3350) announced that its American depositary receipts (ADRs) will begin trading on December 19 on the U.S. over-the-counter (OTC) market under the ticker symbol MPJPY. The move is aimed at improving accessibility, transparency, and operational efficiency for U.S.-based investors seeking exposure to one of the world’s largest corporate holders of bitcoin.

The newly launched ADR program replaces the company’s previous unsponsored OTC trading under the MTPLF ticker. That earlier structure lacked a formal deposit agreement and did not involve direct participation from Metaplanet, limiting investor confidence and accessibility. By contrast, the new ADRs are sponsored and follow a defined depositary framework, offering a more standardized and compliant way for U.S. investors to trade Metaplanet shares.

The ADRs are issued under Level I standards, which represent the lowest regulatory and disclosure requirements for depositary receipts. As a result, the securities are limited to OTC trading and are not eligible for listing on major U.S. exchanges such as Nasdaq or the New York Stock Exchange. Each ADR represents one common share of Metaplanet and settles through standard U.S. securities infrastructure, making trading more efficient for American investors.

Deutsche Bank Trust Company Americas will serve as the depositary for the ADR program, while MUFG Bank will act as custodian in Japan. The company emphasized that the ADR launch is not intended to raise new capital and does not change the total number of shares outstanding.

Despite being confined to the OTC market, the ADRs are expected to provide broader brokerage access, lower trading costs, and improved settlement compared with unsponsored OTC instruments. According to Dylan Le Clair, head of bitcoin strategy at Metaplanet, the structure removes key barriers for both retail and institutional investors who require compliant ADR frameworks due to regulatory or custodial mandates.

Following the announcement, Metaplanet shares rose more than 6% in Tokyo trading to 443 yen, or approximately $2.80, highlighting investor optimism around the company’s expanding global reach and growing role in the corporate bitcoin investment landscape.