Metaplanet sponsored level I ADR launches on U.S. OTC as MPJPY
Japan-based Bitcoin treasury firm Metaplanet has officially launched its sponsored Level I ADR program, marking a significant step toward expanding its global investor reach. Beginning December 19, the company’s American Depositary Receipts will trade over the counter in the United States under the ticker MPJPY. This strategic move replaces the previous unsponsored OTC activity that operated with limited support and less transparency for U.S. participants.
By shifting to a sponsored ADR structure, Metaplanet aims to offer American investors a more seamless and standardized experience. The program enables easier U.S. market access, includes dollar-based settlement, and aligns trading with established market infrastructure. Overall, the upgrade is designed to reduce friction, improve visibility, and broaden institutional and retail engagement with Metaplanet’s Bitcoin-focused corporate strategy.
What’s happening
Metaplanet said trading in its sponsored ADRs will start Friday, Dec. 19, on the U.S. OTC market under MPJPY. The company framed the program as a way to enhance U.S. investor access and operational efficiency without issuing new equity or changing the share count.Coindesk
Program details
Depositary bank
Deutsche Bank Trust Company Americas.
Custodian (Japan)
MUFG Bank.
Ratio
1 ADR = 1 common share.
Scope
Level I ADR (eligible for OTC trading only; not NYSE/Nasdaq).
Settlement
U.S. dollars via standard U.S. securities infrastructure.
Capital raise
None; the program is not for fundraising.
Background and transition from MTPLF
Before MPJPY, Metaplanet’s equity was available to some U.S. investors via unsponsored OTC trading as MTPLF, which lacks a formal deposit agreement or direct company involvement. The new sponsored ADR structure formalizes U.S. access and is intended to improve liquidity and settlement quality.
Investor impact
Why it matters for U.S. investors
A sponsored level I ADR generally brings
Broader brokerage availability and clearer corporate communications (via the depositary).
Operational improvements (USD settlement, DTC eligibility via the ADR infrastructure).
No change to Metaplanet’s total shares outstanding.
Ticker, ratio and fees
Ticker
MPJPY (U.S. OTC).
ADR ratio
1:1 with the underlying Metaplanet common share.
Depositary disclosures/fees
Governed by the Form F-6 deposit agreement filed with the U.S. SEC.
MPJPY versus MTPLF.
MPJPY (Sponsored ADR)
Company-involved, formal deposit agreement, DB depositary, MUFG custodian, USD settlement.
MTPLF (Unsponsored)
Bank-created without issuer participation; being superseded in practice by MPJPY for U.S. access.
Market context
Metaplanet has positioned itself as a large corporate holder of bitcoin, a fact frequently cited in coverage of the firm’s capital-market moves. (Exact ranking varies by source and date.)
Context & Analysis
Sponsored level I ADRs do not qualify for major U.S. exchanges but typically broaden access for investors whose mandates require ADR frameworks. For Metaplanet, moving from unsponsored trading (MTPLF) to a sponsored structure (MPJPY) should improve transparency and corporate control over communications with U.S. holders.
Conclusion
Metaplanet’s launch of its sponsored Level I ADR program under the ticker MPJPY formalizes and simplifies access for U.S. investors. The structure provides a 1:1 share ratio, settles directly in U.S. dollars, and includes clearly designated depositary and custodian institutions, offering a more transparent and reliable framework compared to previous trading arrangements.
This ADR launch is not a capital-raising event, but rather an upgrade in market infrastructure designed to streamline participation for American holders. As a result, MPJPY is expected to replace the role of MTPLF for many U.S. investors seeking smoother exposure to Metaplanet’s Bitcoin-focused strategy.
FAQs
Q : When did MPJPY begin trading?
A : Dec. 19, 2025, on the U.S. OTC market.
Q : What is the ratio for MPJPY?
A : 1 ADR = 1 Metaplanet common share, per the SEC Form F-6 filing.
Q : Who is the depositary bank and who is the custodian?
A : Deutsche Bank Trust Company Americas is the depositary; MUFG Bank is the custodian in Japan.
Q : Does the program raise new capital?
A : No. The sponsored Level I ADR is not a capital-raising event.
Q : What happens to MTPLF?
A : MTPLF was an unsponsored OTC line; MPJPY now provides a sponsored structure and is expected to become the primary U.S. access point.
Q : Is MPJPY listed on NYSE or Nasdaq?
A : No. Level I ADRs trade over the counter and are not exchange-listed.
Q : Why does a sponsored ADR help investors?
A : It generally offers clearer disclosures, standardized USD settlement, and broader brokerage access compared to unsponsored lines.
Facts
Event
Launch of Metaplanet sponsored level I ADR trading in the U.S. as MPJPYDate/Time
2025-12-19T00:00:00+05:00Entities
Metaplanet Inc. (TSE: 3350); Deutsche Bank Trust Company Americas (depositary); MUFG Bank (custodian)Figures
1 ADR = 1 common share; USD settlement; Level I (OTC)Quotes
“Trading in Metaplanet’s ADRs is expected to start on Friday … under the ticker symbol MPJPY.” CoinDesk/Cointelegraph reportsSources
CoinDesk (markets coverage) + URL; SEC Form F-6 + URL