Metaplanet, a Japanese company focused on holding Bitcoin as a treasury asset, is set to debut its American Depositary Receipts (ADRs) trading on the US OTC market this Friday under the ticker MPJPY. This initiative, facilitated through Deutsche Bank Trust Company Americas, aims to provide US investors with easier access to Metaplanet”s stock without the need for new capital.
The company currently holds a significant Bitcoin treasury, totaling 30,823 BTC, though it has not made any purchases since September 29, 2024. With over 212,000 individual shareholders, Metaplanet ranks among Japan”s most widely held equities, reflecting a strong interest in its unique financial strategy.
The launch of this ADR program marks a strategic response to the demand from both retail and institutional investors in the United States, according to CEO Simon Gerovich. Each ADR represents one ordinary share listed on the Tokyo Stock Exchange, allowing American investors to gain exposure to Metaplanet”s Bitcoin treasury strategy.
Notably, the ADR program will not raise new capital, focusing instead on facilitating access for US investors. This initiative differs from Metaplanet”s previous offering, which began trading on the OTCQX market in December 2024 without a sponsored ADR structure.
Since pivoting from hotel operations to a Bitcoin-centric model in early 2024, Metaplanet has divested its real estate holdings to adopt Bitcoin as its primary reserve asset, a strategy reminiscent of that employed by notable figures in the crypto space, such as Michael Saylor. The company”s market to Bitcoin net asset value (NAV) ratio recently recovered to 1.12, after previously dipping below 1.0 in October.
As the firm prepares for its US trading debut, it is important to note that Metaplanet has maintained its Bitcoin holdings static, refraining from further acquisitions after a notable accumulation phase throughout the previous year. The strategic halt in purchasing came amid challenges regarding its enterprise value, which had sparked concerns within the industry.
With the launch of MPJPY, US investors are presented with a new avenue to gain exposure to the potential of Bitcoin through a well-established entity in the digital asset treasury space. Trading begins this Friday, promising an exciting opportunity for investors looking to tap into Metaplanet”s innovative approach to Bitcoin treasury management.
