Japanese Bitcoin treasury firm Metaplanet has announced plans to launch a sponsored Level I ADR program to attract U.S. OTC (over-the-counter) investors. The ADRs will trade under the ticker MPJPY starting December 19, replacing the existing OTC trading under the ticker MTPLF.
Dylan Le Clair, the company’s head of Bitcoin strategy, stated that the ADRs are currently limited to OTC trading, rather than being listed on the NYSE or Nasdaq. However, he noted that they still offer significantly lower trading fees, materially improved settlement, and much broader brokerage access. He also noted that the structure of the ADRs removes barriers for both institutional and retail investors seeking compliant ADR frameworks due to custodial and regulatory requirements.
Metaplanet filed with the U.S. SEC on December 12 to register American Depositary Receipts (ADRs). The company plans to register 200 million American Depositary Shares (ADS) with a nominal value of approximately $10 million. Each ADS represents one ordinary share. Meanwhile, the Deutsche Bank Trust Company is acting as the depositary bank, and MUFG Bank is serving as the custodian in Japan.
Gerovich says Metaplanet is responding to institutional and retail investors
Simon Gerovich, the president of Metaplanet, said his company is responding to feedback from U.S. retail and institutional investors looking for easier access to the company’s equity. He added that launching the ADRs in the U.S. market is another step toward promoting global participation in Metaplanet.
Metaplanet revealed that the ADRs will be denominated in U.S. dollars and will be traded through the U.S. securities trading infrastructure. The company’s initiative also aims to enhance transparency and accessibility for global investors while meeting the demands of U.S. investors.
Metaplanet revealed that the ADRs will have a 1:1 ratio with common shares, with a CUSIP number of 59141L 109. The company emphasizes that this ADR program will not be used for fundraising. It will also not affect the total number of preferred or common shares issued.
Metaplanet’s shares jumped 6.65% to 433 JPY (~$2.80) after the ADR program was announced. The day’s prices swung between 401 JPY (~$2.55) and 433 JPY (~$2.80).
The share price beat expectations, rising despite the challenging macroeconomic environment in Japan. The Bank of Japan (BOJ) raised its benchmark interest rate by 25 basis points to 0.75%, marking the highest level in 30 years. The BOJ’s rate hike supports the Yen, but places pressure on riskier assets. However, Metaplanet’s equity does not appear to be affected by this trend.
Metaplanet’s share price is expected to establish a new support level if it consolidates above the 440 JPY price range. However, it remains to be seen whether the MSCI will remove companies with high crypto holdings like Metaplanet from specific indices in 2026.
Meanwhile, the company is changing its capital-raising structure to finance the purchases of more BTC without affecting the value for existing shareholders. Metaplanet plans to create two new classes of preferred shares, MARS and MERCURY.
MARS shares are a financing tool featuring monthly-adjustable dividends, while MERCURY shares offer a fixed annual dividend of 4.9%. MERCURY shares also include a conversion option that is linked to the performance of Bitcoin’s price.
Metaplanet said these financial strategies support its position as the world’s fourth-largest publicly traded Bitcoin treasury. Its holdings are currently valued at about $2.7 billion.
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Source: https://www.cryptopolitan.com/metaplanet-plans-attract-otc-u-s-investors/
