Metaplanet Stock: Bitcoin Treasury Company Debuts American Trading Friday

TLDR

• Metaplanet launches American Depositary Receipts trading Friday on US OTC market under MPJPY ticker through Deutsche Bank
• The Japanese Bitcoin treasury company holds 30,823 BTC but hasn’t purchased any since September 29, 2024
• Over 212,000 individual shareholders now own Metaplanet stock, making it one of Japan’s most widely held equities
• ADR program provides US investors access without raising new capital, with each share representing one Tokyo Stock Exchange ordinary share
• Company’s market to Bitcoin NAV ratio recovered to 1.12 after dropping below 1.0 in October

Metaplanet launches US trading Friday through American Depositary Receipts. The Japanese Bitcoin treasury company debuts on the OTC market under ticker MPJPY.

CEO Simon Gerovich said the launch responds to feedback from US retail and institutional investors. The move expands global access to Metaplanet equity.

Deutsche Bank Trust Company Americas handles the depositary role. MUFG Bank serves as custodian in Japan for the ADR program.

Each American Depositary Receipt represents one ordinary share on the Tokyo Stock Exchange. The program covers up to $200 million in American Depositary Shares.

Metaplanet confirmed the ADRs won’t raise new capital. The program exists to provide easier US investor access to the company’s shares.

This differs from the existing MTPLF offering. That program started trading on the OTCQX market in December 2024 without a sponsored ADR structure.

Shareholder Growth Accelerates

Metaplanet now counts more than 212,000 individual shareholders. The figure makes it one of Japan’s most democratically held stocks.

The company pivoted from hotels to Bitcoin in early 2024. Metaplanet divested real estate assets and adopted Bitcoin as its primary treasury reserve.

The strategy follows Michael Saylor’s playbook with Strategy. Metaplanet joined the FTSE Japan and All-World indices in mid-2024.

The firm established a Miami subsidiary earlier this year. The US operation launched with $15 million in initial capital for Bitcoin income growth.

Bitcoin Holdings Remain Static

Metaplanet stopped buying Bitcoin after September 29, 2024. The company accumulated roughly 29,000 BTC throughout the year before pausing.

Current holdings total 30,823 BTC. This ranks Metaplanet among the world’s largest digital asset treasury companies.

The buying freeze coincided with enterprise value troubles. Metaplanet’s market value dropped below its Bitcoin holdings in mid-October, sparking industry concern.

Multiple digital asset treasury firms saw share price drops. The declines followed a strong July 2024 rally across the sector.

Recovery Takes Hold

Metaplanet’s market to Bitcoin NAV ratio bounced back. The mNAV now sits at 1.12 based on official company data.

The metric measures the relationship between company value and Bitcoin holdings. Values above 1.0 indicate the market values the company higher than its BTC assets alone.

US investors gain a new pathway to Bitcoin exposure through Metaplanet. The MPJPY ADRs trade as proxies for ordinary shares listed in Tokyo.

Trading starts Friday through the OTC market. Deutsche Bank Trust Company Americas manages the depositary arrangement for American investors seeking access to Metaplanet’s Bitcoin treasury strategy.

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