Metaplanet Inc. (3350.T) began trading on US OTC markets today under the ticker MPJPY, launching a Sponsored Level I American Depositary Receipt (ADR) program to court institutional capital.
The move replaces the company’s previous unsponsored ticker (MTPLF) with a formal structure custodied by Deutsche Bank, removing a critical compliance barrier for US funds seeking exposure to the firm’s aggressive Bitcoin treasury strategy.
The Institutional Upgrade
While retail traders previously accessed Metaplanet via the unsponsored “grey market,” the new ADR program establishes a direct 1:1 link with the Tokyo-listed common shares. CEO Simon Gerovich confirmed the launch aligns with the company’s push to onboard Western institutional volume, which often faces mandate restrictions against unsponsored foreign securities.
The ADR initiative aims to improve liquidity and institutional investor access without raising new capital, offering a more streamlined, compliant framework than the existing unsponsored MTPLF structure. — Metaplanet Filing
The upgrade lands as Metaplanet solidifies its status as the “MicroStrategy of Asia.” Following a series of debt-financed acquisitions, the firm’s treasury now holds 30,823 BTC. The sheer scale of accumulation, and the pivot to a sponsored ADR, signals a maturity from niche proxy bet to standardized financial vehicle.
Sovereign Backing
The listing follows a decisive confidence vote from Norway’s Government Pension Fund Global (NBIM). The $1.7 trillion sovereign wealth fund, which holds a 0.3% stake in Metaplanet, recently voted in favor of the company’s Bitcoin treasury proposals. This institutional endorsement validates the firm’s strategy of leveraging yen-denominated debt to acquire bitcoin as a hedge against currency debasement.
