Shares of Metaplanet experienced significant upward momentum following a key corporate development aimed at attracting American investors. The Tokyo-listed stock climbed 6.65% to 433 JPY after the company formalized its presence for US-based capital through a new sponsored American Depositary Receipt (ADR) initiative. This strategic shift occurs against a backdrop defined by the firm’s substantial Bitcoin holdings and recent monetary policy changes in Japan.
US Market Access Formalized
Metaplanet has established a sponsored Level I ADR program, replacing its previous unsponsored over-the-counter listing in the United States. The new structure is designed to streamline access and enhance liquidity for US investors, though the company clarifies the move is not intended for immediate capital raising.
The key details of the program are:
* US Ticker: MPJPY (trading on the US OTC market)
* Ratio: 1 ADR represents 1 ordinary share
* Depositary Bank: Deutsche Bank
* Custodian: MUFG
This transition from the former ticker MTPLF to MPJPY represents a more formalized gateway for international investment flows.
Bitcoin Holdings and Share Class Strategy
The company’s valuation remains intrinsically linked to its Bitcoin treasury strategy. Metaplanet currently holds approximately 30,823 Bitcoin. Depending on the valuation methodology, this reserve is worth between $2.7 and $3.5 billion, positioning the firm as the world’s fourth-largest publicly traded corporate holder of the cryptocurrency.
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To fund further accumulation of Bitcoin without diluting existing ordinary shareholders, Metaplanet utilizes a dual-class preferred share structure:
* MARS Shares: These carry a variable dividend right and are structured to be non-dilutive to ordinary shareholders.
* MERCURY Shares: This class offers a fixed annual dividend of 4.9% and includes specific Bitcoin-linked conversion options.
This financial engineering provides the company with additional funding flexibility while aiming to maintain stability in its core equity structure.
Monetary Policy and Currency Effects Provide Tailwinds
The launch of the ADR program coincides with a notable shift in Japan’s monetary landscape. The Bank of Japan recently raised its benchmark interest rate to 0.75%, the highest level since 1995. Despite this tightening, the Japanese Yen has weakened.
This combination of a higher interest rate and a softer currency directly benefits Metaplanet. Because the company’s primary assets are held in Bitcoin—effectively denominated in US dollars—the book value of these holdings increases when translated back into a depreciating Yen.
The firm has reported a Bitcoin return of roughly 496% for the current year. This performance, amplified by the favorable currency exchange effect, is providing substantial momentum for the stock and underpinning its recent price appreciation.
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