Japanese Bitcoin vault company Metaplanet (3350) said that its American Depository Receipts (ADRs) will begin trading on the US over-the-counter (OTC) market on December 19 under the stock code MPJPY.
The securities are designed to improve access, transparency and operational efficiency for U.S. investors for the fourth-largest Bitcoin company holder . They will replace existing, unsponsored OTC transactions under the MTPLF code, which lack a formal deposit agreement and direct involvement of the company. American depositary receipts meet Tier 1 issuance standards, which means they are subject to a minimum level of compliance and regulation and cannot be traded on regulated exchanges.
Each American Depositary Receipt represents one common share and is settled through standard U.S. securities infrastructure. Deutsche Bank Trust Americas will serve as custodian and MUFG Bank will serve as custodian in Japan. The plan is not intended to raise capital and does not affect the company’s total number of outstanding shares.
Dylan Le Clair, the Tokyo-based firm’s head of Bitcoin strategy, said in an article on
He said the structure removes a major barrier for retail and institutional investors, many of whom require a compliant ADR framework due to regulatory and custody mandates.
Metaplanet shares rose more than 6% to 443 yen ($2.80) in Tokyo.