Metaplanet Expands Global Reach with U.S. ADR Launch and Major Institutional Backing

The Japanese firm Metaplanet is accelerating its international strategy by creating a dedicated pathway for U.S. investors. This move coincides with significant institutional endorsement for its Bitcoin-focused corporate treasury approach, even as the company navigates substantial price and balance sheet volatility.

In a notable show of support, Norway’s Norges Bank Investment Management has backed all five of Metaplanet’s proposed Bitcoin-centric capital restructuring measures. The sovereign wealth fund, which manages approximately $2 trillion in assets, announced its stance ahead of the company’s extraordinary general meeting scheduled for tomorrow.

The proposals on the agenda include:
* A share buyback program
* Dividend distributions
* The issuance of new preferred shares targeting $150 million from institutional investors

The approval from one of the world’s largest institutional investors is seen as a major signal of credibility for Metaplanet’s unconventional financial strategy. This support may alleviate concerns that the planned capital activities would rely heavily on dilutive share offerings.

Launching a Sponsored ADR Program in the United States

On December 19, Metaplanet initiated a sponsored Level I American Depositary Receipt (ADR) program. The ADRs, which trade over-the-counter under the ticker symbol MPJPY, are designed to simplify access for American retail and institutional investors.

Key structural details of the new program are:
* Each ADR represents one ordinary share of Metaplanet
* Trading and settlement occur in U.S. dollars using standard market conventions
* The program does not involve issuing new shares, thus avoiding dilution
* It aims to provide more efficient settlement and lower transaction costs
* As a sponsored program, Metaplanet is directly involved in governance and reporting

According to CEO Simon Gerovich, this step replaces a previous unsponsored OTC arrangement and responds to sustained investor demand for easier access. Deutsche Bank Trust Company Americas acts as the depositary, while MUFG Bank serves as the custodian for the underlying Japanese shares.

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A Concentrated Bitcoin Treasury Position

Metaplanet’s balance sheet is dominated by its substantial Bitcoin holdings. With 30,823 BTC, it ranks as the world’s fourth-largest publicly traded corporate holder of the cryptocurrency and the largest in Asia. The company acquired approximately 29,000 BTC during the current year before pausing purchases at the end of September.

This strategic position carries significant market exposure:
* Total holdings are valued at roughly $2.7 billion
* The average purchase price was $108,070 per Bitcoin
* Based on current prices, the company faces unrealized losses of about $636 million
* The ratio of market capitalization to Bitcoin net asset value has recovered to 1.12

The treasury buildup was financed through a mix of equity and debt. This includes a $130 million Bitcoin-collateralized loan from an existing $500 million credit facility and the issuance of Mercury Class B preferred shares, which raised approximately 21.25 billion yen (around $135 million).

Share Price Reflects Underlying Volatility

Metaplanet’s stock has experienced considerable swings in 2025, recently closing at 393 yen on the Tokyo exchange. This performance highlights the pressure faced by corporate Bitcoin treasury strategies during periods of crypto market turbulence.

Conditions were particularly strained in mid-October when the company’s enterprise value briefly fell below the market value of its Bitcoin holdings. This raised concerns about the discount of its market cap relative to its core crypto assets, though this metric has since normalized above 1.0.

Navigating a Complex Capital Structure

Despite the ADR launch and high-profile backing, Metaplanet’s capital structure remains complex. The company contends with a history of significant dilution, a relatively new management and supervisory board, and extreme sensitivity to Bitcoin’s price. Extensive past and planned equity and preferred share measures keep capital structure risks in focus, even with a substantial buyback authorization in place.

The resolutions from tomorrow’s extraordinary general meeting will be pivotal. They will determine the speed at which Metaplanet can deploy fresh capital for additional Bitcoin acquisitions or share repurchases and whether the new ADR program will meaningfully boost liquidity or primarily enhance the company’s visibility among international investors.