In a strategic move to attract capital from American institutional investors, the Japanese Bitcoin treasury firm Metaplanet has appointed Deutsche Bank as the depositary bank for a new Sponsored American Depositary Receipt (ADR) program. This initiative is designed to remove barriers for US-based funds that have been hesitant to engage in direct trading on the Tokyo exchange, thereby opening access to the deep liquidity pools of the United States.
The company’s shares on the Tokyo Stock Exchange closed at 509.00 Yen on Thursday. This latest development is a cornerstone of Metaplanet’s radical transformation from a hotel operator to a dedicated corporate Bitcoin holder. The firm currently holds approximately 35,102 BTC, ranking it among the world’s largest corporate custodians of the cryptocurrency. The financial agility offered by the US market is viewed as a critical factor for continuing the aggressive expansion of this Bitcoin reserve.
Competitive Landscape and Strategic Timing
Metaplanet’s expansion comes amid intense competition within the crypto-equity space. While the gap to the sector leader, Strategy (formerly MicroStrategy), which holds roughly 709,715 BTC, and other followers like MARA Holdings (approximately 53,250 BTC) remains substantial, the ADR listing signals a clear intent to capture more ground in the competition for investor capital.
Should investors sell immediately? Or is it worth buying Metaplanet?
The timing appears favorable. With Bitcoin trading around the $90,000 level and the growing establishment of crypto-focused ETFs, demand for regulated corporate vehicles offering direct Bitcoin exposure remains robust. Market observers anticipate that the launch of the ADR program will lead to increased trading volume, though it may also introduce potential volatility due to arbitrage effects between the home market in Tokyo and the new US listings.
From a technical perspective, the stock has recently stabilized above a key support level of 500 Yen. Investor focus now shifts to the forthcoming details regarding the conversion ratio between the original shares and the new ADRs, a detail that will be pivotal for pricing the US-listed instruments. This financial maneuver is fundamentally aimed at securing the liquidity required for Metaplanet’s ongoing treasury accumulation strategy. The equity has demonstrated notable momentum, climbing from a year-end 2025 level of 405.00 Yen to its current price.
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