Metaplanet to debut US trading with Deutsche Bank under MPJPY
Japanese Bitcoin treasury company Metaplanet will begin trading US Depositary Receipts (ADRs) on the OTC market under the ticker MPJPY.Summary
Metaplanet, a Japanese company focused on holding Bitcoin as treasury assets, is launching trading for American Depositary Receipts (ADRs) in the United States on the over-the-counter (OTC) market starting Friday under the ticker symbol MPJPY. CEO Simon Gerovich stated this move responds to demand from US retail and institutional investors seeking easier access to the company's equity, furthering global access. The ADR program is facilitated through a sponsored level trust agreement with Deutsche Bank Trust Company Americas as the depositary. Metaplanet clarified that the ADRs are not intended to raise capital but to facilitate the issuance of common and preferred shares. This differs from their previous MTPLF offering. The launch occurs while Metaplanet has paused its Bitcoin acquisitions since September, following a period where its enterprise value briefly fell below its Bitcoin holdings, though its market-to-Bitcoin NAV ratio has since recovered above 1.
(Source：Cointelegraph)