Metaplanet’s Strategic ADR Launch: Expanding Bitcoin Investment Horizons for U.S. Investors

In a significant move to broaden global Bitcoin investment access, Japanese Bitcoin treasury firm Metaplanet has announced the launch of a sponsored Level I American Depositary Receipt (ADR) program targeting U.S. investors trading over-the-counter (OTC). Trading under the ticker MPJPY is set to commence on December 19, 2025, replacing the firm's previous OTC trading symbol MTPLF. This strategic initiative is designed to lower barriers for both institutional and retail investors by improving settlement efficiency and expanding brokerage access. While the ADRs will not initially list on major U.S. exchanges like the NYSE or Nasdaq, the program represents a pivotal step in Metaplanet's mission to democratize Bitcoin investment. The timing of this launch, as of late December 2025, underscores the firm's bullish, long-term conviction in Bitcoin's role within the global financial system. By creating a more streamlined and accessible vehicle for U.S. investors to gain exposure to a company with a substantial Bitcoin treasury, Metaplanet is effectively bridging traditional finance with the digital asset ecosystem. This development is expected to enhance liquidity, improve price discovery, and attract a new wave of capital from investors seeking regulated exposure to Bitcoin-centric corporate strategies. The move aligns with a growing trend of public companies leveraging capital markets to facilitate cryptocurrency investment, potentially setting a precedent for other firms globally.

Metaplanet Launches U.S. ADR Program to Expand Bitcoin Investment Access

Japanese Bitcoin treasury firm Metaplanet announced a sponsored Level I ADR program targeting U.S. OTC investors, with trading under ticker MPJPY commencing December 19. The move replaces existing OTC trading (MTPLF) and aims to lower barriers for institutional and retail investors through improved settlement efficiency and broader brokerage access.

While the ADRs won't list on NYSE or Nasdaq initially, Metaplanet's bitcoin strategy head Dylan Le Clair emphasized their structural advantages: "This framework delivers materially lower fees and compliance-ready access for U.S. capital." The company filed SEC registration for 200 million ADS at $10 million nominal value, with Deutsche Bank Trust as depositary and MUFG Bank as custodian.

President Simon Gerovich positioned the offering as responsive to investor demand for regulated exposure to Bitcoin-correlated assets. The ADR structure navigates custodial complexities that typically constrain institutional participation in cryptocurrency-adjacent equities.

Crypto Funds Stumble Amid Bitcoin's Volatility Despite ETF Inflows

Bitcoin's November swings punished hedge funds betting on its volatility, with directional strategies dropping 2.5% and altcoin-focused portfolios plunging 23%. The market's thin liquidity amplified losses, echoing 2022's Terra Luna collapse.

Institutional capital flooded ETFs and structured products, squeezing arbitrage opportunities. Once-reliable basis trades withered to single-digit returns as Wall Street firms dominated pricing.

Altcoins faltered through summer, failing to spark retail interest. New token launches stalled, pushing an altcoin index to yearly lows. The crypto market's maturity was called into question as rapid BTC price movements left traders stranded.

Metaplanet Opens Bitcoin Treasury Access to US Investors via ADRs

Tokyo-listed Metaplanet, a Bitcoin treasury company, will begin trading its American Depositary Receipts (ADRs) on U.S. over-the-counter markets under ticker MPJPY starting December 19. Each ADR represents one ordinary share, denominated in USD without new share issuance.

The MOVE responds to growing demand from U.S. retail and institutional investors seeking streamlined exposure to Metaplanet's Bitcoin-linked equity. Deutsche Bank Trust Company Americas serves as depositary, while MUFG Bank acts as custodian for underlying Japanese shares.

CEO Simon Gerovich framed the ADR launch as a strategic expansion of global investor access, noting sustained interest during recent quarters. The offering provides dollar-denominated exposure to Metaplanet's Bitcoin treasury strategy without direct cryptocurrency ownership.

BlackRock's Bitcoin ETF Defies Negative Returns with Strong Inflows

BlackRock's spot Bitcoin ETF, IBIT, has secured a place among the top six funds for 2025 year-to-date inflows despite posting a 9.6% loss. With $25.4 billion in net inflows, IBIT outperformed even the SPDR Gold Trust (GLD), which gained 64% over the same period.

The divergence between performance and demand highlights a structural shift in investor behavior. Rather than fleeing during drawdowns, institutional and retail participants are treating Bitcoin ETFs as long-term allocation vehicles. Eric Balchunas of Bloomberg Intelligence dubbed this trend a 'HODL clinic,' noting IBIT's inflows surpassed GLD's despite the negative returns.

This anomaly underscores Bitcoin's maturation as an asset class. Where traditional commodities see flows correlate with performance, crypto-native 'buy the dip' mentality persists even through regulated investment products. The data suggests conviction outweighs short-term price action for a growing segment of the market.

Weekly Regulation Roundup: Pardons, Pullbacks, and a Pro-Crypto Reset in Washington

U.S. crypto regulation has entered a new phase, marked by leadership changes and a retreat from the enforcement-heavy approach of the past. President Donald Trump has shown willingness to review a potential pardon for Keonne Rodriguez, founder of privacy-focused Bitcoin wallet Samourai, who was recently sentenced on money laundering charges. This signals a broader recalibration of Washington's stance on digital assets.

The Samourai case has sparked debates over financial privacy and the application of money transmission laws to non-custodial tools. Trump's comments suggest the WHITE House may reassess cases viewed as contentious by the crypto community. Meanwhile, sweeping changes at the SEC, CFTC, and Federal Reserve indicate a shift toward a more balanced regulatory framework.

Quantum Computing Will Trigger A Bitcoin Supply Shock: Michael Saylor

Michael Saylor, executive chairman of MicroStrategy, argues that quantum computing will ultimately strengthen Bitcoin rather than undermine it. In a recent post on X, Saylor posited that the network WOULD upgrade, active coins would migrate, and lost coins would remain frozen—resulting in heightened security and reduced supply. "Bitcoin grows stronger," he declared on December 16, 2025.

During an interview with Galaxy Digital's Alex Thorn, Saylor framed the quantum threat as a coordination challenge rather than a cryptographic flaw. He predicted a consensus would emerge, prompting systemic upgrades across financial infrastructure. "The United States government will direct defense contractors to adopt quantum-resistant encryption," he said, envisioning a cascading effect on Bitcoin's protocol.