Metaplanet Inc. has introduced a limited-time fee waiver for its U.S.-traded American Depositary Receipt (ADR), MPJPY, in a move aimed at expanding investor participation and improving liquidity.
The 60-day “Free Issuance Period,” running from April 13 to June 12, 2026, eliminates the ADR issuance fee—typically up to $0.05 per share—for both existing shareholders converting holdings and new investors entering the stock. The ADR program, launched in December 2025, allows U.S. investors to access Metaplanet shares through standard domestic trading infrastructure.
Notice Regarding the Establishment of an ADR Free Issuance Period for MPJPY (Sponsored Level 1 American Depositary Receipt) pic.twitter.com/oAABML3frV
— Metaplanet Inc. (@Metaplanet) April 13, 2026
ADR fees are small annual charges (about $0.01–$0.05 per share) paid to banks for managing foreign stocks listed in the U.S. They’re usually deducted from dividends or your account, can’t be avoided even with “zero-commission” brokers, and can slightly reduce your overall returns. Alongside the ADR push, the firm now holds 35,102 BTC., acquired at an average price of €92,096 per coin, reinforcing its long-term accumulation strategy. Year-to-date, the company reported a “BTC Yield” of 33.0%, alongside gains, reflecting continued capital deployment into digital assets.
Fee waiver targets broader market participation
The waiver applies to all investors, including holders of Metaplanet’s F-shares (MTPLF) who choose to convert into ADRs, as well as those purchasing MPJPY directly. Outside this window, standard issuance fees will resume.
Metaplanet’s ADRs are structured on a 1:1 basis with its Tokyo-listed shares and are issued through Deutsche Bank Trust Company Americas, with settlement handled via the U.S. Depository Trust Company (DTC). This setup removes many of the frictions associated with trading foreign shares, such as limited broker support and settlement complexity tied to Japan’s clearing system.
ADR structure enhances accessibility and liquidity
The company positions MPJPY as a more accessible alternative for U.S. investors, with availability on major brokerage platforms including Robinhood, Fidelity, Charles Schwab, and Interactive Brokers. Unlike F-shares, ADRs benefit from streamlined USD-denominated processes for trading, dividends, and voting.
While the ADR carries an annual service fee of $0.01 per share for 2026 and 2027, Metaplanet expects improved liquidity and broader participation to offset these costs. The company stated that the ADR program and temporary fee waiver are unlikely to have a material financial impact in 2026.
Meanwhile, Metaplanet secured approximately $854 million through a third-party allocation of 107.4 million ordinary shares and 1.07 million stock options, the company announced on March 16, 2026.
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