Bitcoin Treasury Firm Metaplanet Expands U.S. Access via OTC ADR Listing

In a strategic move to broaden its investor base and capitalize on growing institutional and retail interest in Bitcoin-linked equities, Metaplanet, the Tokyo-listed firm known for its Bitcoin treasury strategy, has launched American Depositary Receipts (ADRs) for trading in the United States. The ADRs, trading under the ticker symbol MPJPY on the over-the-counter (OTC) markets, provide U.S. investors with dollar-denominated exposure to the company's stock. This development, effective from December 19, 2025, represents a significant step in lowering barriers for U.S. capital seeking streamlined access to a publicly traded company with substantial Bitcoin holdings, without the firm raising new capital through the offering. The listing is a direct response to sustained demand from both institutional and retail investors in the U.S. who have shown increasing appetite for regulated vehicles that offer indirect exposure to Bitcoin's performance. By opting for an OTC ADR listing rather than a traditional exchange listing like the NYSE or NASDAQ, Metaplanet has chosen a path that typically involves lower regulatory complexity and cost, enabling faster market entry. This approach allows investors to trade the ADRs during U.S. market hours, simplifying the process compared to direct investment on the Tokyo Stock Exchange. For the cryptocurrency market, and Bitcoin specifically, this move is viewed as a bullish infrastructural development. It enhances the legitimacy and accessibility of Bitcoin-correlated assets within traditional finance frameworks. Metaplanet's strategy of holding Bitcoin as a primary treasury asset has drawn comparisons to firms like MicroStrategy, and this U.S. listing potentially opens the door for more mainstream financial analysts and funds to evaluate and invest in the company. The increased visibility and ease of access could lead to greater demand for MPJPY ADRs, which in turn could create a positive feedback loop: as demand for the ADR rises, the company's market capitalization may increase, further solidifying its ability to hold and potentially acquire more Bitcoin. This listing, therefore, is not just a corporate finance event but also a noteworthy moment in the continued convergence of digital asset and traditional equity markets.

Metaplanet Expands U.S. Access With OTC ADR Listing Under MPJPY Ticker

Metaplanet launches American Depositary Receipts (ADRs) for U.S. over-the-counter trading under the ticker MPJPY, offering dollar-denominated exposure to the Tokyo-listed Bitcoin treasury firm. The move responds to institutional and retail demand for streamlined access without raising new capital.

Trading begins December 19 on OTC markets, bypassing traditional exchanges to lower barriers for U.S. investors. CEO Simon Gerovich frames the listing as part of Metaplanet’s global expansion strategy, noting recovering mNAV at 1.12.

Bitcoin accumulation remains paused despite the ADR launch. The structure mirrors growing institutional interest in crypto-adjacent equities amid volatile digital asset markets.

Fidelity Challenges Bitcoin Bull Cycle Narrative, Predicts 2026 Pause

Jurrien Timmer, Fidelity's Director of Macro Research, casts doubt on the crypto market's euphoric projections. While institutional adoption and regulatory clarity fuel Optimism for a prolonged bull run, Timmer suggests Bitcoin may have already peaked at $126,000 in October 2025.

His forecast anticipates a 2026 consolidation phase, with bitcoin potentially retracing to $65,000-$75,000 support levels. This contrarian view disrupts consensus expectations of uninterrupted upward momentum, forcing market participants to reassess medium-term trajectories.

The analysis underscores growing divergence between mainstream crypto optimism and institutional caution. Timmer's technical perspective highlights cyclical patterns that could interrupt the current narrative of perpetual appreciation.

Crypto Signals Broader Market Reversal in 2026, Warns Bloomberg Strategist

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, issues a stark warning: cryptocurrencies are no longer outliers but leading indicators of a broader market shift. The anticipated 2026 downturn isn't merely a correction—it's a systemic decompression event where crypto acts as the first domino.

Bitcoin's trajectory illustrates this vulnerability. Once considered immune to traditional market forces, BTC now shows strengthened correlation with U.S. equities, behaving more like Leveraged tech stocks than a defensive asset. McGlone projects an initial drop toward $50,000, with $10,000 as a worst-case scenario.

The implications extend beyond digital assets. Deflationary pressures, equity market tensions, and even gold's instability suggest liquidity contraction will spread risk across asset classes. This convergence marks a paradigm shift—cryptocurrencies have become the financial system's thermometer rather than its speculative gadget.

Fidelity Warns of Bitcoin 'Off-Year' in 2026 After Halving Cycle Completion

Fidelity's macro director Jurrien Timmer identifies a potential 2026 cooling phase for Bitcoin, citing historical analogs that suggest a year-long retracement after the 2024 halving cycle. The analysis hinges on Bitcoin's price-time symmetry, with the $65,000–$75,000 zone emerging as critical support.

October's $125,000 peak aligned with prior bull-market trajectories, but Timmer notes Bitcoin winters typically last 12 months—a pattern that could pressure prices through 2026. Fidelity's cycle chart maps this against 2013 and 2017 analogs, where post-halving rallies gave way to extended consolidation.

The report underscores Bitcoin's maturation: institutional participation has dampened volatility, yet halving cycles remain the dominant price-discovery mechanism. 'Secular bull markets aren't linear,' Timmer observes, suggesting the next leg up may require absorbing this structural pause.

Bitcoin Price Stabilizes After CPI Volatility as $88K Emerges as Key Breakout Level

Bitcoin's price action mirrored the broader market's reaction to U.S. inflation data, initially rallying before retracing gains. The cryptocurrency found firm support NEAR $85,400, a level now being closely watched by traders. Analyst Ali Martinez identified $89,900 as the immediate resistance threshold.

The post-CPI price swing followed a familiar pattern—leveraged positions unwound rapidly, followed by spot buyers stepping in at established demand zones. Bitcoin's brief dip to $85,134 appeared more like a liquidity sweep than a structural breakdown, suggesting underlying strength in the market.

Japan’s Policy Shift Rattles Crypto Markets as Yen Carry Trade Unwinds

The Bank of Japan’s December rate hike to 0.75%—the first since 1995—signals the end of an era for global liquidity. Bitcoin’s muted reaction at $87,800 belies deeper structural risks, particularly for crypto assets leveraged through yen-funded trades.

Governor Ueda’s MOVE fractures the ‘free money’ regime that once buoyed risk assets worldwide. Market makers now face a liquidity paradox: potential Fed cuts colliding with Japanese tightening, compressing the yield spread that fueled decades of speculative positions.

‘This isn’t about price action—it’s about plumbing,’ noted a Bitunix analyst. ‘When the Bank of Japan drains the pool, even Bitcoin feels the tide go out.’ The mechanics are unmistakable: 23% of crypto derivatives volume traces back to yen arbitrage strategies according to exchange data.