Digital asset finance company Metaplanet (3350) rose 4% in Tokyo on Wednesday after index provider MSCI decided not to exclude companies building cryptocurrency stocks from its global index.
Metaplanet is currently up 20% since the beginning of the year. According to the company’s dashboard, the increase means the company is valued at a premium to its Bitcoin holdings, with a net asset value (mNAV) multiple of around 1.25, the highest level since the cryptocurrency’s price crash in October.
The decision, announced after regular trading hours on Tuesday, ended months of uncertainty surrounding the index’s eligibility and boosted U.S. peers. Strategy (MSTR), the largest corporate holder of Bitcoin It was recently up 5% in pre-market trading. Other digital asset library companies saw smaller gains.
Metaplanet shares closed at 531 yen ($3.40) and fell to nearly 340 yen on November 18. The company holds 35,102 Bitcoins, making it the fourth largest publicly traded Bitcoin financial company in the world.
MSCI’s announcement removes any near-term suspense for cryptocurrency treasury stocks, particularly those already included in major indexes. However, the index provider also stated that a broader consultation on non-operating and investment-oriented companies is imminent, suggesting that regulatory and index-related risks for Bitcoin Finance companies have been postponed rather than eliminated.
