Shares of digital asset treasury company Metaplanet Inc. (TYO: 3350) surged in Tokyo trading, buoyed by a pivotal decision from global index provider MSCI. The stock closed at ¥531 ($3.4) on January 7, 2026, marking a 4% gain for the day and extending its year-to-date rally to 20%. This follows a strong session on January 6, where the stock jumped nearly 9% to close at ¥510.
The rally was triggered by MSCI's announcement that it would not exclude companies building cryptocurrency stockpiles from its global indexes. This decision ended months of uncertainty regarding the index eligibility of firms holding significant bitcoin reserves. The news lifted not only Metaplanet but also its U.S. peers, with MicroStrategy (MSTR) – the world's largest corporate bitcoin holder – rising 5% in pre-market trading.
According to Metaplanet's dashboard, the company's market value relative to its bitcoin holdings has reached a premium. Its multiple to net asset value (mNAV) is now around 1.25, the highest level since before a major crypto price plunge in October 2025. Metaplanet holds 35,102 BTC, making it the fourth-largest publicly listed bitcoin treasury company globally.
While the MSCI decision removes a near-term overhang for crypto treasury stocks, the index provider indicated that a broader consultation on "non-operating and investment-oriented companies" is forthcoming. This suggests that regulatory and index-related risks for bitcoin-holding firms have been deferred, not eliminated.
