MSCI decision pushes Metplanet to a three-month peak relative to bitcoin assets.

Metaplanet (3350), a digital asset treasury company, rose 4% in Tokyo on Wednesday after index provider MSCI decided not to exclude companies holding cryptocurrency from its global indexes.

The rally pushes Metaplanet roughly 20% higher year-to-date, valuing the company at a premium to its bitcoin holdings. Its multiple of net asset value (mNAV) now stands at about 1.25, the highest level since before October’s crypto market sell-off, according to the company’s dashboard.

The MSCI announcement ended months of uncertainty over index eligibility and boosted U.S.-listed peers after hours on Tuesday. MicroStrategy (MSTR), the largest corporate bitcoin holder, gained around 5% in pre-market trading, while other crypto treasury companies saw smaller gains.

Metaplanet shares closed at 531 yen ($3.40), recovering from a low near 340 yen on Nov. 18. With 35,102 BTC on its balance sheet, the firm ranks as the fourth-largest publicly traded bitcoin treasury globally.

While the decision removes a near-term overhang for crypto treasury stocks already included in major indexes, MSCI also noted a forthcoming consultation on non-operating and investment-focused companies. Analysts said this indicates regulatory and index-related risks for bitcoin treasury firms have been postponed, not fully eliminated.