Metaplanet Gains First Index Listing With Inclusion on CoinShares' BLOCK Index

The company's stock is the best-performing Japanese equity this year, having gained nearly 840%, according to Investing.com.

Japanese investment firm Metaplanet Inc. (3350), which holds over 1,000 bitcoin, has been included in a global equity index for the first time.

The Tokyo-based company said Tuesday that its stock will be included in the CoinShares Blockchain Global Equity Index (BLOCK).

CEO Simon Gerovich adopted a strategy of holding bitcoin in May as a hedge against the volatility of the yen. The company now has 1,018 BTC, valued at over $70 million.

Metaplanet's stock is the best performing Japanese equity this year, up nearly 840%, according to Investing.com. It closed Tuesday at 1,695 yen ($11.14), up 6%, while the benchmark Nikkei 225 Index rose 1.4%.

Inclusion in an index can generate additional demand for a stock, as investors who track that particular index will seek to add it to their portfolios.

The BLOCK Index tracks 45 companies in the cryptocurrency and blockchain sectors. It includes crypto exchange Coinbase (COIN) and bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT). It also includes software development company MicroStrategy (MSTR), which holds the largest stash of BTC among publicly traded companies with 252,220 bitcoin.