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

Election 2024 coverage presented by
Japanese investment adviser Metaplanet Inc. (3350), which holds over 1,000 bitcoin, has been added to a global equity index for the first time, winning inclusion in CoinShares’ Blockchain Global Equity Index (BLOCK), the Tokyo-based company said Tuesday.
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, worth just over $70 million.
The company’s stock is the best-performing Japanese equity this year, having gained nearly 840%, according to Investing.com. It closed Tuesday at 1,695 yen ($11.14), rising 6% while the benchmark Nikkei 225 Index gained 1.4%.
Inclusion on an index can mean extra demand for a stock as investors who track that particular index look to add it to their portfolios.
The BLOCK Index features 45 companies involved 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.
Read More: MicroStrategy Remains One of the Best Ways to Gain Exposure to Bitcoin Given Its Intelligent Leverage Strategy: Canaccord
Edited by Sheldon Reback.

Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Jamie Crawley is a CoinDesk news reporter based in London.