Japanese investment adviser Metaplanet Inc. made a significant achievement by being included in CoinShares’ BLOCK Index for the first time. The company decided to hold bitcoin on its balance sheet as a precaution against the yen’s volatility back in May. Currently, Metaplanet holds 1,018 BTC, valued at over $70 million.
This move has proven to be beneficial for Metaplanet, as its stock has performed exceptionally well this year, showing an increase of almost 840%. The company’s stock closed at 1,695 yen ($11.14) on Tuesday, marking a 6% increase while the Nikkei 225 Index rose by 1.4%.
Being listed on an index like the BLOCK Index can lead to increased demand for a company’s stock, as investors who follow the index may consider adding it to their portfolios. The BLOCK Index consists of 45 companies involved in the cryptocurrency and blockchain industries, including big names like Coinbase, Marathon Digital, Riot Platforms, and MicroStrategy, which holds the largest amount of BTC among publicly traded companies.
Metaplanet’s inclusion in the BLOCK Index is a testament to its growing presence in the digital asset space and its strategic decision to hold bitcoin as part of its investment portfolio. This move highlights the company’s forward-thinking approach and willingness to adapt to the ever-changing financial landscape.
As the cryptocurrency market continues to evolve, more traditional companies may follow in Metaplanet’s footsteps and explore ways to incorporate digital assets into their investment strategies. This trend could signify a broader acceptance of cryptocurrencies and blockchain technology in the mainstream financial sector, paving the way for further growth and innovation in the industry.
Overall, Metaplanet’s listing on CoinShares’ BLOCK Index marks a major milestone for the company and showcases its commitment to embracing new financial opportunities in the digital age. With the continued rise of bitcoin and other cryptocurrencies, companies like Metaplanet are positioning themselves for success in the emerging digital economy.
