Metplanet reaches highest valuation in three months compared with its bitcoin holdings after MSCI move.

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

The move lifted Metaplanet roughly 20% year-to-date, pushing its valuation above its bitcoin holdings. The company’s net asset value multiple (mNAV) now stands at about 1.25 — the highest since before October’s crypto sell-off, according to its dashboard.

MSCI’s announcement ended months of uncertainty over index eligibility and gave a post-market boost to U.S. peers. MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose about 5% in pre-market trading, while other crypto treasury companies saw more modest gains.

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

While MSCI’s decision removes a near-term overhang for crypto treasury stocks included in major indexes, the provider signaled a broader consultation on non-operating and investment-focused companies is forthcoming. Analysts note that regulatory and index-related risks for bitcoin treasury firms have been deferred, rather than eliminated.