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.
