Metplanet valued at three-month high relative to bitcoin holdings after MSCI decision

• Metaplanet’s multiple to net asset value (mNAV) rose to around 1.25, its highest level since before the October liquidation crisis.
• The move followed MSCI’s decision not to exclude digital asset treasury companies from its global indexes.
• Strategy (MSTR) rose around 5% in pre-market trading while price action across other bitcoin treasury companies remained relatively muted.

Digital asset treasury company Metaplanet (3350) rose 4% in Tokyo on Wednesday after index provider MSCI decided not to exclude firms building cryptocurrency stockpiles from its global indexes.

Metaplanet is now up 20% since the start of the year. The rally means company is valued at a premium to its bitcoin holdings, with a multiple to net asset value (mNAV) of around 1.25, the highest level since before October's plunge in crypto prices, according to the company’s dashboard.

The decision ended months of uncertainty around index eligibility and lifted U.S. peers when the announcement was made after regular trading hours on Tuesday. Strategy (MSTR), the largest corporate holder of bitcoin BTC$91,227.36 was recently 5% higher in pre-market trading. Other digital asset treasury companies rose to a lesser extent.

Metaplanet shares closed at 531 yen ($3.4), having bottomed near 340 yen on Nov. 18. The company holds 35,102 BTC, making it the fourth-largest publicly listed bitcoin treasury company globally.

MSCI’s announcement removes a near term overhang for crypto treasury stocks, particularly those already included in major indexes. However, the index provider also signaled that a broader consultation on non operating and investment oriented companies is forthcoming, indicating that regulatory and index related risks for bitcoin treasury firms have been deferred, not eliminated.

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

• BNB fell below $900 amid a broader market decline, even after recent technical upgrades and ecosystem developments on the BNB Chain.
• The BNB Chain's layer-2 network, opBNB, recently completed a major upgrade, the Fourier hard fork, which doubled transaction throughput and cut block times in half.
• To regain bullish momentum, BNB needs to break out of its current downtrend and reclaim resistance levels near $906, otherwise it may face further pressure toward $892.

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