Metaplanet, a Japanese company that has adopted a Bitcoin treasury strategy, has been upgraded from a small-cap to a mid-cap stock in FTSE Russell's September 2025 Semi-Annual Review. This has resulted in its inclusion in the flagship FTSE Japan Index and, consequently, the FTSE All-World Index. The inclusion of Metaplanet in these major, globally recognized stock market indices is expected to redirect capital flows into Bitcoin from traditional financial markets and give passive stock investors indirect exposure to the cryptocurrency.
The FTSE Japan Index is a stock market index of mid-cap and large-cap companies listed on Japanese exchanges. Metaplanet's inclusion in this index automatically adds it to the FTSE All-World Index, which tracks the largest publicly-listed companies by market capitalization in each geographic region.
Metaplanet's move to embrace Bitcoin as a core treasury asset began in 2024, mirroring the strategy of MicroStrategy. The company has been consistently accumulating Bitcoin, regardless of short-term market conditions. As of August 2025, Metaplanet holds 18,888 BTC in its corporate treasury, making it the seventh-largest publicly traded holder of Bitcoin. The company's total Bitcoin holdings are valued at approximately $2.17 billion.
Metaplanet's commitment to Bitcoin is evident in its recent purchase of 775 BTC for around $93 million, at an average price of $120,006 per Bitcoin. This acquisition increased the company's total Bitcoin holdings to 18,888 BTC, valued at approximately $1.94 billion. The company aims to expand its reserves to 1% of the total Bitcoin supply by 2027. To fund additional Bitcoin purchases, Metaplanet is engaged in a series of capital raises, including a planned $3.7 billion equity offering.
Metaplanet has demonstrated exceptional stock performance, outperforming the Tokyo Stock Price Index (TOPIX) Core 30 by approximately 180 percentage points in year-to-date gains as of August 2025. In August, the company announced year-to-date gains of about 187%, compared to the TOPIX 30's 7.2% appreciation. However, despite these gains, Metaplanet's stock price remains down around 50% from its all-time high in June.
The company's financial performance in Q2 2025 was its strongest quarter to date, with major turnarounds in both ordinary profit and net income. This suggests that Metaplanet's Bitcoin strategy is being supported by improving operational fundamentals.
The inclusion of Metaplanet in the FTSE Japan and All-World indices is expected to attract passive capital flows from global investors into the Bitcoin market, indirectly supporting Bitcoin's price. This development is seen as a pivotal moment for corporate Bitcoin adoption, with Metaplanet now aligning with traditional financial benchmarks.
Several analysts and observers have commented on Metaplanet's strategy and its potential impact. Some view it as a bold move that could reshape corporate treasury management in Japan and potentially set a trend for other companies to follow. Others point out the risks associated with Bitcoin's volatility and the potential for regulatory hurdles. Still, others highlight the company's long-term commitment to Bitcoin and its innovative financing strategies.
The growing institutional interest in Metaplanet is underscored by Capital Group's increased stake in the company. As of August 15, Capital Group increased its ownership from 6.84 percent to 7.97 percent, demonstrating confidence in Metaplanet's future prospects.
Metaplanet's strategy has drawn comparisons to MicroStrategy, which has also accumulated a significant amount of Bitcoin as a treasury asset. Both companies rely on capital markets to fund their treasuries, amplifying the interplay between equity valuations and Bitcoin accumulation.
As Metaplanet continues to expand its Bitcoin treasury, it aims to acquire 210,000 BTC, representing 1% of the cryptocurrency's total supply, by 2027. This ambitious goal reflects the company's strong conviction in Bitcoin as a long-term store of value and a strategic asset.
