Metaplanet (3350), a digital asset treasury firm, climbed 4% in Tokyo on Wednesday after MSCI announced it would not exclude companies holding cryptocurrency from its global indexes.

The gain pushes Metaplanet roughly 20% higher year-to-date, valuing the company above its bitcoin holdings. Its net asset value multiple (mNAV) now stands at around 1.25 — the highest level since before October’s crypto sell-off, according to the company’s internal dashboard.

MSCI’s decision ended months of uncertainty over index eligibility and provided a boost to U.S.-listed peers following the announcement after trading hours on Tuesday. MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose about 5% in pre-market trading, while other crypto treasury firms posted more modest gains.

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

While MSCI’s move removes a near-term overhang for crypto treasury stocks included in major indexes, the provider also noted that a broader consultation on non-operating and investment-oriented companies is forthcoming. Analysts say this means regulatory and index-related risks for bitcoin treasury firms have been postponed, not eliminated.