Metaplanet Enters FTSE Japan Index while Increasing Bitcoin Holdings

Metaplanet, a hotel group listed in Tokyo that has transformed itself into Asia’s predominant Bitcoin treasury firm over the past year, will be added to the FTSE Japan Index, further integrating the largest digital asset into conventional equity portfolios.

This change was confirmed in an announcement from FTSE Russell’s semi-annual review in September 2025, which upgraded Metaplanet to mid-cap status, with the index inclusion effective after market close on September 19.

The inclusion of Metaplanet represents another “significant milestone” in its quest to remain “Japan’s foremost Bitcoin treasury firm,” as CEO Simon Gerovich noted on Sunday via X.

Shortly after Gerovich revealed the inclusion, the company announced the acquisition of an additional 103 BTC, raising its total holdings to 18,991 BTC.

The company also revised its capital structure, stating that 49,000 stock acquisition rights were exercised during the week of August 18–22, adding 4.9 million shares and raising the total to 722 million, a move that facilitates additional Bitcoin purchases but dilutes the shares of existing investors.

Eric Trump, who was appointed as a strategic adviser to Metaplanet in March, is expected to attend the company’s upcoming shareholder meeting in Tokyo in September, as reported by Bloomberg on Friday.

The FTSE Japan Index, part of the FTSE global equity index series, tracks mid and large-cap companies listed in Japan. Funds that follow the index automatically purchase the stocks it lists.

Impact of Passive Inflows

The addition of Metaplanet to the FTSE Japan and All-World indices establishes a “regulated path for BTC investments” and “opens avenues for other crypto-focused firms to enter major benchmarks,” Vincent Liu, chief investment officer at Kronos Research, told Decrypt.

In essence, “passive inflows into the FTSE indices” have the potential to “direct institutional capital” toward Metaplanet, offering indirect exposure to Bitcoin, enhancing “liquidity and long-term stability” despite the risks that might result in large fluctuations affecting both equity and crypto markets, Liu noted.

On a structural level, the elevation signifies that Bitcoin treasury strategies do not hinder inclusion in indices, Ryan Yoon, senior analyst at Tiger Research, stated to Decrypt.

Metaplanet was probably assessed “based on standard criteria such as market cap and trading volume, excluding their Bitcoin holdings from evaluation,” he added.

Nonetheless, the inclusion seems to illustrate “the existing index framework’s impartial approach rather than active acceptance of crypto,” Yoon highlighted.

“Though passive inflow effects are structurally present, their practical impact remains constrained,” Yoon explained, noting that while pension and index funds automatically buy Metaplanet stocks during FTSE Japan tracking, it results in a “minimal index weighting,” reflecting “minimal direct Bitcoin demand.”

Yoon pointed out that it may be concerning for investors who might “believe they’re participating in diversified Japan equity investments” while still being exposed to both Bitcoin price dips and the company’s capability in acquiring Bitcoin.

Now approaching nearly 64% of its target for 2025, as Metaplanet works towards its 210,000 BTC goal, reliance on Bitcoin could increase and might lead to “unexpected volatility for passive investors who did not foresee such crypto exposure,” Yoon remarked.