Breaking: Metaplanet Stock Removed from S&P Japan Index, Unveils Bitcoin Rewards
Highlights
- Metaplanet stock dropped from the S&P Japan Mid Cap 100.
- The company announces Bitcoin rewards as part of the Shareholder Benefits Program.
- Metaplanet stock jumped more than 4% despite sideways Bitcoin movement.
Asia’s largest corporate Bitcoin treasury company Metaplanet saw its stock drop out of the S&P Japan index amid rebalancing on Monday. Meanwhile, the company has announced a shareholder benefits program to offer Bitcoin rewards.
Metaplanet Stock Dropped from the S&P Japan Mid Cap 100 Index
S&P Dow Jones Indices removed Metaplanet stock from the S&P Japan Mid Cap 100, according to MarketScreener data on June 22. The stock was earlier added to the index amid strong performance tied to its aggressive Bitcoin accumulation strategy.
The removal comes as Metaplanet stock has dropped significantly, dragging the enterprise value and investors’ confidence. While the company planned to continue its Bitcoin accumulation and digital asset treasury (DAT) strategy is questioned by investors.
Metaplanet stock (TYO: 3350) has dropped 24% in a month and 47% year-to-date (YTD). This happened despite launching income-generating businesses and acquiring Siiibo Securities to expand into Bitcoin-linked financial products.
However, the stock jumped 4.26% higher at 245 JPY on Monday. The intraday low and high were 234 and 245 JPY, respectively. The rebound came amid low trading volume despite progress in US-Iran peace talks.
Bitcoin Rewards in Shareholder Benefits Program
Metaplanet stock’s removal from the S&P Japan Mid Cap 100 coincided with a Shareholder Benefits Program announcement. “Metaplanet’s shareholder benefits program will be further expanded and available for use,” the company said in an X post.
The Bitcoin treasury company has partnered with Coincheck crypto exchange for the program. Metaplanet shareholders who hold at least 100 stocks as of the record date of June 30 and have a Coincheck account are eligible.
Notably, 50 Metaplanet shareholders will get Bitcoin worth JPY 100,000 per shareholder and 1,500 shareholders will get Bitcoin worth JPY 10,000 per shareholder.
Bitcoin price is moving sideways above $64,000 in the past 24 hours. The 24-hour low and high are $63,221 and $64,712, respectively. Furthermore, trading volume has increased by 23% in the last 24 hours, indicating a rise in interest among traders.
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