Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.</li>
<li>For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week</li>
<li>But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched</li>
</ul>


Metaplanet, the Tokyo-listed firm modelling itself after MicroStrategy, continues to rapidly expand its Bitcoin holdings.
For now, equity markets are playing along. Metaplanet’s share price has surged 30% in the past week
But with the firm trading at nearly 6x its net asset value, market enthusiasm looks stretched


Metaplanet (3350) | The Bitcoin Yield Illusion

<ul>
<li>Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.</li>
<li>Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.</li>
<li>A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.</li>
</ul>


Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.
Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.
A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.


Metaplanet (3350) | Japan’s Bitcoin Rocket

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it <a href="https://www.smartkarma.com/insights/quiddity-index-index-consultation-on-digital-asset-treasury-cos-the-tutes-are-leaving" target="_blank" rel="noopener">here</a>.</li>
<li>My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. </li>
<li>The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.</li>
</ul>


In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.


Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

<ul>
<li>Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. </li>
<li>They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...</li>
<li>And also look at stated reasons for capital raising. A preliminary list suggests <a href="https://www.smartkarma.com/entities/strategy-inc" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Strategy (MSTR US)</a>  and <a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> are obvious targets. Others will be too. </li>
</ul>


Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. 
They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...
And also look at stated reasons for capital raising. A preliminary list suggests Strategy (MSTR US)  and Metaplanet (3350 JP) are obvious targets. Others will be too. 


[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)

Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The HIGH & MED Exp ADDs...

Janaghan Jeyakumar, CFA

Metaplanet (3350) | The Bitcoin Yield Illusion

​Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Mark Chadwick

Metaplanet (3350) | Japan’s Bitcoin Rocket

​Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.

Mark Chadwick

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

Tokyo-listed firm Metaplanet, mirroring MicroStrategy, grows Bitcoin holdings rapidly as share price surges 30%, but trading at 6x net asset value...

Metaplanet's innovative strategy of issuing stock to fuel Bitcoin purchases is redefining shareholder value and creating unmatched buying power.