One Japanese financial firm is riding the crypto wave like no other.

Shares of Monex Group Inc. have been tracking the ups and downs of bitcoin, and have more than tripled since the cryptocurrency’s rally gained momentum in October. The online brokerage owns crypto exchange Coincheck Inc., whose profit has soared as clients flock to digital assets.

"People are starting to re-evaluate us” by realizing Monex isn’t just about stockbroking, said Chief Executive Officer Oki Matsumoto. "Our stock was underrated to begin with,” the former Goldman Sachs Group Inc. partner said in an interview on Feb. 18.