Japan’s Stock Exchange Weighs Tighter Rules on Bitcoin-Holding Listed Firms

• JPX’s regulatory tightening follows sharp declines in digital-asset treasury stocks, prompting reviews of governance standards.

• Several listed companies have been instructed to slow or halt crypto acquisition plans due to potential market funding restrictions.

• Metaplanet, a key player, holds over 30,000 Bitcoin and reports 75% stock drop since June 2025, yet defends its compliant governance processes.

Japan Exchange Group tightens grip on crypto treasury firms amid stock slumps. Discover JPX’s proposed rules, Metaplanet’s response, and market impacts—stay informed on regulatory shifts in Bitcoin holdings. Read now for investor insights.

What is the Japan Exchange Group Doing About Crypto Holdings in Listed Companies?

The Japan Exchange Group (JPX), operator of the Tokyo Stock Exchange, is evaluating measures to curb the expansion of listed firms focusing on cryptocurrency treasuries. This follows significant drops in digital-asset treasury (DAT) stock prices, raising alarms over governance and potential investor harm. JPX aims to protect shareholders by enhancing oversight without outright banning crypto ownership.

How Are JPX’s Proposed Stricter Listing Rules Impacting Crypto-Focused Firms?

JPX is discussing the application of backdoor listing regulations more rigorously, as reported by Bloomberg. If a company’s primary business shifts to cryptocurrency holdings, it could be treated as a new listing, requiring renewed approvals, audits, and disclosures. This approach addresses concerns that such pivots might evade standard scrutiny, potentially exposing investors to undue risks. Discussions remain preliminary, with no final policies announced yet. At least three listed entities have received advisories since September 2025 to delay or reduce crypto purchase plans, with warnings that aggressive strategies could limit their access to public market fundraising. JPX has stated it monitors firms for risk and governance issues to safeguard investors, though it currently permits crypto ownership. Expert analysis from financial regulatory bodies like the Financial Services Agency (FSA) underscores the need for balanced innovation and stability in Japan’s evolving crypto landscape.

At least three listed companies have been told since September to slow down or postpone their crypto purchase plans.

Key Highlights

• JPX’s move to tighten rules comes after sharp drops in “digital-asset treasury” stocks.
• Several listed firms have reportedly been asked to pause or scale back their crypto purchase plans amid growing regulatory caution.
• Metaplanet defended its governance, saying its Bitcoin-focused shift was carried out through proper shareholder approval and governance procedures.

Japan Exchange Group Inc. (JPX), the operator of the Tokyo Stock Exchange, is weighing measures to rein in the growth of listed firms that have pivoted to focus on holding cryptocurrencies.

The review comes as sharp declines in these so-called “digital-asset treasury” (DAT) stocks raise concerns about governance standards and investor losses.

Possible stricter listing rules

A Bloomberg report noted that one option under discussion is to apply backdoor listing rules more strictly. For example, if the main business of a listed company were to be pivoted to crypto, it would be considered a new listing and required to obtain fresh approvals and audits. The discussions are still underway, and no final decision has been made.

At least three listed firms have reportedly been asked to pause or scale back plans to begin buying crypto since September. One person familiar with the matter said JPX warned these companies that pursuing large-scale crypto purchases could lead to restrictions on their ability to raise funds in public markets.

While the exchange does not currently prohibit listed firms from owning crypto, it said in an email that it is “monitoring companies that raise concerns from a risk and governance perspective, with a view to protecting shareholders and investors.”

Metaplanet defends its procedures

The price slump in Japanese DAT shares has amplified regulatory concern. Metaplanet Inc., which transitioned from hotel operations to Bitcoin accumulation last year, has seen its stock fall more than 75% since June after a sharp rally earlier in 2025. The company now holds over 30,000 Bitcoin, making it one of the world’s largest corporate holders.

Metaplanet CEO Simon Gerovich responded to reports of JPX’s closer oversight, saying the company has followed all required procedures during its move toward a Bitcoin-focused strategy.

He noted that Metaplanet held five shareholder meetings over the past two years to approve major changes, including altering its business purpose, increasing authorized shares for Bitcoin purchases, and creating new share classes. “Corporate governance is the basis for all our decisions,” Gerovich said.

Broader market impact

Other firms, including nail salon operator Convano Inc., have followed a similar path. The firm aims to raise about ¥434 billion ($3 billion) to purchase 21,000 BTC, around 0.1% of Bitcoin’s total supply, through phased acquisitions running until 2027. This helped send its shares soaring before they dropped around 60% in recent months, as crypto markets cooled and JPX scrutiny intensified.

The debate in Japan highlights a broader regional contrast. Exchanges in Hong Kong, India, and Australia have pushed back against companies trying to make cryptocurrency holdings their main business focus. They cite rules that prevent listed firms from becoming “cash companies” that mainly hold assets instead of running real operations.

Japan, by contrast, has taken a more open approach. It currently allows 14 Bitcoin-buying firms to list — the highest number in the Asia-Pacific region, according to BitcoinTreasuries data.

The possible rule changes suggest that Japanese authorities are becoming more cautious about listed firms using their stock market status to make large speculative bets on digital assets.

Frequently Asked Questions

What Triggers JPX Scrutiny for Crypto Purchases by Listed Companies?

JPX scrutinizes listed companies when large-scale cryptocurrency purchases raise governance or risk concerns, potentially affecting shareholder protection. Since September 2025, at least three firms have been advised to pause plans to avoid fundraising restrictions in public markets, ensuring compliance with existing listing standards.

Why Has Metaplanet’s Stock Declined Despite Bitcoin Holdings?

Metaplanet’s shares have dropped over 75% since June 2025 after an initial rally, driven by cooling crypto markets and increased JPX regulatory attention on digital-asset treasuries. The firm, holding more than 30,000 Bitcoin, emphasizes its adherence to governance via multiple shareholder approvals, positioning it as a compliant leader in corporate crypto adoption.

Key Takeaways

• Regulatory Evolution: JPX’s proposed stricter rules could treat crypto pivots as new listings, requiring audits and approvals to enhance investor safeguards.
• Market Volatility Impact: DAT stocks like Metaplanet and Convano have seen 60-75% declines since mid-2025, highlighting risks of crypto-focused strategies amid market corrections.
• Governance Priority: Firms must secure shareholder approvals for Bitcoin shifts; monitor JPX updates to align strategies with emerging policies.

Conclusion

The Japan Exchange Group’s push for tighter controls on crypto holdings in listed companies reflects growing caution around digital-asset treasury risks and governance in Japan’s financial markets. With firms like Metaplanet defending their Bitcoin strategies through rigorous procedures, the landscape balances innovation and investor protection. As discussions progress, stakeholders should prepare for potential shifts, ensuring compliance to navigate this evolving regulatory environment effectively.