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.
Also Read: Japan’s FSA Aims to Close Loopholes in Crypto Custody Oversight
