Tokyo Exchange Eyes Crackdown on Crypto-Holding Firms as Metaplanet Shares Slide
Japan Exchange Group (JPX), the operator of the Tokyo Stock Exchange, is considering new measures to rein in listed companies accumulating large crypto holdings as treasury assets, Bloomberg reported, citing people familiar with the discussions.
The exchange is reportedly weighing tighter enforcement of backdoor listing rules and enhanced audit requirements for firms shifting toward digital asset strategies — a move aimed at protecting investors amid heightened volatility in Bitcoin-linked stocks.
Since September, JPX has pushed back against at least three companies attempting such transitions, warning they could face restrictions on fundraising activities, according to the report.
Japan leads Asia with 14 publicly traded Bitcoin-holding companies, including Metaplanet (3350), which owns over 30,000 BTC. Shares of the Tokyo-based firm fell 6.59% Thursday following news of the regulatory scrutiny.
Metaplanet said in a statement that it supports the regulatory push, calling it “a natural and healthy development” that will strengthen transparency and credibility across the sector.
Other crypto treasury stocks also declined. Anap Holdings (3198), with 1,111 BTC, fell 6.5%, while Convaco (6574), which holds 665 BTC, dropped 11.5%. Gaming company NEXON (3659), which holds 1,717 BTC, slipped just 0.22%.
JPX currently has no explicit ban on crypto treasuries but is monitoring such firms closely over governance and shareholder protection risks. The increased caution follows sharp swings in Bitcoin-linked stocks that have caused heavy losses for retail investors — Metaplanet shares have tumbled over 70% since June.
Metaplanet emphasized that its pivot to a Bitcoin-focused model was conducted “lawfully and transparently,” with approvals from shareholders and oversight from legal and accounting professionals.
The firm’s latest earnings showed a turnaround, posting a net income of ¥13.52 billion ($87.35 million) versus a year-earlier loss. Its Bitcoin holdings climbed to 30,823 BTC, a gain of 4,412 BTC during the quarter, representing a 33% yield.
To reinforce its capital structure, Metaplanet said it plans to issue perpetual preferred shares and secure a new credit line backed by its Bitcoin reserves — part of its long-term strategy to expand BTC holdings while limiting shareholder dilution.
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