JPX Considers Stricter Rules on Crypto-Holding Firms
Japan Exchange Group Inc. (JPX), which runs the Tokyo Stock Exchange, is reviewing rules for companies that focus on holding cryptocurrencies. This follows sharp drops in the stocks of so-called “digital-asset treasury” (DAT) firms. The decline raises concerns about governance and investor losses.
A Bloomberg report says JPX may apply backdoor listing rules more strictly. If a company changes its main business to crypto, it could be treated as a new listing. This would require fresh approvals and audits. No final decision has been made yet.
Since September, JPX has asked at least three listed companies to pause or reduce plans to buy large amounts of crypto. A source said JPX warned that big crypto purchases might limit these companies’ ability to raise funds in public markets. While JPX does not ban listed firms from owning crypto, it is monitoring risk and governance issues to protect investors.
Metaplanet Responds to JPX Oversight
Metaplanet Inc. changed its business from hotels to Bitcoin holding last year. Its stock dropped over 75% since June after a strong rally earlier in 2025. The company now holds more than 30,000 Bitcoin, one of the largest corporate holdings worldwide.
CEO Simon Gerovich responded to JPX’s increased scrutiny, saying the company followed all governance procedures. Metaplanet held five shareholder meetings in two years to approve its move. These included changes to its business purpose, raising authorized shares, and creating new share classes. Gerovich said, “Corporate governance is the basis for all our decisions.”
Market Effects and Regional Differences
Other firms are following similar paths. Nail salon operator Convano Inc. plans to raise about ¥434 billion ($3 billion) to buy 21,000 Bitcoin by 2027. Its shares rose sharply then fell nearly 60% recently amid crypto market cooling and JPX scrutiny.
Japan’s approach contrasts with Hong Kong, India, and Australia. Those exchanges oppose firms making crypto holdings their main business. They enforce rules that stop listed firms from becoming “cash companies” holding mostly assets without real operations. Japan currently allows 14 Bitcoin-holding firms to list, the highest in Asia-Pacific, according to BitcoinTreasuries data.
The potential rule changes in Japan indicate growing caution about listed firms using stock market status for large speculative digital asset bets.
Read the full Bloomberg report
Learn more about Metaplanet’s Bitcoin holdings
Details on Convano’s Bitcoin acquisition plan
