Japan’s Exchange Operator Weighs Tighter Oversight of Crypto Treasury Firms as Metaplanet Shares Drop
Japan Exchange Group (JPX), the parent company of the Tokyo Stock Exchange, is considering tougher oversight of listed firms holding large amounts of digital assets on their balance sheets, Bloomberg reported, citing people familiar with the matter.
The potential measures include stricter enforcement of backdoor listing rules and mandatory audits for companies that shift business models toward cryptocurrency investments. The exchange aims to strengthen investor protection amid the rise of “digital asset treasuries,” whose valuations often swing sharply with crypto market movements.
JPX has reportedly intervened since September to discourage at least three companies from pursuing such transitions, warning they could face fundraising limits if they proceed.
Japan currently leads Asia with 14 public firms holding bitcoin, led by Metaplanet (3350), which controls over 30,000 BTC. Following the report, Metaplanet’s shares slid 6.59% on Thursday.
In a statement, Metaplanet said it views regulatory scrutiny as “a natural and healthy development” that can enhance transparency and credibility in the emerging crypto treasury model.
Other firms saw similar declines: Anap Holdings (3198), with 1,111 BTC, lost 6.5%; Convaco (6574), holding 665 BTC, dropped 11.5%; and NEXON (3659), a gaming company with 1,717 BTC, dipped just 0.22%.
While JPX has yet to impose formal restrictions, it is closely monitoring companies with substantial crypto exposure from a governance and investor protection standpoint. The concern stems from the extreme volatility that has wiped out gains in several crypto-linked stocks — Metaplanet’s shares, for instance, have fallen over 70% since June.
Metaplanet emphasized that its shift toward a Bitcoin-centric business model followed all regulatory procedures, including shareholder approvals and professional audits.
The firm’s latest earnings underscore how central bitcoin has become to its balance sheet. Net income surged to ¥13.52 billion ($87.35 million) from a loss a year earlier, while its bitcoin holdings climbed to 30,823 BTC — an increase of 4,412 BTC, or a 33% quarterly yield.
To support its long-term accumulation strategy, Metaplanet said it plans to issue perpetual preferred shares and secure a new credit line backed by its bitcoin reserves, ensuring financial flexibility while managing dilution risk.
