Tokyo Exchange Eyes Tighter Oversight on Crypto Treasury Firms Amid Market Volatility
Japan Exchange Group (JPX), the operator of the Tokyo Stock Exchange, is weighing stricter measures to curb the rise of listed firms using digital assets as corporate treasuries, Bloomberg reported, citing sources familiar with the matter.
The exchange is considering tougher enforcement of backdoor listing regulations and enhanced audits for companies shifting toward crypto-heavy strategies, aiming to strengthen investor protection. Since September, JPX has reportedly flagged at least three companies for pursuing such transitions, warning they may face fundraising limits.
Japan leads the region with 14 publicly listed bitcoin-holding firms, including Metaplanet (3350), which owns more than 30,000 BTC. Shares in Metaplanet fell 6.6% Thursday after the report.
In a statement, Metaplanet said it views regulatory review as “a natural and healthy development” that enhances transparency and market integrity.
Other crypto treasury firms also traded lower: Anap Holdings (3198), holding 1,111 BTC, slipped 6.5%; Convaco (6574), with 665 BTC, dropped 11.5%; and online gaming firm NEXON (3659), which holds 1,717 BTC, edged down 0.22%.
While JPX has not issued formal rules against corporate bitcoin holdings, the exchange continues to monitor such firms closely due to concerns over governance and investor risk. Stocks like Metaplanet have seen sharp volatility, plunging over 70% from June highs.
Metaplanet said its bitcoin-focused strategy was carried out in compliance with corporate and securities laws, backed by professional accounting, legal, and tax guidance.
The firm’s latest quarterly report shows bitcoin’s growing centrality to its balance sheet. Net income jumped to ¥13.52 billion ($87.35 million) from a loss a year earlier, while its bitcoin holdings reached 30,823 BTC, up 4,412 BTC in the quarter — a 33% yield.
To reinforce its long-term capital strategy, Metaplanet plans to issue perpetual preferred shares and establish a credit facility backed by its bitcoin reserves, aiming to balance growth and shareholder protection.
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