Tokyo Exchange Operator Weighs Limits on Crypto-Focused Treasury Firms: Report
Investor protection drives review as Metaplanet, Anap, and Convaco shares slide

Japan Exchange Group (JPX), the operator of the Tokyo Stock Exchange, is reportedly considering stricter measures to curb the rise of listed companies accumulating large digital asset holdings, Bloomberg reported, citing people familiar with the matter.

According to the report, JPX is evaluating tighter enforcement of backdoor listing rules and fresh audit requirements for firms shifting their core operations toward crypto-related activities. The initiative aims to safeguard investors amid growing volatility in companies holding substantial Bitcoin reserves.

Since September, the exchange has reportedly intervened in at least three such cases, warning firms that taking the “crypto treasury” route could trigger fundraising restrictions.

Japan currently leads Asia with 14 publicly listed Bitcoin-holding firms, including Metaplanet (3350), which holds over 30,000 BTC. Shares of the Tokyo-based company dropped 6.59% on Thursday following Bloomberg’s report.

In a statement posted to its website, Metaplanet said, “We understand that regulatory discussions are progressing in various jurisdictions with the aim of ensuring investor protection and maintaining market integrity. We believe this is a natural and healthy development that will enhance transparency and credibility within this emerging business model.”

Other crypto treasury firms also came under pressure. Anap Holdings (3198), with 1,111 BTC, fell 6.5%, while Convaco (6574), which holds 665 BTC, slumped 11.5%. Gaming company NEXON (3659), which owns 1,717 BTC, was comparatively stable, slipping just 0.22%.

While JPX currently has no explicit rules prohibiting listed firms from holding crypto as treasury assets, the exchange is closely monitoring such companies from a governance and shareholder-protection standpoint, Bloomberg noted.

The heightened scrutiny follows sharp boom-and-bust swings in Bitcoin-treasury stocks, which have led to steep losses for retail investors. Metaplanet shares have plunged more than 70% from their June peak.

Metaplanet emphasized that its transition into a Bitcoin-focused enterprise was carried out “in a lawful and transparent manner,” with oversight from legal, accounting, and tax experts.

“With shareholder approval at both extraordinary and annual general meetings, we have adhered to all procedures required under applicable laws and regulations, maintaining corporate governance as our highest priority,” the company said.

In its quarterly earnings report, also released Thursday, Metaplanet reported a net income of ¥13.52 billion ($87.35 million), reversing a year-earlier loss. Its Bitcoin holdings rose to 30,823 BTC, reflecting a quarterly gain of 4,412 BTC and a 33% Bitcoin yield.

The company said it plans to strengthen its balance sheet through the issuance of perpetual preferred shares and a new credit facility backed by its Bitcoin reserves — part of a broader strategy to continue accumulating BTC while minimizing shareholder dilution.