JPX Considers Crackdown on Digital-Asset Treasury Boom in Japan
The Japan Exchange Group (JPX) is reportedly weighing new measures to curb the explosive rise of so-called “digital-asset treasury” (DAT) companies, Bloomberg reported Thursday. The move comes as Metaplanet, one of Japan’s most prominent Bitcoin-holding firms, saw its shares plunge 7%, extending a steep decline from its 2024 highs.
JPX Considers Tightening Rules on Crypto-Focused Companies
According to the report, the JPX is exploring stricter enforcement of backdoor listing rules—regulations that allow private firms to go public through mergers or acquisitions instead of traditional IPOs. The exchange may also prohibit companies from shifting their core business models toward crypto accumulation if they were initially listed as non-crypto enterprises.
Additionally, firms that pivot to digital assets could be required to undergo audits, ensuring transparency as they transition from conventional industries to Bitcoin-heavy treasuries. Bloomberg notes, however, that no formal decision has been made, and these proposals remain under private discussion.
While the JPX has not imposed a formal ban on corporate Bitcoin holdings, it is said to be closely monitoring potential risks associated with this growing trend among listed firms.
Metaplanet’s Bitcoin Strategy Faces Headwinds
Metaplanet, based in Tokyo, famously shifted its focus from hospitality to crypto in 2024, mirroring Michael Saylor’s MicroStrategy model by aggressively buying Bitcoin. The firm has since accumulated around 30,000 BTC and once aimed to scale that up to 210,000 coins.
However, after a spectacular rally last year, Metaplanet’s stock has tumbled roughly 75% since its mid-June peak. The potential regulatory clampdown from JPX could deepen the company’s challenges as market enthusiasm cools.
Bloomberg also noted that three other listed Japanese companies have suspended plans to purchase crypto since September, amid concerns that adopting a Bitcoin-based treasury strategy could limit their fundraising opportunities.
As Japan’s regulators tighten their gaze, the future of corporate Bitcoin accumulation in the country may hinge on how far the JPX decides to go.
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