Japan May Restrict Crypto-Heavy Listings as Metaplanet Pushes Back

By Emir Abyazov

The operator of the Tokyo Stock Exchange is weighing new restrictions for publicly traded companies that shift their core business toward buying and storing cryptocurrencies.

According to Bloomberg, Japan Exchange Group (JPX) is exploring stricter oversight of firms that redirect their strategy toward large-scale digital asset accumulation. Proposed measures include enhanced audit requirements and tougher evaluations of companies that change their business models after listing.

The move comes amid steep declines for several digital asset–backed token (DAT) companies that attracted retail attention earlier this year.

DAT companies face sharp declines as regulators respond

One of the hardest-hit firms is Metaplanet, Japan’s largest DAT company with more than 30,000 Bitcoins. Its shares have fallen 82% from their yearly peak of $15.35 on May 21 to $2.66 today.

Nail salon chain Convano, which surged in August, now trades near $0.79, down 61% from its $2.05 high. According to Bitcoin Treasuries, the company is also down nearly 11% on its Bitcoin investments.

Source: bitcointreasuries.net

The potential changes target what JPX sees as a gap in its rules. Although the exchange already bans reverse listings, where a private firm acquires a listed shell company to bypass an IPO, some DAT companies may have used similar maneuvers to pivot into crypto without proper scrutiny.

Closing this loophole could restrict or even halt new crypto-focused companies from entering the stock market.

Metaplanet pushes back against criticism

Metaplanet CEO Simon Gerovich rejected claims that Bitcoin-accumulating companies like Metaplanet and Strategy (MSTR) are bypassing corporate governance standards.

He told Bloomberg that JPX’s concerns relate to firms suspected of listing through acquisitions or shifting into digital assets without necessary shareholder approval. According to him, this does not apply to Metaplanet.

He noted that the company held five shareholder meetings in two years and secured approval for all major decisions. Metaplanet also amended its charter and expanded its authorized shares to fund Bitcoin purchases — all under the same management team.

If JPX proceeds, it would become the first major stock exchange to formally restrict companies from adopting Bitcoin accumulation strategies. The move could reshape how corporate Japan approaches cryptocurrency in one of the world’s most active markets for DAT companies.

Source:: Japan May Restrict Crypto-Heavy Listings as Metaplanet Pushes Back