Japan’s largest stock-exchange operator is reportedly considering stricter regulations for publicly listed companies that shift their core operations into Bitcoin accumulation, signaling a potential shakeup in one of the world’s most active digital-asset treasury (DAT) markets.
According to sources cited by Bloomberg, Japan Exchange Group (JPX) is reviewing new compliance requirements for firms engaging in large-scale crypto holdings. Proposed measures include enhanced auditing standards and extending backdoor-listing rules to companies pivoting into cryptocurrency, closing regulatory gaps that DATs may have previously leveraged.
Wave of Losses Hits Bitcoin-Holding Firms
The scrutiny follows significant losses among Japan’s DAT firms that attracted retail investors earlier in 2025. Notably, Metaplanet, the nation’s largest DAT holding over 30,000 BTC, saw its stock plummet from $15.35 in May to $2.66, an 82% decline from its year-to-date high.
Other companies, such as Convano, a nail salon franchise, also suffered major losses. Convano shares fell from $2.05 in August to $0.79, a 61% drop, while its BTC holdings lost nearly 11% in value, according to BitcoinTreasuries.net data.
Backdoor Listing Rules Could Close Regulatory Gaps
JPX is reportedly considering applying backdoor-listing restrictions to crypto-focused pivots. Backdoor listings occur when a private company acquires a publicly listed shell company to bypass the traditional IPO process, and JPX already prohibits this.
Extending this restriction to firms pivoting into Bitcoin holdings would tighten governance standards and potentially slow the pipeline for new DATs seeking to list on Japanese exchanges. Analysts note that such moves would aim to protect retail investors from rapid speculative exposure to volatile crypto assets.
Metaplanet Pushes Back on Criticism
Metaplanet CEO Simon Gerovich responded to reports suggesting that Bitcoin-holding firms may have circumvented governance rules. On social media, he clarified that JPX’s concerns are targeted at companies suspected of pivoting into crypto without proper shareholder approval, which does not apply to Metaplanet.
Gerovich highlighted that Metaplanet has held five shareholder meetings in two years, securing approvals for all critical decisions, including amendments to the company’s articles of incorporation and increases in authorized shares to fund BTC purchases. He emphasized that the same management team oversaw the pivot and followed formal governance protocols.
The company also issued an official statement reiterating that it has not faced regulatory inquiries related to its Bitcoin holdings and remains committed to constructive engagement with authorities on regulatory frameworks for digital assets.
Implications for Japan’s Crypto Market
If JPX implements these stricter rules, it could curb speculative pivots by publicly listed firms into cryptocurrency, potentially slowing the growth of DATs on Japanese exchanges. Analysts suggest the move reflects broader concerns over retail investor protection and market stability, particularly after high-profile losses in the first half of 2025.
Japan has been an active hub for digital asset adoption, with corporate treasuries increasingly exploring BTC accumulation. However, the combination of market volatility and regulatory tightening may reshape how companies approach crypto treasury strategies in the country.
The JPX deliberations underscore the growing tension between innovation in digital asset management and the need for robust corporate governance, signaling that regulators are taking a more cautious stance toward public companies engaging in large-scale Bitcoin holdings.
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