Japan Exchange Group (JPX) is weighing a suite of tougher measures to rein in publicly listed companies that have made accumulating cryptocurrency a core corporate strategy, Bloomberg reported, after a wave of heavy losses among retail investors who piled into those stocks earlier this year.
Key points
- JPX is reportedly considering stricter enforcement of “backdoor” listing rules, re-audits of firms that have pivoted into heavy crypto holdings, and other steps that could limit how those companies fund further digital-asset purchases.
- The exchange has asked three prospective digital-asset-treasury companies (DATs) to pause listing plans while regulators and market operators review the risks.
- Japan currently hosts the largest number of Tokyo-listed Bitcoin-buying companies in Asia — 14 firms, according to BitcoinTreasuries.net data cited by Bloomberg — putting the market squarely in focus.
- The most prominent example, Metaplanet Inc., has seen its shares collapse from mid-June peaks; analysts and reports place the decline at more than 70% and in some Bloomberg updates at over 75% from that peak.
What JPX is considering
According to people familiar with the matter cited by Bloomberg, JPX is exploring a range of options to reduce the systemic and investor-protection risks posed by companies that convert large portions of their balance sheets into cryptocurrencies. Measures under discussion include:
- Tightening scrutiny of backdoor listings — reviewing whether managements are using alternative listing routes to rebrand existing businesses as crypto treasuries without adequate disclosure or shareholder safeguards.
- Targeted re-audits and stronger disclosure rules — compelling re-audits where accounting for large crypto holdings raises valuation, custody or related-party questions.
- Funding and financing limits — signaling that access to capital markets (including equity and debt financing) may be constrained if a firm’s core business appears to be crypto accumulation rather than a sustainable operating business.
JPX has not publicly announced new rules; Bloomberg’s story relies on sources near the exchange and people briefed on the discussions. Market participants said the moves are aimed at protecting ordinary investors and preserving the integrity of the listing framework after a period of speculative flows into so-called DAT models.
Why regulators and exchanges are alarmed
The DAT boom — firms pivoting part or all of their strategy to buy and hold Bitcoin and other tokens — fueled striking rallies in some small- and mid-cap shares earlier in 2025. That surge attracted heavy retail participation. But when sentiment reversed, the same names became some of the market’s steepest decliners, leaving everyday shareholders exposed to extreme volatility and creating questions about whether such corporate strategies belong on mainstream public markets without extra safeguards. Reuters and other outlets reported sharp share declines among bitcoin-buying companies as investor enthusiasm faded.
Metaplanet has become the high-profile example in Japan. Once a hotel operator, the company pivoted to a Bitcoin-treasury model, announcing aggressive purchase targets and follow-on capital raises. After peaking in mid-June, Metaplanet shares plunged sharply — more than 70% by multiple accounts — prompting scrutiny of both its strategy and of how exchanges should treat similarly positioned firms. Bloomberg and other outlets have tracked the company’s share moves and the implications for its enterprise value relative to its crypto holdings.
Broader regional pushback
Japan’s exchange is not alone: exchanges across Asia have begun rethinking how to treat companies whose apparent primary business is holding crypto on their balance sheets. The FT and other outlets have documented how exchanges in the region are tightening rules or signalling limits after the volatility. Observers say differences in listing rules — for example, caps on the share of balance-sheet assets that can be cash/equivalents in some markets — mean some DAT strategies are less viable in other jurisdictions.
Market and investor implications
For listed DATs, a tougher stance by JPX could mean slower or blocked attempts to list via alternative routes, increased audit and compliance costs, and potential restrictions on raising fresh capital — a material change for firms that relied on market access to fund further Bitcoin purchases. For retail investors, the likely intent is clearer disclosure and fewer surprises — but it could also reduce speculative returns for those seeking leveraged exposure through public equities.
Some companies have already adjusted. Reports indicate certain DATs paused purchases or fundraising plans amid the market backlash and renewed regulatory attention. Reuters and market trackers show that investor enthusiasm for corporate crypto holdings cooled months ago, and that price action has reflected a broader reassessment of the risk-reward profile for public crypto treasuries.
What’s next
JPX’s discussions — which sources say are at an internal and industry-consultation stage — could lead to formal guidance or rule changes if the exchange and regulators conclude existing listing and disclosure frameworks are insufficient. Any concrete step will be closely watched by companies with crypto treasuries, their auditors, and institutional and retail investors across Asia. Bloomberg’s reporting suggests that at least three prospective DATs were asked to pause listing plans while the review continues.
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