JPX Considers Tighter Crypto Regulations for Listed Firms—Metaplanet CEO Fights Back as Stock Plummets 75%
Japan Exchange Group (JPX) is reportedly drafting stricter rules for listed companies holding cryptocurrencies—a move that's already sending shockwaves through Tokyo's markets.
Metaplanet's stock nosedived 75% after its CEO publicly challenged the proposed regulations. The Bitcoin-friendly firm's defiance highlights the growing tension between traditional finance gatekeepers and crypto-native businesses.
Sources suggest JPX wants to prevent 'excessive speculation' through these measures. Because clearly, 400 years of stock market history still hasn't taught exchanges what 'excessive' really looks like.
Crypto-Linked Stocks Lose Momentum, Prompting Closer Scrutiny From Regulators
JPX does not have blanket rules against corporate crypto accumulation. A spokesperson reportedly said the bourse is monitoring companies that raise risk and governance concerns, intending to protect shareholders and investors.
Shares of crypto-hoarding names have tumbled after surging earlier this year, leaving retail buyers with steep paper losses. Strategy Inc., which built a Bitcoin trove worth about $66b, has seen its stock roughly halve since mid-July.
Exchanges across Asia have grown wary. Hong Kong and other regional venues have resisted new digital-asset treasury listings, while Japan now counts 14 public bitcoin buyers, the most in Asia, according to industry trackers.
Backdoor listings typically involve going public via a merger instead of a traditional IPO. JPX already bans such listings and is exploring whether to apply that prohibition to listed companies that pivot their Core business to crypto accumulation, the people said.
Market Swings Hit Japan’s Bitcoin Treasuries, Raising Red Flags for Regulators
Domestic declines have sharpened the debate. Tokyo-listed Metaplanet, Japan’s largest DAT operator, has dropped more than 75% from its mid-June peak after a 420% surge earlier in the year.
The company pivoted from hotels in early 2024 and amassed over 30,000 Bitcoin, making it one of the world’s largest public holders. Convano, a nail salon operator that aims to acquire 21,000 Bitcoin, is down about 60% since late August.
Pressure is not limited to Bitcoin treasuries. On-chain analysis flagged Evernorth, an XRP-focused vehicle, with about $78m in unrealized losses shortly after building its position. Even established giants like Strategy have been hit by price swings.
Hong Kong has tightened listing scrutiny as well. According to reports, HKEX questioned at least five applicants seeking to become CORE crypto treasuries and reiterated that listed businesses must be viable and sustainable. Its framework requires crypto to be integrated as a genuine operating line while limiting excessive liquid asset holdings.
