Japan Exchange Group (JPX) is considering steps to tighten oversight of publicly traded companies that accumulate substantial cryptocurrency holdings amid mounting concerns over the volatility and losses associated with digital asset treasury (DAT) companies.
The Tokyo Stock Exchange operator is exploring measures, including a stricter interpretation of existing backdoor-listing rules and potentially requiring companies to undergo fresh audits if they pivot into large-scale crypto accumulation, Bloomberg reported Thursday, citing sources familiar with the matter.
A backdoor listing lets a private company go public through a merger or acquisition rather than a traditional IPO. JPX already prohibits such practice and is considering extending the restriction to listed companies that pivot their core business toward crypto treasury strategies.
While no decisions have been finalized, three listed companies have recently paused plans to begin buying crypto following pushback from JPX, the report said. Those firms were warned that their fundraising capacity could be limited if they pursued crypto acquisitions as a core business model.
JPX currently has no explicit rules preventing listed firms from amassing crypto reserves. The Block has reached out to JPX for comment.
DAT stocks decline
The increased scrutiny comes following sharp declines in DAT stocks. Shares of Tokyo-listed Metaplanet have fallen more than 79% from their June peak. The stock closed down 6.6% at 397 Japanese yen ($2.60) on Thursday, a steep drop from 1,895 yen on June 16.
Metaplanet, which launched its bitcoin accumulation strategy in April 2024, currently holds 30,823 BTC, making it the world’s fourth-largest public corporate holder of bitcoin, according to BitcoinTreasuries data.
In response to the media report, Metaplanet said Thursday that it has not been subject to regulatory actions or investigations related to its business operations.
“With shareholder approval at both extraordinary and annual general meetings, we have adhered to all procedures deemed necessary under applicable laws and regulations, maintaining corporate governance as our highest priority,” the company wrote.
Other Japanese DAT stocks also fell on Thursday. Shares of Convano Inc. closed down 11.5% today, while Bitcoin Japan Corporation dropped 16.2%.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
