Japan Exchange Group Weighs Stricter Oversight on Crypto Treasury Firms
Tokyo bourse considers audits and tighter listing rules as listed bitcoin-holding companies face renewed scrutiny
Japan Exchange Group (JPX), operator of the Tokyo Stock Exchange, is exploring tougher oversight of publicly listed firms that hold large amounts of cryptocurrency on their balance sheets, Bloomberg reported Thursday, citing people familiar with the matter.
The exchange is said to be evaluating stricter enforcement of listing and audit requirements, particularly for companies that pivot toward crypto assets as a core treasury strategy. Since September, JPX has reportedly raised concerns with three such firms, warning they could face limits on fundraising activities if they continue along that path.
Japan remains the regional leader in corporate bitcoin holdings, with 14 listed companies currently owning BTC. Metaplanet (3350), which holds over 30,000 BTC, saw its shares fall 6.6% Thursday following the report.
In a statement, Metaplanet said it supports regulatory initiatives aimed at enhancing transparency and market integrity. “We believe this is a natural and healthy development that will contribute to building credibility around this emerging business model,” the company wrote.
Other bitcoin-holding firms also traded lower after the report. Anap Holdings (3198), which holds 1,111 BTC, dropped 6.5%; Convaco (6574), holding 665 BTC, fell 11.5%; while gaming firm NEXON (3659), with 1,717 BTC, slipped just 0.22%.
Although JPX has no explicit ban on digital asset holdings, it continues to monitor such companies closely amid concerns about governance and investor protection. The heightened scrutiny follows sharp price swings among these stocks — Metaplanet’s shares have plunged more than 70% since peaking in June.
Metaplanet emphasized that its transformation into a bitcoin-focused enterprise complied fully with Japanese corporate and securities laws, supported by legal, accounting, and tax professionals.
Its quarterly earnings report, released Thursday, underscored bitcoin’s growing role in operations. Net income rose to ¥13.52 billion ($87.35 million) from a year-earlier loss, while its bitcoin treasury expanded to 30,823 BTC, achieving a net quarterly gain of 4,412 BTC, or a 33% yield.
The company also outlined steps to reinforce its capital base — including a planned issuance of perpetual preferred shares and a new bitcoin-backed credit facility — aimed at supporting its long-term strategy of accumulating BTC while minimizing shareholder dilution.
