Japan Exchange Operator Eyes Rules to Rein In Crypto Holdings by Listed Companies: Report

Japan Exchange Group is weighing new measures to curb the growth of listed digital-asset treasury companies, as losses from the recent hoarding boom raise investor protection concerns.

Bloomberg reported Thursday that the Tokyo Stock Exchange operator is considering stricter use of its backdoor listing rules and may require fresh audits for companies shifting into large crypto positions. They said no final decisions have been made.

The report further said that for two months now, three listed firms paused plans to start buying cryptocurrencies after pushback from JPX. Those companies were told their fundraising could be limited if they pursued a strategy centered on acquiring crypto.

According to Bloomberg, Japan Exchange Group (JPX) is weighing tighter rules to curb "coin-hoarding" listed companies (DATs) after heavy retail losses. JPX is considering stricter backdoor-listing enforcement and re-audits, has asked three prospective DATs to pause plans, and…

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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.