Bitcoin News Today: Corporate Bitcoin Push Meets Regulatory Pushback in Japan

The Japan Exchange Group (JPX) is preparing to impose stricter oversight on companies pivoting to cryptocurrency treasuries, a move aimed at curbing risks associated with volatile digital assets while preserving innovation in corporate capital strategies. The operator of the Tokyo Stock Exchange is considering measures such as rigorous audits for firms shifting to crypto-focused business models and tighter enforcement of backdoor listing rules. These steps follow sharp declines in "digital-asset treasury" (DAT) stocks, including a 75% drop in Metaplanet's shares since mid-2024, as regulatory scrutiny intensifies.

The proposed rules would require companies transitioning to crypto treasuries to undergo fresh approvals akin to new listings, preventing entities from evading traditional IPO processes. At least three listed firms have already paused or scaled back crypto purchase plans since September 2025 after warnings from JPX that such strategies could restrict future fundraising capabilities. While Japan currently allows 14 publicly traded Bitcoin-buying companies-more than any other Asia-Pacific nation- the exchange is signaling a shift toward caution amid concerns over governance and investor protection.

Metaplanet, Japan's largest DAT operator, has become a focal point of this debate. The firm, which shifted from hotel operations to Bitcoin accumulation in 2024, now holds 30,823 BTC, making it the world's fourth-largest corporate Bitcoin holder according to data. Despite its aggressive accumulation strategy, Metaplanet's stock has plummeted over 75% from its June 2024 peak, mirroring broader market corrections in DAT stocks. CEO Simon Gerovich defended the company's governance, stating that all major transitions were approved through five shareholder meetings, including changes to business purposes and share structures according to reports.

JPX's review comes as global corporate Bitcoin adoption surges, with blockchain analytics firms reporting a 200% year-on-year increase in institutional holdings. However, the exchange's potential crackdown reflects regional contrasts: Hong Kong and Australia have resisted DATs, citing rules against "cash companies," while Japan's more permissive stance has attracted firms like nail salon operator Convano Inc., which aims to acquire 21,000 BTC by 2027.

Financial experts warn that without clear guidelines, investor confidence in crypto-integrated firms could wane. Metaplanet's experience underscores the dual-edged nature of Bitcoin treasuries: while its Q3 2025 financials showed ¥20.6 billion in non-operating income from Bitcoin valuation gains, the company also reported a 39% quarterly drop in gains due to October's market crash.

The outcome of JPX's deliberations could reshape Japan's corporate crypto landscape. By balancing innovation with investor safeguards, the exchange aims to mitigate risks without stifling strategic diversification. For now, companies like Metaplanet must navigate a regulatory environment that increasingly prioritizes transparency, as the line between digital asset opportunity and market instability grows ever thinner.

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