Japan Exchange Group (JPX) is considering blocking companies that park more than 50% of their assets in crypto, reigniting fears about Metaplanet and other digital asset treasuries (DATs).
According to local publisher Nikkei, the proposed guidelines would block new crypto treasuries that fall into the said category. In addition, companies already listed on JPX’s Tokyo Stock Price Index (TOPIX) would be delisted if the proposal is adopted.
JPX has reportedly sought feedback from stakeholders on the matter. This move could complicate Metaplanet’s planned listing on TOPIX after the October 2026 reconstruction.
In October 2025, Metaplanet was upgraded from small-cap to mid-cap, prompting its creation listing on the FTSE Japan Index and the FTSE All-World Index. The upgrade provided more institutional exposure for Metaplanet (3350) shares.
Still, the JPX exclusion could lead to passive outflows from indices and domestic investors using TOPIX as a benchmark for Metaplanet.
Concerns about Metaplanet and other crypto treasuries
But the crackdown did not start this year.
Last November, JPX told Bloomberg it was considering new guidelines to protect investors amid wild market volatility. At that point, Metaplanet’s shares were down 75%, after rising more than 400% earlier in 2025. A spokesperson for JPX said:
We monitor companies raising concerns from a risk and governance perspective, with a view to protecting shareholders and investors.
According to JPX, crypto-linked volatility was hurting stock investors and needed to be curbed. It proposed stricter merger rules and audits to curb these price fluctuations. And the exclusion proposal adds to JPX’s strict stance on the segment.
Will Metaplanet shares be affected?
For perspective, the MSCI Index put forward similar propositions, which inspired Strategy’s MSTR Sale late 2025 and early 2026. Analysts feared that abolishing it would lead to passive outflows of about $3 billion to $9 billion if other indices followed suit.
By the time MSCI dropped the plans in early January, MSTR had fallen 60% from $365 to $147. Market watchers expected Metaplanet to lobby against the proposed rule, as Strategy did with the MSCI Index plan.
It is unclear whether Metaplanet is off-world third largest BTC treasury firm, will convince JPX to drop its strict rules. The company’s Tokyo Stock Exchange-listed shares (3350) closed the April 3 session at $1.87. It was down 86% from the 2025 highs of $13.3.
Final summary
- Japan Exchange Group wants listed companies with heavy exposure to cryptocurrencies to be excluded from the Tokyo Stock Price Index (TOPIX)
- The plan could block Metaplanet’s expected October 2026 listing on the index and trigger more sell-offs.