Shares in Metaplanet fell nearly 9% in Tokyo trading on Thursday after Bloomberg reported that the Japan Exchange Group (JPX) is considering tighter rules for listed companies that pivot into large-scale crypto accumulation.
Metaplanet Shares Drop as Firm Responds to JPX Clampdown Report
13 November 2025 - 13:58 CET
By Matt Neill
The Tokyo Stock Exchange operator is examining stricter audit and listing requirements for digital asset treasury firms, according to people familiar with the discussions. The reports triggered renewed selling across the sector, which has already seen sharp declines since the summer.
Company reaffirms compliance and governance
Metaplanet issued a detailed statement denying that it is subject to any regulatory action or investigation and said its operations remain fully compliant with Japanese corporate and financial regulations.
The company said it welcomed regulatory discussions and described them as a natural part of a maturing sector. It reiterated that its transition to a Bitcoin-focused treasury model was conducted through formal corporate processes, including shareholder approval at extraordinary and annual general meetings and consultations with legal, accounting and tax advisers.
“Should we receive any inquiries or requests, we are prepared to engage in constructive dialogue with the authorities,” the statement said. The company added that governance would continue to guide its strategic decisions.
Bitcoin dominates holdings
Metaplanet’s latest financial filings show that its balance sheet is now dominated by digital assets, with limited non-crypto operations remaining after divesting its hotel business in 2024. Operating income last quarter was minimal, with fair value gains and losses from Bitcoin holdings driving most changes in net assets.
The firm controls more than 30,000 BTC, according to financial disclosures compiled by BitcoinTreasuries.net, making it the largest corporate Bitcoin holder in Japan and one of the largest publicly listed holders globally.
Shares have fallen roughly 75% since May as the company’s Bitcoin-centric model exposed investors to sharp volatility and as regulators expressed concern about the risks digital asset treasury companies pose to retail markets.
Regulatory uncertainty grows
Japan has been one of Asia’s most permissive jurisdictions toward digital assets, encouraging tokenised finance and allowing listed firms to pursue Bitcoin treasury strategies. JPX’s reported review indicates that the limits of that openness are now being tested as exchanges grapple with the governance and risk implications of companies whose balance sheets function more like leveraged Bitcoin funds than traditional operating businesses.
