Japan’s Bitcoin Crackdown: Metaplanet Says It’s Different From the “Backdoor” Crowd
Japan Exchange Group is exploring measures to restrict listed digital-asset treasury firms, citing investor safety considerations as crypto-hoarding shares undergo steep losses.
Tokyo Stock Exchange operator JPX is contemplating stricter backdoor itemizing guidelines and recent audit necessities for companies pivoting to cryptocurrency accumulation, in keeping with individuals aware of the matter who spoke to Bloomberg.
Three listed Japanese firms have shelved plans to purchase cryptocurrencies since September, after the JPX warned that their fundraising skills can be restricted in the event that they pursued crypto methods.
The bourse doesn’t at the moment have blanket rules in opposition to company crypto accumulation however is “monitoring firms that elevate considerations from a danger and governance perspective, with a view to defending shareholders and buyers,” a JPX consultant wrote in an e-mail to Bloomberg.
Japan’s fundamental alternate operator is weighing new guidelines to curb listed companies’ crypto hoarding after investor losses raised crimson flags.#Japan #DigitalAssetTreasuries https://t.co/cj0cRqGbUR
— Cryptonews.com (@cryptonews) November 13, 2025
Market Tumble Draws Regulatory Scrutiny
Crypto treasury shares modeled after Michael Saylor’s Strategy Inc. have collapsed from earlier highs, leaving retail buyers with heavy losses.
Strategy’s shares have roughly halved since mid-July regardless of the firm holding a Bitcoin pile price over $60 billion.
The potential crackdown was sparked by considerations that the latest decline in native digital-asset treasury shares has harmed home buyers.
While Hong Kong and different Asia-Pacific exchanges have resisted new digital-asset treasury listings, Japan has 15 public Bitcoin patrons, the most in Asia.
Tokyo-listed Metaplanet, Japan’s largest operator, has plunged over 75% from its mid-June peak after surging 420% earlier in the yr. Nail salon operator Convano, which targets 21,000 Bitcoin, is down roughly 60% since late August.
Market evaluation flagged widespread misery throughout the sector, with K33 Research reporting {that a} quarter of all public firms holding Bitcoin now commerce at market values under their token holdings.
JPX is exploring whether or not to increase its current backdoor itemizing prohibition to firms shifting core operations to crypto accumulation.
A backdoor itemizing sometimes includes a non-public firm going public by means of a merger or acquisition, thereby bypassing the regular preliminary public providing (IPO) course of.
Metaplanet Defends Governance Approach
Metaplanet CEO Simon Gerovich pushed again in opposition to being grouped with companies missing correct governance.
“Metaplanet has held 5 normal conferences of shareholders over the previous roughly two years (together with 4 extraordinary normal conferences of shareholders and one strange normal assembly of shareholders), and has proceeded with all essential issues with the approval of shareholders,” Gerovich mentioned.
He emphasised that these processes “have been constantly carried out in accordance with correct procedures underneath the administration staff that has continued since earlier than the enterprise transition.” Gerovich added.
Dylan LeClair, Metaplanet’s Head of Bitcoin Strategy, famous parallels with the latest shareholder approval necessities for crypto acquisitions by NASDAQ.
He identified that Strategy rapidly clarified that “the new NASDAQ coverage on forming digital asset treasuries won’t influence Strategy, our ATM program, or different capital market actions.“
LeClair defined that firms with established governance frameworks that seek the advice of shareholders by means of correct procedures can proceed operations with out disruption.
“This regulation targets instances of speedy pivots with out shareholder consent, and bitcoin treasury firms with correctly functioning governance had been exempt,” he mentioned.
Financial Transformation Continues Despite Volatility
Metaplanet pivoted from motels in early 2024 and accrued over 30,000 Bitcoin, making it the world’s fourth-largest public Bitcoin holder.
The firm reported a dramatic monetary transformation in Q3 2025, posting gross sales income of 4,517 million yen ($29 million), up 1,702% year-over-year, and an strange revenue of 23,229 million yen ($150M), after incurring a lack of 311 million yen ($2M) the earlier yr.
Total property reached 550,744 million yen ($3.56B) by September 30, pushed by Bitcoin holdings valued at 516,360 million yen ($3.33B) throughout present and non-current accounts.
The fairness ratio additionally improved to 96.7% from 55.9% at year-end 2024 following warrant workouts and abroad choices that raised capital inventory by 247,462 million yen ($1.60B).
The firm’s Bitcoin per totally diluted share reached 0.0214885 BTC, representing roughly a six-fold improve from the 2024 year-end determine.
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