Japan Exchange Group (JPX) is considering blocking firms that park more than 50% of their assets in crypto, reigniting fears about Metaplanet and other digital asset troves (DATs).
According to local broadcaster Nikkei, the proposed rules would block new crypto treasures that fall into that category. Additionally, those currently listed on JPX’s Tokyo Stock Price Index (TOPIX) will also be canceled if the proposal is accepted.
Reportedly, JPX has sought feedback from stakeholders on this issue. This move could complicate Metaplanet’s planned listing on TOPIX after restructuring in October 2026.
In October 2025, Metaplanet was upgraded from small cap to mid cap, making it Listed on the FTSE Japan Index and the FTSE Whole World Index. The upgrade provided greater institutional visibility for Metaplanet (3350) shares.
Still, excluding JPX could trigger passive outflows from indices and domestic investors who use TOPIX as a benchmark for Metaplanet.
Concerns over Metaplanet and other crypto treasures
However, this year the repressions have not started.
Last November, JPX told Bloomberg it was considering new guidelines to protect investors amid extreme market volatility. At the time, Metaplanet shares had fallen 75% after rising more than 400% at the beginning of 2025. A JPX spokesperson said:
We monitor companies that raise concerns from a risk and governance perspective in order to protect shareholders and investors.
According to JPX, crypto-related volatility was hurting stock investors and needed to be reined in. He proposed stricter merger rules and controls to prevent these price fluctuations. And the exclusion offering adds to JPX’s solid stance in the segment.
Will Metaplanet shares be affected?
For perspective, the MSCI Index offered similar suggestions, which triggered the Strategy’s decision. MSTR sales Analysts feared that its cancellation would lead to passive outflows of approximately $3 billion to $9 billion if other indexes followed suit.
When 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 its MSCI Index plan.
It is unclear whether Earth is a Metaplanet third largest BTC treasury The firm will persuade JPX to abandon its strict rules. The firm’s shares (3,350) traded on the Tokyo Stock Exchange closed the April 3 session at $1.87. There was an 86% drop from the 2025 high of $13.3.
Final Summary
- J.apan Exchange Group wants public companies with heavy exposure to cryptocurrency to be banned from the Tokyo Stock Price Index (TOPIX)
- The plan could prevent Metaplanet’s expected listing on the index in October 2026 and trigger further selling.
