The Japan Exchange crypto hoarding crackdown has become a central topic in the country’s financial circles, especially as retail investors face steep losses from digital-asset treasury stocks. Over the past few months, Japan Exchange Group has been reviewing how listed companies are shifting toward large-scale Bitcoin accumulation, a trend that raised both governance and risk concerns. The discussions are still ongoing, but the direction shows a clear intention to prevent companies from making sudden pivots toward crypto buying without proper oversight. With several firms already putting their plans on pause, the situation reflects a broader effort to balance market innovation with investor protection.

JPX Reviews Stricter Oversight for DAT Firms

Japan Exchange Group is examining new measures aimed at slowing the rapid rise of digital-asset treasury companies. According to official communications and people familiar with the private discussions, JPX is weighing stricter use of its backdoor listing rules and may require certain firms to undergo fresh audits before shifting toward crypto-heavy business models. No final decision has been made, and the exchange has not announced any concrete policy changes yet.

Since September, at least three listed companies have paused their plans to begin large-scale crypto purchases after receiving pushback from JPX. They were reportedly informed that their fundraising ability could be restricted if they proceeded with a strategy centered on buying crypto.

While JPX does not have comprehensive regulations preventing listed firms from accumulating digital assets, it confirmed that it is monitoring companies that raise risk or governance concerns. The exchange highlighted that its priority is protecting shareholders and investors during a period where digital-asset treasury stocks have experienced notable volatility.

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Crypto Hoarding Stocks Face Steep Declines

The review comes after a wave of losses among crypto-focused listed firms, many of which saw their valuations surge earlier in the year before reversing sharply. Strategy Inc., a major Bitcoin-accumulating company with holdings worth around $66 billion, has seen its shares fall by roughly half since mid-July.

Japan currently has 14 listed Bitcoin-buying firms, the highest number in Asia, making the local market particularly exposed to such fluctuations. Against this backdrop, several stock exchanges across the Asia-Pacific region, including Hong Kong, have resisted the creation of new digital-asset treasury companies altogether.

Metaplanet Inc., Japan’s largest DAT, has experienced one of the biggest reversals. Its stock has fallen over 75 percent from its mid-June high, despite climbing more than 400 percent earlier in the year. The company has accumulated over 30,000 Bitcoin since transitioning from the hotel business in 2024, positioning it as the fourth-largest public Bitcoin holder in the world. Convano Inc., another company aiming to acquire 21,000 Bitcoin, has seen its shares decline around 60 percent since late August.

The latest trading session reflected continued pressure, with Metaplanet falling as much as 8.7 percent, while Convano and Bitcoin Japan Corp. dropped as much as 17 percent and 12 percent, respectively.

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A Clearer Direction Taking Shape

The Japan Exchange crypto hoarding crackdown is still in the discussion phase, but the overall direction points toward more structured oversight of listed companies shifting into digital-asset accumulation. JPX appears focused on reducing governance risks and shielding investors from abrupt strategic pivots that could amplify market volatility.

For now, companies exploring Bitcoin-heavy strategies will likely face closer scrutiny and slower approvals until the exchange finalizes its approach. The developments signal a period of adjustment for Japan’s digital-asset treasury firms, with market participants closely watching how far the upcoming measures may go.