Japan Exchange Group (JPX) is mulling blocking firms that park over 50% of their assets in crypto, reigniting fears for Metaplanet and other digital asset treasuries (DATs). 

According to the local publisher Nikkei, the proposed guidelines would block new crypto treasuries that fall in the said category. Additionally, those already listed on JPX’s Tokyo Stock Price Index (TOPIX) would be axed if the proposal is adopted. 

Reportedly, JPX has sought feedback from stakeholders on the same. The move could complicate the scheduled listing of Metaplanet on TOPIX after the October 2026 reconstitution. 

In October 2025, Metaplanet was upgraded from small-cap to mid-cap, which prompted its listing on the FTSE Japan Index and the FTSE All-World Index. The upgrade offered more institutional exposure for Metaplanet (3350) stock. 

Still, the JPX’s exclusion could trigger passive outflows from indices and domestic investors that use TOPIX as a benchmark for Metaplanet.  

Concerns about Metaplanet and other crypto treasuries

But the crackdown didn’t start this year, though. 

Last November, JPX told Bloomberg that it was considering new guidelines to protect investors amid wild market volatility. At that time, Metaplanet stock had fallen 75% after surging over 400% earlier in 2025. A JPX spokesperson said, 

We’re monitoring companies that raise concerns from a risk and governance perspective, with a view to protecting shareholders and investors.

To JPX, crypto-linked volatility was hurting stock investors and had to be reined in. It proposed tougher merger rules and audits to curb these price swings. And the exclusion proposal adds to JPX’s strict stance on the segment. 

Will Metaplanet stock be affected?

For perspective, the MSCI Index floated similar proposals, which triggered Strategy’s MSTR sell-off in late 2025 and early 2026. Analysts feared that axing it would lead to passive outflows of about $3B-$9B 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 like Strategy did to the MSCI Index plan. 

It’s unclear whether Metaplanet, the world’s third-largest BTC treasury firm, will convince JPX to drop its strict rules. The firm’s Tokyo Stock Exchange-listed stock (3350) closed the session on the 3rd of April at $1.87. It was down 86% from the 2025 highs of $13.3. 

Final Summary

• Japan Exchange Group wants public firms with heavy crypto exposure to be banned from the Tokyo Stock Price Index (TOPIX)
• The plan could block Metaplanet’s expected October 2026 listing on the index and trigger more sell-off. 

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Author: Benjamin Njiri