Tokyo exchange operator eyes crackdown on Bitcoin-holding firms after DAT rout

Update Nov. 13, 9:20 am UTC: This article has been updated to include an official statement from Metaplanet.

Japan’s largest stock-exchange operator weighs new restrictions on publicly listed companies that pivot their core business into buying and holding crypto, signaling a potential shift in one of the most active markets for digital-asset treasury (DAT) firms. 

Citing anonymous sources familiar with internal deliberations, Bloomberg

Metaplanet boss highlights governance steps in response to JPX report

Metaplanet CEO Simon Gerovich pushed back against the implication that Bitcoin-accumulating firms may have sidestepped governance or disclosure rules. 

In an X post, Gerovich responded to the report, saying that JPX’s concerns are directed at companies suspected of conducting backdoor listings or pivoting into digital assets without proper shareholder approvals. He said this does not apply to Metaplanet. 

“In contrast, at Metaplanet we have held five shareholder meetings over the past two years (four extraordinary general meetings and one annual meeting), securing shareholder approval for all critical matters.”

He added that they also amended the company’s articles of incorporation and increased authorized shares to fund BTC purchases. He said that the company adhered to formal governance processes under the same management team that had led the company prior to the pivot. 

Metaplanet also released an official statement following the Bloomberg report, echoing Gerovich’s post and saying that it had not been subject to any regulatory inquiries or requests.

The company said that it’s prepared to engage in “constructive dialogue” with authorities to contribute to discussions on establishing proper regulatory frameworks.