Catenaa, Wednesday, November 19, 2025- Japan Exchange Group is weighing stricter oversight for publicly listed companies that accumulate large cryptocurrency holdings, following concerns about volatility and losses in digital asset treasury (DAT) firms.

The Tokyo Stock Exchange operator is reviewing measures that could include requiring companies to undergo fresh audits if they pivot into large-scale crypto accumulation.

The exchange may also apply a stricter interpretation of existing backdoor-listing rules to firms adopting crypto treasury strategies, Bloomberg reported, citing sources familiar with the matter.

While no formal decisions have been made, three listed companies recently paused crypto-buying plans after warnings from JPX that their fundraising capacity could be restricted if digital asset accumulation became central to their business.

Currently, the exchange has no explicit rules preventing listed firms from amassing crypto reserves.

The move comes amid sharp declines in DAT stocks. Tokyo-listed Metaplanet shares dropped 6.6% Thursday to 397 yen ($2.60), down more than 79% from a June peak.

The firm launched its bitcoin accumulation strategy in April 2024 and now holds 30,823 BTC, ranking as the world’s fourth-largest public corporate bitcoin holder.

Metaplanet said it has not faced regulatory actions and has adhered to all legal and governance procedures.

Other Japanese DAT stocks also fell Thursday, with Convano Inc. down 11.5% and Bitcoin Japan Corporation dropping 16.2%.

Analysts said the increased regulatory attention reflects broader market scrutiny of crypto exposure in publicly traded companies.