The Japan Exchange Group is considering banning companies with over 50% of assets in cryptocurrency from its main Tokyo Stock Price Index. This proposal threatens Metaplanet‘s planned inclusion and could force the removal of existing listed firms with similar heavy crypto exposure, raising concerns about investor protection and market volatility.
The Japan Exchange Group (JPX) is proposing guidelines to block firms that hold more than 50% of their assets in cryptocurrency from its Tokyo Stock Price Index (TOPIX). This move could complicate Metaplanet‘s scheduled listing on the index after its October 2026 reconstitution.
Reportedly, JPX has sought feedback from stakeholders on the same. The plan would also lead to the removal of companies already on TOPIX that fall into this category.
This crackdown follows earlier concerns expressed by JPX last November. At that time, a spokesperson stated, “We’re monitoring companies that raise concerns from a risk and governance perspective, with a view to protecting shareholders and investors.”
The exchange argued that crypto-linked volatility was hurting stock investors and needed stricter controls. The new exclusion proposal adds to JPX’s tough stance on the digital asset treasury segment.
Market observers note a similar situation occurred when the MSCI Index floated comparable proposals. That earlier episode triggered a significant sell-off of MicroStrategy (MSTR) stock before the plans were dropped in early January 2026.
Metaplanet, recognized as the world’s third-largest Bitcoin treasury firm, saw its stock close at $1.87 on April 3rd. This represents an 86% decline from its 2025 highs of $13.3, highlighting the volatility cited by regulators.
