Metaplanet miss the TOPIX deadline? JPX tightens crypto, investors are worried

Japan Exchange Group (JPX) is considering blocking companies that hold more than 50% of their assets in crypto, raising new concerns for Metaplanet and other digital asset treasury companies (DAT).

According to the local publisher Nikkei, the proposed rule set would prevent new crypto treasuries from falling into the group mentioned above. In addition, companies already listed on JPX’s Tokyo Stock Price Index (TOPIX) would be removed if the proposal is approved.

It is known that JPX has solicited feedback from relevant parties on this issue. The move could complicate Metaplanet’s TOPIX listing plan after the restructuring in October 2026.

In October 2025, Metaplanet was upgraded from a small-cap to a mid-cap, which helped this stock be included in the FTSE Japan Index and the FTSE All-World Index. The upgrade has brought greater institutional access to Metaplanet’s shares (3350).

Even so, being excluded by JPX from the basket could trigger passive fund outflows from index funds and domestic investors that use TOPIX as a benchmark reference for Metaplanet.

Concerns about Metaplanet and other crypto treasuries

But this tightening campaign didn’t start this year.

Last November, JPX told Bloomberg that it was considering new guidelines to protect investors from severe market volatility. At that time, Metaplanet shares fell 75% after gaining more than 400% in 2025. A JPX spokesperson said:

> > “We are monitoring companies that raise concerns from the perspective of risk and governance, with the goal of protecting shareholders and investors.” > > >

For JPX, crypto-related volatility is harming equity investors and needs to be controlled. The agency previously proposed stricter merger regulations and more rigorous audits to limit these price swings. And the above proposal to exclude certain entities continues to show JPX’s hardline stance toward this segment.

How will Metaplanet be affected?

To put it simply, the MSCI Index has previously made similar proposals, which triggered a sell-off of Strategy’s MSTR in late 2025 and early 2026. Analysts worry that if it is excluded, the stock could see passive fund outflows of roughly $3 billion to $9 billion if other indexes follow suit.

By the time MSCI scrapped the plan in early January, MSTR had dropped 60% from $365 to $147. Market watchers expect Metaplanet to lobby against the proposed regulations in the same way Strategy did with MSCI Index’s plan.

It is still unclear whether Metaplanet, the world’s third-largest BTC treasury company, can persuade JPX to abandon the stringent rules. The company’s shares, listed on the Tokyo Stock Exchange (3350), closed on 3/4 at $1.87. This is 86% lower than its 2025 peak of $13.3.

Source: Metaplanet stock (3350)