Japan Exchange Group considers limiting index inclusion for companies with high virtual-asset holdings

Japan Exchange Group (JPX) is reportedly considering measures to restrict index inclusion for companies that hold more than half of their corporate assets in virtual assets (cryptocurrencies). In Japan, a number of companies—including Metaplanet—have incorporated virtual assets into their treasury assets, prompting views that such firms could influence the market.

On the 5th (Korean time), AMBcrypto, citing The Nikkei, reported that JPX is reviewing the introduction of guidelines that would limit inclusion in the Tokyo Stock Price Index (TOPIX) for companies holding 50% or more of their assets in virtual assets. If implemented, the measure could affect not only newly listed companies but also those already included.

JPX is said to be weighing the move to protect investors and manage volatility, and is reportedly conducting a process to solicit market feedback.

As a result, Metaplanet’s expected TOPIX inclusion in October 2026 could face delays. Metaplanet was previously included in the FTSE Japan and FTSE Global indices after being upgraded from small-cap to mid-cap last year, but if regulation materializes, there is a possibility its index inclusion could be derailed.

Meanwhile, Metaplanet CEO Simon Gerovich said via X (formerly Twitter) on the day that he would actively participate in JPX’s feedback process. Gerovich said, “Japanese investors should be able to gain transparent access to Bitcoin through listed companies,” adding, “Through dialogue with stakeholders, we will broaden understanding of Bitcoin’s role.”