Japan's largest securities exchange operator is considering new restrictions on listed companies that shift their core business to the purchase and holding of cryptocurrencies, marking a potential shift in one of the most active markets for digital asset treasury (DAT) companies.
According to Bloomberg, citing anonymous sources familiar with internal discussions, Japan Exchange Group (JPX) is exploring stricter scrutiny for companies that pivot their core business towards large-scale cryptocurrency accumulation. This includes new audit requirements and more rigorous assessments for reverse mergers.
This move comes after a wave of losses for Japanese DAT companies, many of which attracted retail investors earlier this year. Japan's largest DAT company, Metaplanet, holds over 30,000 bitcoins (BTC), with its stock price dropping from a year-to-date high of $15.35 on May 21 to $2.66 at the time of writing. This marks an 82% decline from this year's peak.
Japanese nail salon franchise Convano performed well in August, currently trading at about $0.79 per share, down 61% from its August 21 high of $2.05. Data from BitcoinTreasuries.NET shows that the company's BTC investments have incurred nearly 11% losses.
Applying reverse merger rules to companies pivoting to cryptocurrency accumulation would signify a significant tightening of Japan's listing standards.
A reverse merger refers to a private company acquiring a publicly listed shell company to bypass the traditional initial public offering (IPO) route, which JPX has already prohibited.
Extending this ban to listed companies shifting towards cryptocurrency holding instruments would close a regulatory gap that some DAT companies might exploit to evolve their business models.
If JPX formally restricts such pivots, it could slow or halt the listing channels for new DAT companies.
Metaplanet CEO Simon Gerovich refuted implications that bitcoin accumulation companies might evade governance or disclosure rules.
In a post on the X platform, Gerovich responded to reports that JPX's concerns were aimed at companies suspected of engaging in reverse mergers or shifting to digital assets without proper shareholder approval. He stated that this does not apply to Metaplanet.
He added that they have also amended the company's articles of incorporation and increased authorized shares to fund BTC purchases. He stated that the company adhered to formal governance processes under the same management team that led the company prior to the pivot.
Related: As corporate treasuries continue to expand, Strategy's Bitcoin (BTC) dominance fell to 60% in October.
Original article: “Tokyo Exchange Operator JPX Considers Tightening Listing Rules for Cryptocurrency Treasury Companies”
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