Companies are stockpiling Bitcoin in their corporate vaults. In Japan, regulators are starting to say: not so fast. While the U.S. celebrates a company pouring over $60 billion into BTC, Japan's stock exchange warns that "just buying crypto" won't pass listing review. Here is the growing clash between Bitcoin treasury believers and the Tokyo Stock Exchange.

What a "Crypto Treasury" Company Is

A Digital Asset Treasury (DAT) company is a publicly listed firm that makes buying and holding cryptocurrency, primarily Bitcoin, its core business strategy. Unlike traditional companies that might invest spare cash in crypto, DAT firms treat Bitcoin accumulation as their primary reason for existing.

The pioneer of this model is Strategy Inc. (formerly MicroStrategy), a U.S. software company that began buying Bitcoin in August 2020. It held roughly 762,000 BTC as of March 2026 and 818,334 BTC as of April 26, acquired for about $61.81 billion at an average of $75,537 per coin. That is roughly 3.9% of all Bitcoin that will ever exist. Under chairman Michael Saylor's "42/42 Plan," the firm aims to deploy up to $84 billion into Bitcoin by 2027: $42 billion from stock sales and $42 billion from debt.

The trend has spread far beyond one company. As of March 2026, around 170 publicly traded companies worldwide held Bitcoin on their balance sheets, with combined holdings exceeding 1.15 million BTC, roughly 5.5% of Bitcoin's total supply of 21 million coins.

Japan's Bitcoin Treasury Boom

The leading figure in Japan's crypto treasury movement is Metaplanet (stock code: 3350), listed on the Tokyo Stock Exchange's Standard Market. Originally a hotel operator, the company announced its pivot to a Bitcoin treasury strategy in April 2024, citing Japan's "excessive debt levels, prolonged negative real interest rates, and the resulting yen depreciation" as reasons to hold Bitcoin.

Metaplanet's holdings ballooned from about 1,762 BTC at the end of 2024 to 35,102 BTC by February 2026, then 40,177 BTC on March 31 and 43,000 BTC on July 2, which makes it the world's third-largest corporate Bitcoin holder behind Strategy and Twenty One Capital. The company targets 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The stock is another story: it surged more than 100x from around ¥18 in early 2024 to a peak of ¥1,895, then fell hard, trading in the ¥200 range as of July 2026.

But Metaplanet is just the tip of the iceberg. In 2025 alone, 40 Japanese listed companies announced plans to invest in cryptocurrency. They range across industries, from IT and services to manufacturing and retail, and include some surprising names. Horitamarusei, a kimono trading house founded in 1861, rebranded as "Bitcoin Japan." Textile manufacturer Kitabo, shoe wholesaler Toho Remac, and casual wear brand ANAP Holdings have all jumped on the bandwagon.

The financial condition of these companies is the striking part. Per Tokyo Shoko Research, 30 of the 40 (75%) reported losses in their most recent fiscal year, and more than half carried either a going-concern qualification or a "material uncertainty" note in their financial statements. Many appear to be turning to Bitcoin as a Hail Mary to rescue struggling businesses.

Why the Tokyo Stock Exchange Is Concerned

In February 2026, the TSE held its 26th "Follow-Up Meeting," a forum where experts discuss market regulations. A presentation titled "Corporate Conduct Problematic from the Perspective of Investor Protection" raised eyebrows. No companies were named, but multiple market insiders say the discussion was aimed squarely at crypto treasury firms. When reports of tighter rules surfaced in November 2025, the TSE denied having any concrete policy. Putting the topic on a public agenda marks a shift.

The TSE and its parent Japan Exchange Group (JPX) have three main concerns.

First, there's the backdoor listing problem. When a company changes its core business to crypto investment after listing, it effectively bypasses the IPO screening process. Junichi Nakajima, president of JPX's self-regulatory body, stated plainly: "A business that just buys cryptocurrency would not pass our listing review." In other words, these companies are maintaining their listed status through a loophole, operating a business model that would never have been approved for a new listing.

Second, there are governance concerns. The data is sobering: three-quarters of the companies jumping into crypto treasury strategies are already losing money, and over half carry going-concern warnings. This suggests a pattern where struggling companies grasp at Bitcoin as a lifeline rather than developing sustainable business strategies.

Third, there's the issue of investor protection. Crypto markets lack the circuit breakers found in stock markets: no "limit down" to halt a freefall. Bitcoin has experienced "flash crashes" where prices dropped 90% in minutes. When Metaplanet's stock collapsed from its peak, retail investors who bought during the hype were left holding the losses.

The U.S.-Japan Regulatory Divide

The contrast between American and Japanese attitudes toward corporate Bitcoin holdings is stark.

In the United States, President Trump has declared his intention to make the country "the crypto capital of the world" and signed an executive order establishing a Strategic Bitcoin Reserve. Multiple states are advancing legislation to hold Bitcoin as a reserve asset. Strategy Inc. operates freely on the Nasdaq and enjoys strong institutional investor support.

However, the U.S. picture isn't entirely permissive. The New York Stock Exchange has delisting criteria for major business changes: if a company's new core business wouldn't have qualified for an IPO, it could face delisting. And MSCI proposed excluding companies where digital assets exceed 50% of total assets from its global equity indexes, potentially triggering $10–15 billion in forced sales.

Japan's TSE is studying these precedents. It's considering a framework, inspired by U.S. and Australian models, to re-examine listing eligibility when companies make drastic business changes. JPX has already reportedly warned some companies that holding crypto could limit their ability to raise capital, and at least three companies have put their Bitcoin purchase plans on hold as a result.

Japan's Broader Crypto Policy

The TSE crackdown is happening alongside broader policy reforms that actually aim to grow Japan's crypto market.

Both pieces have now landed. The income tax amendment cutting crypto gains from a maximum of 55% under comprehensive taxation to a flat 20% under separate taxation was enacted on March 31, 2026. The bill moving crypto's regulatory home from the Payment Services Act to the Financial Instruments and Exchange Act was submitted to the Diet on April 10 and passed the House of Councillors on July 15. It takes effect sometime in 2027, with the 20% rate applying from the following year. The FIEA move also opens the legal path for crypto ETFs.

In other words, Japan is pursuing a dual strategy: nurturing the crypto market while protecting investors. The TSE's scrutiny of listed companies is the "protection" side of that equation, maintaining market integrity within a framework designed to bring crypto into the mainstream financial system.

The Real Question: What Deserves a Listing

There's nothing inherently wrong with a company holding Bitcoin. The problem is struggling listed companies abandoning their actual businesses to become leveraged Bitcoin speculation vehicles, with retail investors along for the ride.

What the TSE is really asking is what constitutes a business worthy of a public listing. The U.S. is more permissive, but the NYSE's delisting criteria and MSCI's index exclusion proposal show it isn't a free-for-all either. The answer depends on where each country's regulators draw the line.

What's the situation like in your country? Do you support companies piling into Bitcoin, or do you think regulators should step in? We'd love to hear your perspective.

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