The Tokyo Stock Exchange plans to strengthen its oversight of companies holding Bitcoin.

Japan Exchange Group (JPX), Japan's largest stock exchange operator, is considering stricter scrutiny of listed companies that shift their core business to large-scale cryptocurrency holdings, including new auditing requirements and more stringent assessments of backdoor listings. This move stems from a recent wave of losses among Japanese digital asset treasury (DAT) companies. For example, Metaplanet, which holds over 30,000 bitcoins, has seen its stock price plummet 82% from a high of $15.35 in May to its current price of $2.66. Another DAT company, Convano, has also seen its stock price fall 61% from an August high of $2.05 to $0.79. JPX's move may close a regulatory loophole, restricting companies from circumventing traditional listing requirements through backdoor listings or transformation into cryptocurrency holding companies.