JPX Weighs Excluding Crypto-Heavy Companies From TOPIX, Putting Metaplanet's Expected Inclusion at Risk

Japan Exchange Group (JPX) is considering new rules that would bar companies holding more than 50% of their assets in cryptocurrencies from the Tokyo Stock Price Index (TOPIX), a move that could hit Metaplanet and other so-called digital asset treasury (DAT) firms. Nikkei reported that the draft guidelines would prevent newly established crypto treasuries meeting that threshold from entering TOPIX. Companies already included in TOPIX could also be removed if the proposal is adopted. JPX has reportedly asked market participants for feedback. The change could complicate Metaplanet's expected addition to TOPIX following the October 2026 index reconstitution. Metaplanet was upgraded from small-cap to mid-cap in October 2025, which led to its inclusion in the FTSE Japan Index and the FTSE AllWorld Index, increasing institutional visibility for its Tokyo Stock Exchange-listed shares (3350). A TOPIX exclusion, though, could prompt passive outflows from index-linked funds and domestic investors that benchmark to TOPIX. JPX's tougher posture toward crypto-linked volatility has been building. In November, the group told Bloomberg it was evaluating tighter guidelines to protect investors amid sharp price swings. At the time, Metaplanet shares had dropped 75% after rising more than 400% earlier in 2025. A JPX spokesperson said: "We're monitoring companies that raise concerns from a risk and governance perspective, with a view to protecting shareholders and investors." JPX has also floated stricter merger rules and enhanced audits aimed at curbing extreme volatility. Market participants are watching whether Metaplanet could see a similar impact to Strategy's MSTR after MSCI raised comparable ideas. Those discussions contributed to an MSTR selloff in late 2025 and early 2026, amid estimates that exclusion could drive $3B–$9B in passive outflows if other index providers followed. By early January, when MSCI dropped the plan, MSTR had fallen 60% from $365 to $147. Investors expect Metaplanet—described as the world's third-largest BTC treasury firm—to lobby against the JPX proposal, though it remains unclear whether it can sway the exchange group. Metaplanet shares (3350) closed on April 3 at $1.87, down 86% from the 2025 peak of $13.3. Final takeaway: JPX is weighing a ban on TOPIX inclusion for listed companies with outsized crypto exposure, a step that could block Metaplanet's expected October 2026 inclusion and add to downside pressure via index-related selling.