Metaplanet Stock Falls 7% as Japan Exchange Group Eyes Crackdown on DATs

Metaplanet Inc. shares fell 7% on Thursday after the Japan Exchange Group said it was considering new rules for companies holding large amounts of digital assets.

The drop came shortly after the firm released its third-quarter earnings, showing higher profits and growing Bitcoin reserves.

Metaplanet Amid Record Profit Surge

Metaplanet Inc, listed on the Tokyo Stock Exchange, released its third-quarter financial results for the year ending December 2025.

The company posted lower revenue but much stronger profits. Sales fell to ¥451 million from ¥1.70 billion a year earlier, a decline of 73.5%.

Operating profit rose sharply to ¥250 million from ¥46.3 million, while net profit increased more than nine times to ¥23.2 billion.

The jump was primarily driven by unrealized gains on Bitcoin holdings, which the company began building in 2024 as part of its treasury plan.

Total assets grew to ¥550.7 billion, with an equity ratio of 96.7%. Metaplanet’s focus on Bitcoin has changed its financial structure, making digital assets its main source of strength.

As of the end of September 2025, the company held 6,800 Bitcoin valued at about ¥5 billion.

The average purchase price per Bitcoin was ¥1.24 million, with unrealized gains of about ¥4.7 billion.

Despite the higher earnings, the company said there would be no dividend for the year as profits would be reinvested to expand its Bitcoin holdings.

Metaplanet’s shift from hotel and tech services to a Bitcoin-based treasury model continues to shape its performance.

The firm now views Bitcoin as its primary reserve asset and a crucial component of its long-term strategy.

Exchange Group Considers Tighter Oversight

The Japan Exchange Group, which runs the Tokyo Stock Exchange, is considering stricter rules for digital asset treasury (DAT) companies.

According to the update, the plan could include stricter listing and audit standards for firms holding large amounts of cryptocurrencies.

The move comes after several companies experienced significant fluctuations in their share prices due to changes in the crypto market.

Reports mentioned that at least three listed firms have delayed new Bitcoin purchases following discussions with the exchange operator.

A Bloomberg report said the exchange group aims to protect investors and ensure companies with large crypto exposure follow clear governance standards.

The plan also reflects growing caution in Japan’s financial market toward firms using Bitcoin as a balance sheet asset.

Metaplanet responded by saying it will continue to follow all reporting standards and maintain transparency.

Meanwhile, the firm also stated that it remains open to collaborating with regulators to ensure compliance with any future regulations.

Its management has continued to highlight the benefits of holding Bitcoin, calling it a reliable long-term reserve.

The company said its strategy remains focused on building value through careful treasury management rather than short-term trading gains.

Metaplanet Stock Outlook

It is worth noting that Metaplanet stock dropped to ¥397, down from the previous close of ¥425.

The stock traded between ¥388 and ¥425 during the session. The firm’s market value now stands at about ¥453.4 billion.

Similarly, market watchers note that the company’s stock movement is closely tied to Bitcoin’s price.

When Bitcoin rises, Metaplanet’s valuation often follows. This makes it one of the most Bitcoin-sensitive stocks in Japan.

Metaplanet stock trades in Japan and also under the ticker MTPLF in the U.S. over-the-counter market.

Its future performance will depend on both Bitcoin’s direction and any new rules from the Japan Exchange Group.

Some market watchers believe that tighter oversight could limit how fast companies expand their Bitcoin reserves.

Others say Metaplanet’s early move into digital assets gives it a strong lead over new entrants.

Metaplanet remains one of Japan’s most visible Bitcoin-holding companies.

Its results show how deeply its fortunes are now linked to cryptocurrency prices and regulatory trends in Tokyo’s financial market.