Critics Urge JPX to Rethink Proposed Exclusion of Bitcoin Treasury Companies From TOPIX Index

JPX Market Innovation & Research (JPXI) is facing organized opposition to a proposed rule that would defer companies whose primary holdings consist of crypto assets from inclusion in TOPIX and related periodically reviewed indices — a measure that would directly impact Japanese firms such as Metaplanet, Remixpoint, and ANAP Holdings ^[1].

Critics argue the proposal introduces a balance-sheet test that fundamentally departs from TOPIX's traditionally objective, liquidity-focused eligibility criteria. Unlike existing screens based on free-float market capitalization and trading turnover, the crypto asset filter targets a specific asset class rather than measurable investability characteristics ^[1].

Opponents have identified several structural weaknesses in the draft rule, including an undefined threshold for what qualifies as a "principal" crypto asset, a lack of clarity on whether indirect exposure through ETFs or subsidiaries would be captured, and an open-ended deferral period with no stated sunset or review mechanism ^[1].

The proposal also exempts existing TOPIX constituents from the same restriction — a carve-out critics say creates an internal contradiction in the rule's logic ^[1].

Bitcoin For Corporations has organized a coalition letter calling on JPXI to withdraw the exclusion and maintain TOPIX as a rules-based, asset-neutral benchmark. The public comment period closes May 7, 2026 ^[1].