Bitcoin for companies asks JPX to withdraw its proposal to exclude crypto property from TOPIX

NASHVILLE, Tenn. — April 26, 2026 — Bitcoin for Enterprise (BFC) in the present day joined with its member firms and different affected market members to name on JPX Market Innovation and Analysis, Inc. (JPX) to withdraw its proposal to exclude crypto-based firms from new inclusion in TOPIX and different recurrently reviewed indices.

In JPXI’s April 3, 2026 session, no particular numerical thresholds had been introduced. As an alternative, firms whose main property are crypto property will postpone new inclusion within the TOPIX and different recurrently reviewed indexes “for the foreseeable future.” The session additionally said that the proposal wouldn’t apply to firms already included within the index.

The BFC and taking part firms oppose this proposal, saying it’s not a real investability rule. TOPIX already has goal standards designed to guard investability and stability, together with liquidity screening, float-adjusted market capitalization standards, continuation buffers, and current therapy for delisting and different itemizing high quality occasions. The proposed exclusion of crypto property doesn’t assess liquidity, free float, replicability, or high quality of itemizing. As an alternative, we exclude firms due to their stability sheet construction.

“TOPIX is meant to be a broad, impartial, investable benchmark for the Japanese inventory market,” stated George Mehail, Managing Director of Bitcoin for Firms. “If an organization meets regular market-based eligibility standards, excluding an organization due to one asset class shouldn’t be a standard investability evaluation. It’s a coverage judgment concerning one asset class and doesn’t fall throughout the mainstream market benchmark methodology.”

The BFC stated the proposal raises 4 major issues.

1. This isn’t investability rule. Though the session is framed by way of investability and stability, the proposed exemptions don’t handle the factors that sometimes decide whether or not a inventory belongs to a broad market index, reminiscent of liquidity, free float, market capitalization, or high quality of itemizing. This introduces asset-specific screens to benchmarks that have already got goal eligibility guidelines.
2. It’s too obscure to be managed persistently. The session refers to firms whose “major property are crypto property” however doesn’t clarify how that normal could be utilized in follow. It doesn’t say whether or not the take a look at is predicated on father or mother or consolidated inventory holdings, whether or not it covers subsidiaries or associates, or whether or not it captures oblique exposures by securities or related devices. Guidelines that can not be utilized clearly and persistently shouldn’t be inserted into flagship benchmarks.
3. It creates extra substantial arbitrage than the plain type. If direct holding of Bitcoin by a father or mother firm is objectionable, however comparable publicity by a completely owned subsidiary, affiliate, or strategic fairness place is objectionable, the rule could be concentrating on authorized type slightly than financial substance. This might encourage stability sheet engineering slightly than bettering the standard of the index.
4. That is pre-emptive and unrestricted. October 2026 would be the first periodic evaluation beneath the next-generation TOPIX framework, which permits normal and development market firms to qualify by the brand new course of. Nevertheless, JPX proposes to exclude sure classes of firms earlier than being evaluated based mostly on regular standards. On the similar time, the session states that the exemption will apply “in the interim” with out setting a transparent evaluation interval, exit standards or exit mechanism. It is not a disciplined framework. It’s an indefinite postponement with unclear boundaries.

BFC additionally famous that main international index suppliers are treating this challenge extra fastidiously. MSCI thought-about a threshold-based exclusion for digital asset treasury firms, however in the end didn’t undertake an outright exclusion, as an alternative recognizing the necessity for additional efforts to tell apart working firms from non-operating and investment-like entities. FTSE Russell has not introduced an equal blanket exclusion. Within the BFC’s view, JPX ought to display related restraint, slightly than continuing with a cryptocurrency-only exclusion earlier than broader ideas are outlined.

Extra broadly, the problem additionally extends to the neutrality, reliability and representativeness of Japan’s flagship fairness benchmarks, the BFC stated.

“If JPX believes there are broader questions concerning extremely concentrated firms and firms near funding, an asset-neutral framework that’s utilized persistently could be extra acceptable,” Mehail stated. “Introducing obscure guidelines which might be straightforward to bypass and tough to handle to single out a single asset class could be unprecedented and divorced from TOPIX’s precise investability standards.”

Bitcoin for Enterprise and taking part market members are asking JPXI to:

• Withdraw proposed exemption for firms whose main property are crypto property
• Sustaining TOPIX as a impartial, broad rules-based benchmark tied to goal investability and itemizing high quality requirements
• Chorus from adopting open-ended deferrals with out clear evaluation processes, exit standards, or exit mechanisms.
• Interact with issuers and market members on a broader, asset-neutral framework earlier than altering the TOPIX methodology

Establishments and particular person buyers can view the complete place letter and add their signatures at topix.bitcoinforcorporations.com.