Metaplanet CEO Simon Gerovich responds to JPX’s consultation on blocking crypto asset firms from index inclusion, citing 216,000 shareholders and Project Nova.
Japan’s stock exchange operator JPX has opened a public comment period on whether to bar companies whose primary assets are crypto from index inclusion. Metaplanet is squarely in its sights. The Tokyo-listed Bitcoin treasury firm now holds 40,177 BTC, making it one of the largest corporate Bitcoin holders in Asia.
CEO Simon Gerovich did not wait long to respond.
Gerovich Draws a Line in the Sand
In a post on X, Gerovich wrote that Metaplanet respects the consultation process and intends to engage with it directly. He did not push back on the procedure itself. But he made clear where the company stands on Bitcoin’s place in Japanese finance.
“Japanese investors deserve access to Bitcoin through a transparent, publicly listed company on the Tokyo Stock Exchange,” Gerovich said on X. He added that Metaplanet was built precisely on that conviction.
The post, published in both Japanese and English, carried a pointed message. This is not just a treasury play. That distinction matters to how JPX frames its review.
Project Nova Changes the Equation
Gerovich went further. He described Metaplanet’s scope as going beyond holding Bitcoin on a balance sheet.
Through Project Nova, the company is building operating businesses and placing capital into industry partners active in Japan’s Bitcoin sector. Gerovich framed this directly in the X post, saying the company is “advancing Japan’s Bitcoin ecosystem” through those investments.
That positions Metaplanet differently from a pure holding vehicle. Whether JPX treats it that way in its final ruling remains to be seen. The warrant financing structure the firm issued earlier this year already drew attention for its mNAV clause, which restricts dilution to conditions that benefit shareholders.
216,000 Shareholders Are Watching
Gerovich leaned on the shareholder count. Over 216,000 Japanese investors have joined Metaplanet’s mission, according to the X post. That number is not incidental to the regulatory conversation.
A decision by JPX to exclude Metaplanet from major indices would affect those shareholders directly. Index exclusion typically reduces passive fund exposure, which weighs on liquidity and valuation. The stakes are real.
Gerovich’s message to JPX was measured. “We will continue to engage constructively with all stakeholders,” he wrote on X, naming JPX specifically. The goal, he said, is to deepen understanding of what role Bitcoin and Metaplanet can play in Japan’s financial future.
No date has been set for JPX to conclude the consultation.
Source: https://www.livebitcoinnews.com/jpx-opens-the-door-to-banning-crypto-firms-from-indices-heres-what-metaplanet-said/
