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

NASHVILLE, Tenn. — April 26, 2026 — Bitcoin for Enterprise (BFC) right this moment joined with its member firms and different affected market individuals 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 often reviewed indices.

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

The BFC and collaborating firms oppose this proposal, saying it isn’t 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 a substitute, 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 isn’t a standard investability evaluate. 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 primary considerations.

1. This isn’t a superb investability rule. Though the session is framed when it comes to investability and stability, the proposed exemptions don’t tackle the factors that sometimes decide whether or not a inventory belongs to a broad market index, corresponding to 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 imprecise to be managed persistently. The session refers to firms whose “primary property are crypto property” however doesn’t clarify how that customary can be utilized in apply. It doesn’t say whether or not the take a look at is predicated on guardian 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’t be utilized clearly and persistently shouldn’t be inserted into flagship benchmarks.
3. It creates extra substantial arbitrage than the apparent type. If direct holding of Bitcoin by a guardian firm is objectionable, however comparable publicity by a completely owned subsidiary, affiliate, or strategic fairness place is objectionable, the rule can be focusing on authorized type fairly than financial substance. This is able to encourage stability sheet engineering fairly than bettering the standard of the index.
4. That is pre-emptive and unrestricted. October 2026 would be the first periodic evaluate beneath the next-generation TOPIX framework, which permits customary and development market firms to qualify by the brand new course of. Nonetheless, 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 evaluate 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 subject extra fastidiously. MSCI thought of a threshold-based exclusion for digital asset treasury firms, however finally didn’t undertake an outright exclusion, as an alternative recognizing the necessity for additional efforts to differentiate 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 exhibit related restraint, fairly than continuing with a cryptocurrency-only exclusion earlier than broader rules 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 corporations near funding, an asset-neutral framework that’s utilized persistently can be extra applicable,” Mehail stated. “Introducing imprecise guidelines which can be simple to avoid and tough to handle to single out a single asset class can be unprecedented and divorced from TOPIX’s precise investability standards.”

Bitcoin for Enterprise and collaborating market individuals are asking JPXI to:

• Reversing proposed exemption for firms whose major 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 evaluate processes, exit standards, or exit mechanisms.
• Have interaction with issuers and market individuals on a broader, asset-neutral framework earlier than altering the TOPIX methodology

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