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<img width="862" height="453" src="https://www.cryptobreaking.com/wp-content/uploads/2026/04/b1a8009576a57b38cc6314f681a5827f.jpg" alt="Bitcoin For Corporations Urges Jpx To Withdraw Proposed Crypto-Asset Exclusion From Topix">
Industry coalition says JPX’s consultation would add a vague, asset-specific screen to a benchmark that already has objective investability rules.
Nashville, TN — April 26, 2026 — Bitcoin For Corporations (BFC), in coordination with member companies and other affected market participants, today called on JPX Market Innovation &amp; Research, Inc. (JPX) to withdraw its proposed exclusion of companies whose principal asset is cryptoassets from new inclusion in TOPIX and other periodically reviewed indices.
JPXI’s April 3, 2026 consultation does not publicly propose a specific numerical threshold. Instead, it states that, “for the time being,” companies whose principal asset is cryptoassets would be deferred from new inclusion in TOPIX and other periodically reviewed indices. The consultation also states that the proposal would not apply to companies already in the index.
BFC and participating companies oppose the proposal because it is not a true investability rule. TOPIX already has objective criteria designed to protect investability and stability, including liquidity screens, free-float-adjusted market capitalization criteria, continuation buffers, and existing treatment for delistings and other listing-quality events. The proposed crypto-asset exclusion does not measure liquidity, free float, replicability, or listing quality. It instead excludes companies because of the composition of their balance sheet.
<blockquote>
 “TOPIX is meant to be a broad, neutral, investable benchmark of the Japanese equity market,” said George Mekhail, Managing Director of Bitcoin For Corporations. “If a company satisfies the ordinary market-based eligibility standards, excluding it because of one asset category is not a normal investability screen. It is a policy judgment about one asset class, and it does not belong in the methodology of a flagship market benchmark.”
</blockquote>
<h2 id="bfc-said-the-proposal-raises-four-core-concerns">BFC said the proposal raises four core concerns</h2>
<ol>
 <li>It is not a proper investability rule. The consultation is framed in the language of investability and stability, but the proposed exclusion does not address the criteria that normally determine whether a stock belongs in a broad market index: liquidity, free float, market capitalization, and listing quality. It introduces an asset-specific screen into a benchmark that already has objective eligibility rules.</li>
 <li>It is too vague to administer coherently. The consultation refers to companies whose “principal asset is cryptoassets,” but does not explain how that standard would be applied in practice. It does not say whether the test would be based on parent-company holdings or consolidated holdings, whether it would look through subsidiaries or affiliates, or whether indirect exposure through securities or similar instruments would be captured. A rule that cannot be applied clearly and consistently should not be inserted into a flagship benchmark.</li>
 <li>It creates obvious form-over-substance arbitrage. If direct Bitcoin holdings by a parent company are disfavored, but equivalent exposure through a wholly owned subsidiary, an affiliated company, or a strategic equity position is not, then the rule is targeting legal form rather than economic substance. That would encourage balance-sheet engineering rather than improve index quality.</li>
 <li>It is preemptive and open-ended. October 2026 will be the first periodic review under the next-generation TOPIX framework in which Standard and Growth market companies can become eligible through the new process. Yet JPX is proposing to exclude a category of companies before they have even been assessed under the ordinary criteria. At the same time, the consultation says the exclusion would apply “for the time being,” without setting out a clear review period, exit standard, or sunset mechanism. That is not a disciplined framework. It is an indefinite deferral with uncertain boundaries.</li>
</ol>
BFC also noted that major global index providers have treated this issue with greater caution. MSCI considered a threshold-based exclusion for digital-asset treasury companies and ultimately did not adopt a blanket exclusion, instead acknowledging the need for further work to distinguish operating companies from non-operating or investment-like entities. FTSE Russell has not announced a comparable blanket exclusion. In BFC’s view, JPX should show the same restraint rather than moving ahead with a crypto-only exclusion before a broader principle has been defined.
More broadly, BFC said the issue extends to the neutrality, credibility, and representativeness of Japan’s flagship equity benchmark.
<blockquote>
 “If JPX believes there is a broader question about highly concentrated or investment-like companies, then an asset-neutral framework applied consistently would be more appropriate,” Mekhail said. “Singling out one asset class by introducing a vague rule that is easy to evade and difficult to administer would be unprecedented and untethered from TOPIX’s actual investability criteria.”
</blockquote>
<h2 id="bitcoin-for-corporations-and-participating-market-participants-are-calling-on-jpxi-to">Bitcoin For Corporations and participating market participants are calling on JPXI to:</h2>
<ul>
 <li>Withdraw the proposed exclusion for companies whose principal asset is cryptoassets.</li>
 <li>Preserve TOPIX as a neutral, broad, rules-based benchmark tied to objective investability and listing-quality standards.</li>
 <li>Refrain from adopting an open-ended deferral without a clear review process, exit standard, or sunset mechanism.</li>
 <li>Engage with issuers and market participants on any broader, asset-neutral framework before changing TOPIX methodology.</li>
</ul>
Organizations and individual investors may review the full position letter and add their signatures at: <a href="https://topix.bitcoinforcorporations.com" rel="noopener noreferrer nofollow">topix.bitcoinforcorporations.com</a>
<h2 id="about-btc-inc">About BTC Inc</h2>
<a href="https://b.tc" rel="noopener noreferrer nofollow">BTC Inc.</a> is the world’s leading Bitcoin media enterprise, operating <a href="https://bitcoinmagazine.com" rel="noopener noreferrer nofollow">Bitcoin Magazine</a>, <a href="https://b.tc/conference" rel="noopener noreferrer nofollow">The Bitcoin Conference</a>, and <a href="https://BitcoinForCorporations.com" rel="noopener noreferrer nofollow">Bitcoin for Corporations</a>. Through its media, events, and educational platforms, BTC Inc. delivers trusted news, research, and experiences that advance <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> adoption among individuals, institutions, and enterprises worldwide.
BTC Inc is a subsidiary of <a href="https://NAKAMOTO.COM" rel="noopener noreferrer nofollow">Nakamoto Inc.</a> (<a href="https://med.etoro.com/B10215_A127826_TClick_Scb-nasdaq.aspx?TargetURL=https://www.etoro.com/markets/nsdq100" rel="noopener noreferrer nofollow">NASDAQ</a>: NAKA), a publicly held Bitcoin company that owns and operates a global portfolio of <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>-native enterprises.
<h2 id="forward-looking-statements">Forward-Looking Statements</h2>
Certain statements in this press release constitute forward-looking statements, as defined under U.S. federal securities laws. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “intend,” “could,” “would,” “may,” “plan,” “will,” “seek,” “target,” or the negative of such terms or other variations thereof. However, the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements in this press release include, but are not limited to, statements regarding <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> Inc.’s business plans and strategies, including plans for new products, services, and media platforms; projected or targeted audience size, reach, impressions, and distribution; expected launch dates and production schedules; the Company’s advocacy positions and the expected outcomes of industry and regulatory engagement; and the anticipated role and growth of Bitcoin-related media, events, and educational services.
These forward-looking statements are inherently uncertain and involve numerous assumptions and risks. Factors that could cause actual results to differ materially from those projected include, but are not limited to: (i) the volatility of Bitcoin prices and its effect on audience interest, advertiser demand, and the commercial viability of Bitcoin-focused media; (ii) changes in audience size, engagement, or platform distribution that could affect BTC Inc.’s reach or revenue; (iii) the risk that new products or services, including new media platforms, may not launch on schedule, achieve projected audience levels, or generate anticipated revenue; (iv) the risk that advocacy or industry engagement efforts may not achieve their intended outcomes; (v) dependence on third-party distribution platforms whose policies, algorithms, or terms of service may change; competition from other media companies and content providers; (vi) the evolving regulatory environment for digital assets and its potential impact on <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> Inc.’s operations, content, and audience; (vii) reliance on key personnel and creative talent; the risk that projected audience metrics, impressions, or distribution figures may not be achieved or sustained; (viii) risks associated with the integration of BTC Inc. into Nakamoto Inc.’s operations following the February 2026 acquisition; (ix) general economic conditions and their impact on advertising and events revenue; and (x) other important factors detailed in Nakamoto Inc.’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents that are filed, or will be filed, with the SEC and that are or will be available on Nakamoto’s website at <a href="https://www.nakamoto.com" rel="noopener noreferrer nofollow">www.nakamoto.com</a> and on the website of the SEC at <a href="https://www.sec.gov" rel="noopener noreferrer nofollow">www.sec.gov</a>.
Because Nakamoto Inc. (<a href="https://med.etoro.com/B10215_A127826_TClick_Scb-nasdaq.aspx?TargetURL=https://www.etoro.com/markets/nsdq100" rel="noopener noreferrer nofollow">NASDAQ</a>: NAKA) is the parent company of BTC Inc., investors in Nakamoto Inc. common stock should be aware that the performance and risks of BTC Inc.’s media, events, and educational businesses may affect Nakamoto Inc.’s business, financial condition, results of operations, and stockholder value.
This article was originally published as <a href="https://www.cryptobreaking.com/bitcoin-for-corporations-urges-jpx/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Bitcoin For Corporations Urges JPX to Drop Crypto Asset Ban from TOPIX</a> on <a href="https://www.cryptobreaking.com/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Crypto Breaking News</a> – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin For Corporations Urges JPX to Drop Crypto Asset Ban from TOPIX

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