South Korea raises KOSDAQ market-cap rules, putting Bitcoin treasury firms like Bitplanet at delisting risk

South Korea’s financial regulators will raise the minimum market capitalization required for KOSDAQ-listed companies to 200 billion KRW ($145 million) by the end of 2026, rising further to 300 billion KRW ($217 million) in January 2027, a change that puts publicly traded Bitcoin treasury firms at risk of forced delisting.

Companies that fail to meet the threshold for 30 consecutive trading sessions will face managed stock designation, with 45 days to recover before delisting proceedings begin.

South Korea’s financial regulators have accelerated reforms targeting publicly listed firms operating under the increasingly popular Digital Asset Treasury (DAT) model, a corporate strategy where companies accumulate cryptocurrencies like Bitcoin as a primary treasury reserve asset.

The shift could significantly reshape how crypto-related public companies operate in one of Asia’s most influential technology and financial markets.

How KOSDAQ crypto regulations are reshaping South Korea’s digital asset treasury industry

Under the revised KOSDAQ crypto regulations, the minimum market capitalization requirement for listed firms will rise aggressively over the next several months.

Authorities confirmed the threshold will increase to 200 billion KRW (approximately $145 million) by the end of 2026, before climbing further to 300 billion KRW (around $217 million) starting January 2027.

Companies failing to maintain these requirements for 30 consecutive trading sessions will be placed under managed stock designation, creating an immediate pathway toward forced delisting if recovery does not occur within the mandatory 45-day compliance period.

For DAT companies, this introduces severe uncertainty.

Many firms experienced massive valuation growth due to substantial Bitcoin treasury positions after the recent rally in Bitcoin.

However, under the revised KOSDAQ crypto regulations, volatile asset-driven balance sheet gains may now trigger heightened regulatory review.

Market analysts believe the policy directly targets speculative treasury structures built around cryptocurrency exposure.

“This reflects a broader attempt by regulators to reduce systemic risk connected to digital asset volatility entering public equity markets,” several Korean market analysts noted following the announcement.

KOSDAQ crypto Regulations extend South Korea’s aggressive crypto oversight strategy

The tougher KOSDAQ crypto regulations are part of South Korea’s wider crackdown on the digital asset ecosystem.

Regulators have already introduced tighter exchange ownership restrictions, stronger stablecoin oversight frameworks, and stricter compliance obligations for crypto service providers.

Now, authorities are expanding that scrutiny beyond exchanges and directly targeting listed companies holding digital assets on corporate balance sheets.

Industry observers say the move signals South Korea’s determination to prevent excessive corporate dependence on highly volatile crypto assets.

Officials from Financial Services Commission have repeatedly emphasized the importance of maintaining market stability while building a safer framework for digital asset innovation.

A spokesperson familiar with regulatory discussions stated:

“Investor protection remains a top priority as digital asset exposure increasingly overlaps with traditional capital markets.”

Bitplanet faces new pressure under KOSDAQ crypto regulations

Among companies most exposed to the revised KOSDAQ crypto regulations is Bitplanet, currently considered the most visible Digital Asset Treasury company in South Korea.

The company emerged in July 2025 after a consortium led by Asia Strategy and Sora Ventures acquired KOSDAQ-listed SGA.

Bitplanet currently holds approximately 300 BTC and has publicly announced plans to accumulate 10,000 BTC long term, making it South Korea’s first major publicly listed Bitcoin treasury-focused company.

Chief Executive Officer Lee Seong-hoon previously confirmed the company modeled its strategy after Strategy and Japan-based Metaplanet.

As KOSDAQ crypto regulations tighten, Bitplanet now faces growing pressure to maintain compliance while continuing its aggressive Bitcoin accumulation strategy.

What comes next 

The new KOSDAQ crypto regulations may fundamentally alter South Korea’s corporate crypto landscape.

While Bitcoin treasury strategies have generated substantial profits for listed companies over the past year, regulators are making one thing increasingly clear: traditional stock markets will no longer tolerate unchecked crypto-driven valuation models without stricter safeguards.

As July 1 implementation begins, investors and crypto firms alike are watching closely.

South Korea’s latest regulatory move could become a blueprint for other global markets evaluating how publicly traded companies should manage digital asset exposure moving forward.