Revised listing regulations in South Korea to take effect, putting some KOSDAQ-listed crypto DAT companies at risk of delisting

According to the Chosun Ilbo, South Korea’s revised listing regulations will officially take effect on July 1, raising the minimum market capitalization threshold for remaining listed on the KOSDAQ. Amid sustained declines in Bitcoin and other crypto assets, coupled with capital outflows from the KOSDAQ, multiple publicly traded Digital Asset Treasury (DAT) companies face delisting risks. Among them, Bitmaxs has a market cap of only KRW 13.1 billion—below the new lower threshold of KRW 20 billion effective in the second half of this year. Although Parataxis Ethereum (KRW 26.8 billion) and Bit Planet (KRW 33.1 billion) currently meet the threshold, both fall short of the higher standard of KRW 30 billion scheduled to take effect in January next year. Bitcoin’s price has plunged from its peak of $120,000 last year to the latter half of $50,000 this month, triggering substantial mark-to-market losses on the balance sheets of DAT firms. The new regulations also explicitly prohibit companies from circumventing delisting through measures such as capital reduction or share consolidation. Should market capitalizations continue declining, affected firms could begin delisting procedures as early as next January.