Korea's revised KOSDAQ listing maintenance rules will take effect on July 1, raising the market capitalization threshold for digital asset fund (DAT) companies listed on the Korean startup board; Korea Exchange (KRX) data on June 29 shows BitMEX's market cap is 13.1 billion KRW, already below the second-half delisting threshold of 20 billion KRW, and Parataxys Korea is undergoing a substantive review of its listing eligibility.
Comparison of Current Market Cap of Four KOSDAQ DAT Companies with New Rule Thresholds
According to KRX data on June 29, the current market capitalization of four KOSDAQ DAT companies compared with the new rule thresholds is as follows:
BitMEX: Market cap of 13.1 billion KRW, below the second-half threshold of 20 billion KRW, triggering delisting risk conditions
Parataxys Ethereum: Market cap of 26.8 billion KRW, above the second-half threshold of 20 billion KRW, but below the new threshold of 30 billion KRW effective from January 2027
Bitplanet: Market cap of 33.1 billion KRW, above the second-half threshold of 20 billion KRW, and also above the January 2027 standard of 30 billion KRW
Parataxys Korea: Suspended since April 2025 due to capital impairment, undergoing substantive review of listing eligibility, currently no effective trading market cap
Delisting Trigger Procedure Under Revised Rules: 30 Trading Days and 90-Day Recovery Period
The revised rules stipulate that stocks whose price or market cap remains below the corresponding standard for 30 consecutive trading days will be designated as managed stocks and given a 90-day recovery period; if they still fail to meet the standard for 45 consecutive trading days thereafter, compulsory delisting will be enforced.
The revision also adds a restriction clause prohibiting companies that have been designated as managed listed stocks from conducting capital reductions and share consolidations. When stock prices do not show a significant rebound, the traditional space for capital maneuvers to avoid delisting is clearly narrowed.
Dual Market Pressure: Bitcoin Valuation Losses and KOSDAQ Capital Outflows
The core business of KOSDAQ DAT companies is holding virtual assets, so their book valuations directly fluctuate with the market price of Bitcoin. Bitcoin, driven by the Trump administration's pro-virtual-asset policies in 2025, once broke through $125,000, but has turned downward since the outbreak of the US-China trade conflict in October 2025, currently maintaining above approximately $50,000. DAT companies are required to reflect significant valuation losses in both first-quarter and second-quarter financial reports.
During the same period, the overall KOSDAQ index fell by about 10%, with funds concentrated flowing into KOSPI blue-chip stocks. Although DAT companies have attempted to raise funds through issuing convertible bonds and preferred shares, they have been unable to halt the ongoing decline in overall valuations.
Frequently Asked Questions
What are the specific differences between the revised KOSDAQ market cap thresholds and the current standards?
The newly revised rules set thresholds at two time points: the market cap floor for the second half of 2026 is 20 billion KRW; from January 2027, the threshold is further raised to 30 billion KRW. Parataxys Ethereum (26.8 billion KRW) meets the second-half standard but is below the January 2027 new threshold; Bitplanet (33.1 billion KRW) currently meets the standards for both time points.
After being designated as a managed stock, can a DAT company avoid delisting through capital reduction or share consolidation?
According to the revised rules, once a company is designated as a managed listed stock, the capital reduction and share consolidation operations available to it will be clearly restricted, and the effective space for traditional capital maneuvers under the current framework is reduced. This newly added clause is one of the main new restrictions of this rule revision.
Does this delisting pressure involve all types of companies listed on KOSDAQ?
According to available reports, the main targets of this delisting pressure are KOSDAQ DAT companies that rely on holding virtual assets for profits, because the valuation of their core assets is directly linked to the virtual asset market. KOSDAQ as a whole has fallen about 10% this year, but the degree of impact on different types of companies depends on their business models and asset composition.
