Woofun AI reports that while the KOSPI index has surged approximately 95% since the beginning of the year, a distinct divergence is emerging where KOSDAQ-listed DAT companies face imminent delisting risks. Revised listing regulations implemented on July 1 have raised retention thresholds, placing firms like BitPlanet in a precarious position as they grapple with plummeting cryptocurrency prices and capital outflows. These entities are now susceptible to being removed from the market as their valuations repeatedly breach the newly established standards.

The DAT business model, which originated with Strategy and was subsequently adopted by Japan's Metaplanet, is being replicated by Korean firms in a bid to capitalize on digital asset appreciation. BitPlanet serves as a primary example of this trend; the company was acquired in July 2025 by a consortium led by Asia Strategy and Sora Ventures. Currently holding 300 bitcoins, the firm has set an ambitious long-term goal of accumulating 10,000 units. CEO Lee Seong-hoon has publicly acknowledged that the strategic inspiration for this operational model is derived directly from the approaches taken by Strategy and Metaplanet.

However, the viability of this 'issuing shares to raise funds, buying coins, and increasing stock prices' flywheel is critically dependent on rising cryptocurrency valuations. When prices reverse, these small to medium-sized DAT companies must prioritize maintaining their listing status over financing activities. The Herald Business details that the reform has tightened delisting criteria across four major areas, with the market capitalization threshold proving most lethal. The standard for maintaining a KOSDAQ listing has increased from 15 billion won to 20 billion won, equivalent to over 13 million USD, and is scheduled to jump again to 30 billion won in January next year.

The new determination mechanism imposes stringent conditions: if a stock price remains below 1,000 won for 30 consecutive trading days, or if market capitalization stays below 20 billion won for 30 consecutive trading days, the stock is designated as 'caution stock.' Once designated, a 90 trading day recovery period is granted; failure to meet standards for 45 consecutive trading days during this window triggers the official delisting process. Crucially, both stock price and market capitalization criteria must be met simultaneously, meaning failure in either category constitutes sufficient grounds for removal.

Furthermore, the new regulations block historical manipulation tactics such as share consolidation. Previously, companies could consolidate shares to artificially raise the price per share, but the rules now ensure that if the adjusted per-share value remains low, the stock remains subject to delisting. For instance, a company raising its price from 300 won to 1,200 won through consolidation will still face delisting if the underlying value is insufficient.

Additionally, firms that underwent consolidation or capital reduction within the past year cannot utilize the same tactic again once placed on a watch list, and even if permitted, the consolidation ratio cannot exceed 10 to 1.

Other regulatory adjustments have further compressed the timeline for recovery. The assessment period for capital losses has expanded from year-end financial reports to include semi-annual reports. The threshold for accumulating delisting penalty points due to inaccurate financial reports or violations has been lowered from 15 points to 10 points, where a single significant or intentional violation is now sufficient to trigger a review.

Moreover, the maximum improvement period available to a company under delisting review has been reduced from 18 months to 1 year. These changes collectively eliminate the previous buffers that allowed struggling firms to restructure their balance sheets before facing market exit.

The risk of delisting is no longer hypothetical, as many companies currently occupy a temporary state of 'meeting standards but not safe.' Parataxis Ethereum holds a market capitalization of about 26.8 billion won, and BitPlanet stands at approximately 33.1 billion won; both figures exceed the 20 billion won threshold for the second half of the year.

However, Parataxis Ethereum faces potential risks when measured against the 30 billion won standard set for January next year. The situation is most critical for Parataxis Korea, which was placed under substantial review for listing eligibility due to capital losses back in April, resulting in a stock suspension. It is indicated that if the trend of declining market capitalization persists, these DAT companies may begin facing delisting procedures starting from BitMax in early next year. The direct trigger for this crisis is the weakening of cryptocurrency prices. Bitcoin surged to over $120,000 last July under the influence of the Trump administration's pro-crypto policies.

However, the asset has fallen back since October last year, when US-China trade friction marked a turning point, dropping to the latter part of $50,000 this month. Due to declines in cryptocurrency prices in both the first and second quarters of this year, DAT companies must recognize large-scale valuation losses on their books, with the impact on stock prices during the earnings season expected to be even greater.

Compounding the issue is the inherent weakness of the KOSDAQ index itself. While the KOSPI has nearly doubled this year with a gain of about 95%, KOSDAQ has actually retreated by about 10%. Funds are concentrating on KOSPI heavyweight stocks like Samsung Electronics and SK Hynix, effectively marginalizing KOSDAQ and its DAT companies. These firms attempted to fill funding gaps by issuing convertible bonds (CB) and preferred stocks but could not withstand the overall decline in cryptocurrency asset prices. The overall weakness of KOSDAQ is evident in the numbers. The KOSDAQ index fell from 945.57 at the beginning of January to 851.37 last Friday, a decline of nearly 10%, which dragged down the market capitalization of constituent stocks. As of last week, excluding SPACs and special stocks, there were 178 KOSDAQ companies with a market capitalization of less than 20 billion won. This accounts for about 10% of the total 1,748 companies, nearly tripling from the 66 companies recorded at the beginning of the year. There are also 180 'penny stocks' with prices below 1,000 won, with a combined market capitalization of up to 6.14 trillion won. Data from the Korea Exchange indicates that in June, from the 1st to the 26th, all 39 industries in KOSDAQ were in the red. The KOSDAQ150 industry led the decline at -35.47%, while other sectors such as finance (-32.63%), technology-listed companies (-32.19%), and transportation equipment and parts (-31.11%) also experienced declines exceeding 30%.

For these micro-sized companies, the space for self-rescue through financial engineering is being rapidly compressed. Industry opinions suggest that the new 'market capitalization requirement' will be harder to meet than the 'stock price requirement.' A representative from a KOSDAQ listed company noted that while penny stocks can still rely on unpaid capital reductions and stock consolidations to prop up their prices, meeting the market capitalization standards requires a substantial increase in stock prices that is difficult to achieve.

Furthermore, relying on mergers and acquisitions for a quick fix is not easy as long as KOSDAQ remains sluggish, and the number of companies failing to meet the market capitalization threshold will only increase. A representative example is Hyungji I&C (형지I&C), which conducted a 10 to 1 unpaid stock consolidation in March. This action raised its stock price to nearly 4,000 won, yet its market capitalization remains around 10.6 billion won, far below the new threshold. This case illustrates that even if the stock price temporarily meets the standards, the firm still fails to pass the market capitalization hurdle. It is emphasized that the revised listing regulations contain provisions restricting capital reductions and consolidations after being designated as caution stocks, making it even more difficult for companies without substantial price rebounds to remain in the stock market. Officials from the Korea Exchange downplayed the impact, stating that there will not be an immediate wave of delistings in July, as companies on the caution stock list still have a period for improvement before moving to the next step.

However, brokerage analysts' judgments are more pessimistic. Yuanta Securities researcher Lee Jae-won stated that, from the perspectives of capital supply and demand, profitability, and interest rates, the current environment is favorable for KOSPI. Until personal capital flows back and profit forecasts rebound are confirmed, KOSDAQ's relative weakness is likely to continue. This marks a definitive three-way squeeze for the 'Korean version of Strategy' concept stocks, caught between falling cryptocurrency prices, retreating market funds, and tightening regulatory rules.