The Asian financial landscape is facing new turbulence as major stock exchanges move to curb the rise of Bitcoin treasury companies (DATs). According to a Bloomberg report, the Hong Kong Stock Exchange (HKEX), Bombay Stock Exchange (BSE), and Australian Securities Exchange (ASX) are now blocking firms that attempt to transition into digital asset treasuries, holding significant portions of their balance sheets in cryptocurrencies like Bitcoin.
This marks a crucial turning point for Asia’s corporate crypto adoption wave, which has driven much of Bitcoin’s upward momentum through 2025. Exchanges argue these restrictions are meant to preserve market integrity, yet critics say they risk stifling innovation in the digital economy.
Over the past few months, HKEX has reportedly rejected applications from at least five companies seeking to pivot toward Bitcoin-based treasury models. Under current rules, firms with excessive liquid reserves can be labeled as “cash companies,” exposing them to potential trading suspension. Legal experts say approval depends heavily on proving that crypto investments are integral to business operations, not just speculative holdings.
HKEX maintains that its listing framework ensures “sustainability, transparency, and the viability of listed companies.” Still, market reactions have been swift. Shares of Boyaa Interactive International Ltd, one of Hong Kong’s largest Bitcoin treasuries, dropped by nearly 4%, with related companies DL Holdings Group Ltd and Ourgame International Holdings Ltd also seeing declines.
Analysts warn that the restrictive environment could push digital treasury companies to friendlier jurisdictions. Rick Maeda of Presto Research explained that listing regulations directly determine how quickly DAT models can scale: “Transparent rules attract capital, while tight restrictions suffocate digital treasury innovation.”
The Bombay Stock Exchange is taking a similar stance, having recently blocked Jetking Infotrain from issuing new shares after it revealed plans to invest in cryptocurrencies. The company has since filed an appeal. Meanwhile, ASX prohibits public firms from holding more than 50% of assets in cash or cash-like instruments, making a DAT model “virtually impossible,” according to Steve Orenstein, CEO of Locate Technologies. His company is now shifting its listing to New Zealand’s NZX, where rules are reportedly more favorable.
ASX officials clarified that they don’t outright ban digital treasury models but recommend crypto exposure via ETFs instead of direct balance sheet holdings to minimize risk and regulatory friction.
In contrast, Japan remains an outlier — and the most crypto-friendly jurisdiction in Asia. According to Japan Exchange Group CEO Hiromi Yamaji, as long as firms disclose their Bitcoin purchases transparently, such activity is not deemed problematic. Fourteen public companies in Japan now hold Bitcoin, led by Metaplanet, which accumulated $3.3 billion worth of BTC since early 2024, making it the fifth-largest corporate Bitcoin holder globally. Another Japanese firm, Convano, stunned investors by announcing plans to raise ¥434 billion ($3 billion) to buy 21,000 BTC, even though its market cap was far smaller.
However, even Japan faces growing scrutiny. MSCI Inc., a major index provider, has proposed excluding large DAT companies from its global indices, arguing they resemble investment funds more than traditional businesses. Analysts like Travis Lundy warn that delisting such firms from indices could drain them of passive investment inflows and erode market valuations.
Despite tightening regulations, Bitcoin’s price recently hit a record high above $125,000, driven mainly by corporate treasuries following Michael Saylor’s Strategy model, collectively worth over $70 billion. Yet, momentum has slowed as share prices of DAT firms dropped and retail investors reportedly lost $17 billion, with many stocks now trading below the value of the crypto they hold.
Conclusion:
The clash between Asia’s major stock exchanges and digital treasury companies reveals a growing divide in regulatory philosophy. While Hong Kong, India, and Australia tighten controls to preserve market stability, Japan continues to nurture crypto adoption within structured transparency. As Bitcoin solidifies its role in corporate finance, the balance between innovation and oversight will shape the next phase of Asia’s digital economy.
