Asian Firms Struggle to Adopt Crypto Treasuries as Regulators Tighten Rules
Asian stock exchanges are tightening restrictions on crypto treasury strategies, making it increasingly difficult for listed companies to hold Bitcoin and other digital assets on their balance sheets.
Asian Exchanges Push Back Against Crypto Treasury Models
According to a recent Bloomberg report, Hong Kong Exchanges & Clearing Limited (HKEX) has blocked at least five companies from adopting digital-asset treasury (DAT) models. Citing anonymous sources, the report says HKEX believes such strategies conflict with rules requiring listed companies to remain “viable, sustainable, and of substance.” So far, none of the applications have been approved.
Elsewhere in Asia, similar barriers are emerging. In India, the Bombay Stock Exchange reportedly rejected Jetking Infotrain’s plan to invest IPO proceeds into crypto. In Australia, regulators prevent listed firms from holding over half their assets in cash or similar instruments — a move that effectively curtails crypto exposure.
Officials say these rules are designed to prevent companies from becoming speculative shells and to protect retail investors. Businesses seeking exposure to crypto, regulators argue, should opt for exchange-traded funds (ETFs) instead.
Despite Hurdles, Corporate Demand for Bitcoin Grows
Still, corporate interest in Bitcoin treasuries continues to rise. Over the past year, 134 companies across Asia have adopted crypto treasury strategies, collectively holding around 58,000 BTC, according to data from bitcointreasuries.net.
Leading the charge is Japan’s Metaplanet, with over 30,000 BTC — valued at $3.3 billion — making it the region’s largest corporate Bitcoin holder. Others include Top Win in Taiwan, Quantum Solutions in Japan, and K Wave Media in South Korea, all actively raising capital to grow their BTC positions.
While some of these companies have seen their stock prices more than double after revealing crypto holdings, the recent $17 billion drop in DAT-related trades due to market volatility is forcing a rethink.
Globally, public companies now hold over 1.02 million BTC, valued at more than $110 billion, underscoring Bitcoin’s growing role as a strategic reserve asset. But in Asia, the regulatory clampdown may signal the start of a more cautious era for corporate crypto adoption.
