The three leading exchanges in the Asia-Pacific region — Hong Kong (HKEX), Australian (ASX), and Bombay (BSE) — have significantly tightened restrictions for public companies seeking to transform into Digital Asset Treasuries (DAT) and actively accumulate Bitcoin and other cryptocurrencies. Such measures may impact the wave of corporate crypto accumulation that has supported the growth of the digital asset market for most of 2025.
This is reported by Business • Media
Exchange Policies and Their Consequences for DAT Companies
Reports indicate that HKEX has rejected at least five applications from companies in recent months that planned to change their business model and focus most of their assets on digital currencies. The reason for this is exchange rules that do not allow companies to accumulate excessive liquid reserves. Such structures can be classified as “cash companies,” leading to the risk of trading suspension.
“Success in approval depends on whether the company can prove that acquiring crypto assets is an integral part of its operational activities,” explained Latham & Watkins partner Simon Hawkins.
HKEX emphasizes that it operates within standards that ensure the viability and sustainability of companies’ businesses. Against this backdrop, shares of major Bitcoin treasurers, including Boyaa Interactive International Ltd, DL Holdings Group Ltd, and Ourgame International Holdings Ltd, have significantly lost value.
Similar trends are observed on other platforms. BSE denied Jetking Infotrain registration for a new share issuance due to the company’s intention to invest part of the funds in cryptocurrencies. Jetking Infotrain is currently appealing this decision. The Australian exchange ASX prohibits public companies from holding more than 50% of their assets in cash or cash-like instruments, making the creation of a DAT model practically impossible. Locate Technologies, facing these restrictions, is relocating its listing to New Zealand, where the NZX exchange shows greater openness to crypto assets.
ASX recommends that companies looking to invest in Bitcoin or Ethereum create exchange-traded funds (ETFs) rather than changing their corporate format. The exchange’s statement emphasizes that crypto treasury strategies are not prohibited but must comply with listing requirements.
The Japanese Exception and Growing Tension
Japan currently remains the most open jurisdiction in Asia for public companies investing in cryptocurrencies. There are already 14 companies in the country holding Bitcoin on their balance sheets. Among them is Metaplanet, which has accumulated cryptocurrencies worth $3.3 billion since the beginning of 2024 and entered the top five corporate Bitcoin holders in the fall. Another notable example is Convano, which announced raising ¥434 billion (equivalent to $3 billion) to purchase 21,000 BTC, despite the company’s significantly lower market capitalization.
Despite the favorable investment climate, signs of tension are emerging even in Japan. Index provider MSCI Inc has proposed excluding large DAT companies from its global indices due to their similarity to investment funds. This particularly concerns Metaplanet, which announced in September, after a $1.4 billion stock placement, that it would direct most of the raised funds towards purchasing Bitcoin.
“Exclusion from indices will deprive DAT companies of passive investment flows. This could undermine the argument for a premium over book value,” noted analyst Travis Lundy in a Smartkarma memo.
Despite all the restrictions, Bitcoin has reached a new all-time high of over $125,000. The main drivers of this growth have been DAT companies, which have been massively accumulating cryptocurrency following Michael Saylor’s strategy. However, recently the pace of their purchases has slowed, and shares of such companies, according to 10X Research, have declined, leading to retail investor losses of about $17 billion — their shares are now trading below the value of their crypto assets.