Efforts by several companies in the Asia-Pacific region to pivot toward crypto-focused treasury models are facing mounting resistance from stock exchanges and regulators, threatening to derail one of the key drivers behind Bitcoin’s 2025 rally.
Hong Kong Exchanges & Clearing Ltd. (HKEX) has reportedlychallenged the plans of at least five firms seeking to transform into digital-asset treasury (DAT) companies, entities that hold cryptocurrencies like Bitcoin as their primary business strategy.
According to people familiar with the matter, the exchange cited listing rules that prohibit companies from maintaining large liquid holdings. None of the firms have received approval so far.
The move underscores a growing regulatory pushback across the region. Similar restrictions are emerging in India and Australia, where authorities are tightening rules to prevent listed companies from becoming speculative crypto-holding vehicles.
India’s Bombay Stock Exchange recently rejected Jetking Infotrain’s proposal to channel share-sale proceeds into crypto investments, while Australian regulators bar listed firms from holding more than half their assets in cash or similar liquid instruments.
Japan remains a partial exception, with more lenient rules allowing DAT-style firms greater operational freedom. However, even there, signs of resistance are growing, including proposals to exclude large crypto-treasury companies from global stock indexes.
The crackdown comes amid slowing momentum in the DAT model, popularized by Michael Saylor’s $70 billion Bitcoin vehicle, Strategy Inc., which inspired hundreds of imitators worldwide.
Many of these firms have traded at valuations exceeding their crypto holdings, reflecting strong investor appetite earlier in the year. But recent selloffs have hit the sector hard. According to Singapore-based 10X Research, retail investors have collectively lost about $17 billion through DAT-related trades.
Shares of Hong Kong-listed Bitcoin treasuries such as Boyaa Interactive International Ltd., DL Holdings Group Ltd., and Ourgame International Holdings Ltd. fell this week following the news.
“Listing regulations directly shape how fast and how cleanly a digital-asset treasury model can operate,” said Rick Maeda, a Tokyo-based crypto analyst. “Predictable, accommodative rules attract capital but restrictive ones can halt growth entirely.”