HKEX, ASX and BSE block companies accumulating bitcoin.
In particular, the Australian exchange recommends investing in crypto assets or creating ETFs instead of the DAT format.
While Japan remains a favorable environment for public bitcoin holders, tensions are rising there as well.
The three largest exchanges in the Asia-Pacific region — Hong Kong Stock Exchange (HKEX), Bombay Stock Exchange (BSE), and Australian Stock Exchange (ASX) — have opposed companies trying to become digital asset treasury companies (DAT) or public entities accumulating crypto assets, primarily bitcoin.
Such restrictions jeopardize the wave of corporate crypto accumulation that kept the digital asset market buoyant for most of 2025.
According to HKEX, in recent months it has blocked the plans of at least five companies that sought to change their business model to a crypto treasury model — that is, to hold a large portion of assets in digital currencies.
The reasons for the denials were exchange rules prohibiting excessive liquid reserves, as companies with such balances may be classified as 'cash companies' facing trading suspension.
“Success in obtaining 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.
A representative of HKEX noted that the exchange operates within frameworks that 'ensure the viability, sustainability, and real substance of the business of all applicants and already listed companies.'
Shares of Boyaa Interactive International Ltd, one of the largest bitcoin treasurers in Hong Kong, fell by 3.9%, and quotes for other crypto-related companies — DL Holdings Group Ltd and Ourgame International Holdings Ltd — also declined.
“Listing regulations directly determine how quickly and transparently the digital treasury model can operate. Transparent rules attract capital, while strict restrictions hinder the development of DAT companies,” explained Presto Research analyst Riku Maeda from Tokyo.
Similar restrictions are appearing in other countries. In particular, BSE recently denied Jetking Infotrain's application for registration of a new share issue after it stated its intention to invest part of the funds in cryptocurrencies. The company has already filed an appeal.
In Australia, ASX prohibits public companies from holding more than 50% of their assets in cash or cash-like instruments, making the implementation of a crypto treasury model 'practically impossible,' according to Locate Technologies CEO Steve Orenstein.
Locate Technologies is now moving its listing from Australia to New Zealand, where the NZX exchange is more favorable towards DAT-type companies.
ASX officially recommends companies wanting to invest in bitcoin or #Ethereum to create exchange-traded funds (#etf ), rather than changing their corporate format.
“ASX does not prohibit crypto treasury strategies, but conflicts with listing rules must be carefully resolved,” the exchange stated.
Unlike its neighbors, Japan remains the most open jurisdiction for public companies investing in cryptocurrencies.
“If a company properly discloses information — for example, states that it is buying bitcoin — it is difficult to immediately assert that such actions are unacceptable,” said Japan Exchange Group CEO Hiromi Yamaji.
There are already 14 public companies in the country holding bitcoin on their balance sheets — the most in Asia. Among them is Metaplanet, which has accumulated $3.3 billion in bitcoins since the beginning of 2024. In September, the company ranked fifth among corporate holders of the first cryptocurrency.
Another Japanese example is Convano, an operator of manicure salons, which announced in August a plan to raise ¥434 billion (equivalent to $3 billion) to purchase 21,000 $BTC even though the company's market capitalization was several times lower.
However, even in Japan, signs of tension are beginning to emerge. MSCI Inc, an index provider, proposed to exclude large DAT companies from its global indices, as they 'may exhibit characteristics typical of investment funds.'
This primarily concerns Metaplanet, which after a $1.4 billion share placement in September announced that it would direct most of the funds towards buying bitcoin.
“Exclusion from the indices will deprive DAT companies of passive investment flows. This could undermine the argument for a premium to book value,” noted analyst Travis Lundy in a Smartkarma memo.
