Crypto treasury companies face pushback from Asian stock exchanges: report

Asian stock exchanges are tightening rules against crypto treasury firms, making it difficult for listed companies to hold reserves on their balance sheets.

Crypto treasury strategies are hitting roadblocks across Asia. According to a recent Bloomberg report , Hong Kong Exchanges & Clearing Limited (HKEX) has blocked at least five companies from shifting their business models to hold crypto reserves, known as digital-asset treasury (DAT) models.

Citing anonymous sources, the report noted that the exchange said its rules prevent listed companies from maintaining major liquid asset holdings, insisting that all must remain “viable, sustainable, and of substance.” So far, no approvals have been granted.

In India, the Bombay Stock Exchange reportedly rejected security firm Jetking Infotrain’s plan to invest new share proceeds into crypto, a decision the company is now appealing. Similarly, in Australia, regulators bar firms from holding more than half their assets in cash or similar instruments, effectively limiting local adoption.

Exchange officials say these rules aim to stop listed firms from acting as speculative shells and to protect investors. Companies must prove that crypto holdings are part of their main business, not a side investment. Officials add that businesses wanting crypto exposure should use exchange-traded funds instead.

The clampdown follows a sharp drop in DAT-related purchases and stock prices, with market swings reportedly leading to big losses for retail investors in crypto-linked shares. Singapore-based 10X Research estimates that DAT trades in Asia have lost more than $17 billion, driven by the recent market volatility that saw Bitcoin ( BTC ) drop nearly 20% from its all-time high.

Crypto treasury adoption gains momentum in Asia

Still, corporate interest in crypto reserves continues to grow. Over the past year, at least 134 companies across Asia have adopted some form of crypto treasury strategy, estimated to be holding around 58,000 BTC, per data from bitcointreasuries.net . 

Japan’s Metaplanet remains the region’s largest corporate Bitcoin holder, with over 30,000 BTC valued at approximately $3.3 billion. Other companies following this trend include Top Win in Taiwan, Quantum Solutions in Japan, and K Wave Media in South Korea, all of which continue raising capital to expand their Bitcoin positions.

Several companies have seen their share prices more than double after revealing crypto holdings, highlighting strong investor appetite for digital assets.

Globally, public companies now hold more than 1.02 million BTC worth over $110 billion, underscoring Bitcoin’s growing role as a strategic reserve asset. But with tighter oversight and persistent volatility, Asia’s crypto treasury boom is now facing its biggest test yet.