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A recent report reveals that three of the Asia-Pacific’s largest stock exchanges are pushing back against publicly listed companies adopting “crypto-first” business strategies.
This trend revolves around firms adopting digital currencies like Bitcoin as the core of their treasury and operational focus.
India and Australia Join the Pushback
An exclusive Bloomberg report, citing unnamed sources, disclosed that Hong Kong Exchanges & Clearing Ltd. has challenged the proposals of at least five companies seeking to adopt digital-asset treasury (DAT) models. The exchange argues that these plans conflict with existing regulations restricting large, liquid asset holdings.
JUST IN
ASIAN STOCK EXCHANGES PUSH BACK ON CRYPTO TREASURIES
HONG KONG EXCHANGES BLOCKED 5 COMPANIES FROM BITCOIN TREASURY STRATEGIES
SIMILAR RESISTANCE IN INDIA & AUSTRALIA #Crypto #Bitcoin #Stocks #Finance #Asia #Blockchain pic.twitter.com/6a6MyhMjJT
— Crypto News Hunters (@CryptoNewsHntrs) October 22, 2025
So far, none of the companies has received approval. The resistance is widespread, too.
Across the Asia-Pacific region, asian exchanges in India and Australia are taking similar action.
In India, the Bombay Stock Exchange also rejected a listing application from a company that intended to invest most of its capital into cryptocurrency.
In Australia, the Australian Securities Exchange, otherwise known as the ASX, enforces a rule prohibiting listed firms from holding over half of their balance sheet in cash-like assets, including crypto, a regulation that effectively shuts down the idea of the DAT model.
A DAT model is simple in concept. A company replaces traditional assets or operations with digital assets. This is done with the hope that long-term crypto growth will build shareholder value.
In practice, it turns a business into a large crypto holding company.
Instead, the ASX advises firms seeking crypto adoption to consider creating exchange-traded funds (ETFs). These provide investors with indirect exposure to digital assets while staying under tighter regulation.
A Fading Trend and Underlying Concerns
The DAT model was popularized by Michael Saylor’s Strategy, a firm now valued at over $70 billion due to its massive Bitcoin holdings.
This success inspired a global wave of corporate crypto adoption. For a time, investor enthusiasm was high, with many DAT firms trading at premiums to their underlying crypto reserves.
JUST IN: Michael Saylor’s ‘Strategy’ buys 168 Bitcoin worth $18.6 million.
— Watcher.Guru (@WatcherGuru) October 20, 2025
That optimism has since faded. DAT-related purchases have slowed, share prices have declined, and the broader crypto market has weakened.
According to Singapore-based 10X Research, retail investors have already lost around $17 billion in DAT-related trades this year.
Some asian exchanges fear these companies are exploiting their “listed” status. Regulators say many of them have few real operations. They mainly hold liquid assets, making them look like shell companies.
Japan Bucks the Trend as Scrutiny Grows Globally
While India and Australia tighten restrictions, Japan is moving in the opposite direction. The Bloomberg report noted that Japan’s listing rules give digital-asset treasury models far more freedom.
Japan currently hosts 14 listed Bitcoin-focused firms, the most in Asia. Among them is Metaplanet, the world’s fourth-largest Bitcoin DAT.
Even Japan’s permissive environment may face new challenges. Global index provider MSCI is considering excluding large DATs from its indexes, particularly those holding more than half their assets in crypto. Such a move could severely limit passive investment flows into these companies.
About Jimmy Aki PRO INVESTOR
Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.
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