Corporate crypto treasury adoption is running into roadblocks across Asia. A recent Bloomberg report revealed that Hong Kong Exchanges & Clearing Limited (HKEX) has blocked at least five companies from adopting crypto reserve models, known as digital-asset treasury (DAT) strategies.
Citing anonymous sources, the report noted that HKEX maintains rules preventing listed firms from holding major liquid assets unless they are “viable, sustainable, and of substance.” To date, no approvals for DAT models have been granted.
In India, the Bombay Stock Exchange rejected security firm Jetking Infotrain’s proposal to invest new share proceeds into crypto; the company is now appealing the decision. Similarly, in Australia, regulators bar firms from holding more than half their assets in cash or equivalents, effectively restricting local DAT adoption.
Exchange officials say these rules aim to prevent listed firms from acting as speculative shells and to protect investors. Companies must demonstrate that crypto holdings are integral to their core business rather than a side investment. Officials also recommend that businesses seeking crypto exposure consider exchange-traded funds instead.
The clampdown comes after sharp declines in DAT-related stock prices and purchases, causing significant losses for retail investors in crypto-linked shares. Singapore-based 10X Research estimates that DAT trades in Asia have lost over $17 billion, following market volatility that saw Bitcoin fall nearly 20% from its all-time high.
Corporate crypto adoption continues
Despite regulatory pushback, interest in corporate crypto reserves remains strong. Over the past year, at least 134 companies across Asia have adopted some form of crypto treasury strategy, collectively holding around 58,000 BTC, according to 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 notable adopters 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 firms have seen their share prices more than double after disclosing crypto holdings, reflecting 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.
However, with tighter regulations and persistent market volatility, Asia’s corporate crypto treasury boom is facing its most significant test yet.
