Major Asian stock exchanges curb 'cryptocurrency-holding companies'… Tighten pressure on bitcoin-accumulation listed firms

Major Asian stock exchanges such as those in Hong Kong, India and Australia are imposing strong brakes on the recently proliferated 'cryptocurrency accumulation-type listed companies (Digital Asset Treasuries·DATs)'. These exchanges have repeatedly rejected listing and business plans from companies seeking to shift their core operations to large-scale cryptocurrency holdings, citing concerns over increased market speculation and deteriorating financial soundness.

According to Bloomberg on the 22nd (local time), the Hong Kong Stock Exchange (HKEX) reviewed plans from more than five companies in recent months that intended to make digital assets their primary financial strategy, but denied all of them. HKEX warned that if a listed company shifts its structure to be centered on 'liquid assets', it may be regarded as a 'cash company' and could face trading suspension. This is a measure to curb so-called 'crypto portfolio companies' that seek to use their listed status while holding large amounts of cryptocurrency.

Similar measures have followed in India and Australia. The Bombay Stock Exchange (BSE) rejected a listing application after IT firm Jetking Infotrain recently announced it would use part of its public offering funds to invest in cryptocurrencies. The Australian Securities Exchange (ASX) stipulates that listed companies cannot hold more than 50% of their assets in cash-like assets, and this clause is said to effectively make a cryptocurrency-centric financial strategy impossible.

An ASX official said, "Companies seeking to switch to cryptocurrency investments should structure their listing in the form of an exchange-traded fund (ETF)," adding, "Otherwise, it will be difficult to qualify for official listing."

By contrast, Japan is considered an exceptional case within the Asia-Pacific region. The Japan Exchange Group (JPX) has shown a relatively lenient attitude, saying, "If a company clearly discloses bitcoin purchases even after listing, it is difficult to immediately prohibit them." Currently, there are 14 listed companies in Japan holding bitcoin, the largest number in Asia. A representative example is hotel operator Metaplanet, which holds 3.3 billion dollars worth of bitcoin.

However, signs of backlash are emerging even within Japan. Global index compiler MSCI is reportedly considering removing listed companies with cryptocurrency holdings exceeding 50% of total assets from global indices. This proposal was raised after Metaplanet purchased an additional 10,687 bitcoins following a 1.4 billion dollar overseas share issuance, and the controversy stems from the fact that the company is included in the MSCI Japan Small Cap Index.

MSCI stated that DAT companies "have characteristics similar to investment funds and do not meet index composition requirements." If this proposal is implemented, automatic inflows from passive funds would be blocked, and these companies' stock price premiums are likely to disappear, analysts say.

Bloomberg reported, "Although the bitcoin-centered DAT model rapidly spread in 2025, major Asian exchanges are putting the brakes on this trend by tightening listing regulations," adding, "This could become a short-term burden on the bitcoin market rally, which had risen 180% this year."