Asia cracks down on cryptocurrency hoarders disguised as listed companies.

2025-10-22 01:57:23

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The three largest stock markets in Asia – Hong Kong, India, and Australia – are tightening listing regulations to prevent businesses from becoming “disguised cryptocurrency investment funds.” This trend aims to counter the explosion of Digital Asset Treasuries (DATs) – companies that primarily hoard cryptocurrencies instead of engaging in traditional business.

Previously, the DAT model contributed to pushing Bitcoin to a record level of 126,251 USD in October 2025, but the stock prices of various DAT subsequently plummeted, causing retail investors to lose more than 17 billion USD. HKEX, BSE, and ASX all rejected or restricted companies from transitioning to this model.

Meanwhile, Japan still allows listed companies to hold Bitcoin, led by Metaplanet Inc. However, MSCI is considering removing DATs from the global index, indicating an increasing risk with the digital asset accumulation model.

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