- Stock exchanges in India, Hong Kong and Australia are actively blocking or constraining listed companies from holding significant cryptocurrency on their balance sheets as treasury assets.
- Hong Kong Exchanges & Clearing cites “cash company” rules, while the ASX prohibits issuers from keeping over half their assets in cash-like instruments, including crypto.
- Japan Exchange Group appears to be a regional outlier, with its CEO stating that companies with proper disclosure of planned Bitcoin purchases would likely not be deemed unacceptable for listing.
As the crypto market takes a downturn, stock exchanges in India, Hong Kong and Australia are moving to block or constrain listed companies from holding cryptocurrency as treasury assets.
Hong Kong Exchanges & Clearing has, according to Bloomberg, pushed back on at least five issuers that sought to stockpile crypto, pointing to “cash company” rules that restrict entities holding primarily liquid assets.
Moreover, India’s Bombay Stock Exchange rejected a listing bid last month after the applicant disclosed plans to invest proceeds in crypto. Meanwhile, Australia’s ASX is prohibiting issuers from keeping more than half of their assets in cash-like instruments, a category that includes crypto, rendering the DAT model unworkable on that venue.
ASX guidance steers crypto-exposure pivots toward exchange-traded funds rather than balance-sheet accumulation.
One issuer is changing venues —New South Wales–based Locate Technologies, which holds 12.3 BTC valued at US$1.33 million (AU$2.06 million), is shifting its listing to New Zealand’s NZX, a company spokesperson told Bloomberg.
But Japan seems to be the regional outlier. Japan Exchange Group CEO Hiromi Yamaji said in September that, once listed, companies making proper disclosures (such as stating planned Bitcoin purchases) would be hard to deem unacceptable outright, Bloomberg said.
Related: Wise Eyes Stablecoins: Fintech Giant Seeks Digital-Asset Lead in London
Stocks and Bitcoin Falling Back
The pushback comes as more companies join the 2025 wave of digital-asset treasury plays modeled on MicroStrategy (MSTR) and, more recently, Metaplanet, where Bitcoin serves as a reserve asset.
Crypto News Australia recently reported that Metaplanet’s stock fell below the value of its Bitcoin holdings, and its shares are down over 70% from their June peak. VanEck’s Matthew Sigel had already warned companies that the crypto treasury fever could backfire.
While companies Metaplanet and Semler Scientific are dealing with countless issues, Michael Saylor’s Strategy (formerly MicroStrategy) doesn’t seem to care, not even as Bitcoin struggles to maintain the price above US$110K (AU$169K). The firm recently added 168 BTC for US$18.8 million (AU$27.9 million).
Related: UK Retail Investors Gain Access to Bitcoin and Ethereum ETPs as FCA Lifts Ban
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