亚洲证交所开始“抵制”数字币财库公司，报道称港交所已拒至少5家

Core Viewpoint - A previously popular business strategy involving significant investments in cryptocurrencies is facing collective resistance from major Asian stock exchanges, including Hong Kong, India, and Australia, which are rejecting or limiting listings of companies focused on this model [1][2]. Group 1: Regulatory Actions - The Hong Kong Stock Exchange has rejected at least five listing applications from companies aiming to become Digital Asset Treasury (DAT) firms, citing rules against "cash companies" that primarily hold liquid assets [1][2]. - The Bombay Stock Exchange in India has also denied a listing application from a company planning to invest in cryptocurrencies, reflecting a cautious regulatory stance [2]. - Australia's ASX prohibits companies from allocating more than half of their balance sheet to cash-like assets, including cryptocurrencies, making the DAT business model nearly impossible [1][2]. Group 2: Market Impact - The market performance of DAT companies has significantly declined, with many stocks falling below their net asset value (NAV) amid a recent downturn in the cryptocurrency market, raising questions about the sustainability of their business models [1]. - The tightening of regulations has led to a reassessment of the DAT model, which was previously seen as a driver for cryptocurrency market growth [3]. Group 3: Japan's Position - Japan remains an exception in Asia, with its exchanges being open to the concept of DAT companies, provided they ensure proper information disclosure [3]. - Japan has the highest number of publicly listed Bitcoin-holding companies in Asia, totaling 14, including Metaplanet, the fourth-largest Bitcoin treasury company globally [3]. Group 4: Emerging Risks - MSCI, a major index provider, is proposing to exclude large DAT companies holding over 50% of their assets in cryptocurrencies from its indices, which could cut off passive investment flows and negatively impact their stock prices [3]. - The sentiment in the market is turning pessimistic, with industry insiders suggesting that the bubble surrounding DAT companies may have burst, as evidenced by plummeting stock prices and increasing regulatory hurdles [3].