Asian Stock Exchanges Slam Door on Bitcoin Treasury Companies

Core Insights - Major Asian stock exchanges are rejecting firms pivoting into digital-asset treasuries to mitigate exposure to severe volatility risks [1][5] - Regulatory approaches vary across Asia, with Hong Kong focusing on governance and investor protection, while Singapore emphasizes regulated payment instruments [3][4] Group 1: Regulatory Actions - Hong Kong Exchanges & Clearing has denied applications from five firms seeking to implement Bitcoin treasury strategies [1] - India's Bombay Stock Exchange rejected Jetking Infotrain's listing application, which aimed to allocate 60% of raised funds to Bitcoin [2] - The Australian Securities Exchange (ASX) prohibits listed companies from holding over half of their assets in cash or cash-like holdings, effectively limiting digital asset treasury pivots [2] Group 2: Market Dynamics - Corporate Bitcoin holdings have surged to $117 billion, with many companies adopting the Bitcoin treasury model pioneered by Strategy Inc., which holds over 640,000 BTC valued at approximately $70 billion [6] - A recent report indicated that retail investors lost an estimated $17 billion on digital-asset treasury trades, prompting regulatory scrutiny [5] - Citi has given Strategy a "buy" rating with a price target of $485, but cautioned about significant risks due to its leveraged position in Bitcoin [6] Group 3: Market Sentiment - Users on the prediction market Myriad expect Strategy to continue its Bitcoin acquisition strategy, with only a 7% chance of selling any Bitcoin this year [7]