Group 1 - The Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, having raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] - HKEX's main rationale for its objections is based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - This trend is not unique to Hong Kong, as similar opposition to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application for a company planning to invest in cryptocurrency [1][2] Group 2 - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, questioning the plans of at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] Group 1: Regulatory Actions - HKEX has raised concerns based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - The HKEX spokesperson stated that their framework ensures that all applicants for listing have viable, sustainable, and substantive business operations [1] - Similar resistance to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application from a company planning to invest in cryptocurrency [1][2] Group 2: Market Impact - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to increased investor skepticism regarding the sustainability of their business models [2]

Core Viewpoint - Stock exchanges in Hong Kong, India, and Australia are resisting cryptocurrency hoarding platforms disguised as public companies [3] Group 1: Regulatory Actions - The Hong Kong Stock Exchange has raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [3] - These companies have not received approval for their plans to transition to cryptocurrency hoarding [3] - Hong Kong currently prohibits public companies from transforming into entities solely focused on hoarding cryptocurrencies [3] Group 2: Responses from Exchanges - The Hong Kong Stock Exchange declined to comment on specific companies but emphasized that its framework ensures the viability and sustainability of all applicants seeking to list [3] - Similar opposition to DAT has been reported in India and Australia [3]