Asia’s stock exchanges are pushing back against crypto treasuries: Report

Stock exchanges in major Asian markets, including Hong Kong, India, and Australia, are increasingly blocking or restricting companies from operating as Digital Asset Treasury Vehicles (DATs). Hong Kong Exchanges & Clearing Ltd. has reportedly rejected several firms citing rules against "cash companies" that hold mainly liquid assets. Similarly, the Bombay Stock Exchange rejected a listing application involving crypto investment, and Australia's ASX bars companies from holding more than half their balance sheets in crypto-like assets, effectively making the DAT model "essentially impossible" there. Concerns center on these companies potentially selling their listed status or resembling empty shell companies without legitimate operations. Japan remains an outlier, actively hosting 14 listed Bitcoin buyers, including Metaplanet. Furthermore, MSCI is proposing to exclude large DATs (over 50% crypto holdings) from its indexes, potentially cutting off passive investment flows. Many existing DATs are currently suffering, trading at or below their net asset values following recent market corrections.

(Source：Cointelegraph)