Stock exchanges across Asia and Australia are increasingly restricting companies from holding cryptocurrency as treasury assets, signaling a tightening regulatory approach amid market turbulence. Hong Kong Exchanges & Clearing reportedly rejected at least five issuers aiming to stockpile Bitcoin, citing rules that limit entities to primarily liquid assets. Similarly, India’s Bombay Stock Exchange denied a listing last month after the applicant disclosed plans to invest proceeds in crypto. Australia’s ASX has set limits on issuers keeping more than half of their assets in cash-like instruments, a category that includes digital assets, effectively preventing the direct use of corporate treasuries for Bitcoin accumulation. ASX guidance encourages firms to consider exposure via exchange-traded funds rather than holding crypto directly on the balance sheet.

Some companies are adapting by relocating listings. New South Wales–based Locate Technologies, which holds 12.3 BTC valued at roughly US$1.33 million, is moving its listing to New Zealand’s NZX, reflecting the need to find more crypto-friendly regulatory environments. Japan appears to be the outlier in the region. The Japan Exchange Group has indicated that listed companies making proper disclosures about planned Bitcoin purchases would generally not face outright rejection, offering a more permissive approach for corporate digital-asset strategies.

This wave of regulatory pushback coincides with a 2025 trend of companies following the MicroStrategy and Metaplanet model, using Bitcoin as a reserve asset. However, the market has punished some of these moves; Metaplanet shares have fallen more than 70% from their June peak, dipping below the value of their Bitcoin holdings. Experts, including VanEck’s Matthew Sigel, have warned that aggressive corporate crypto treasury strategies can backfire, especially in volatile markets. Despite the downturn, Michael Saylor’s Strategy continues to expand its holdings, recently adding 168 BTC for US$18.8 million, demonstrating a long-term conviction in Bitcoin as a corporate reserve.

For investors and corporate treasurers, these developments highlight the growing tension between ambitious crypto strategies and evolving regulatory frameworks. While some regions remain flexible, most Asian and Australian exchanges are signaling that corporate Bitcoin holdings will face stricter scrutiny, forcing firms to reconsider their approach. The trend underscores the need for careful compliance planning, diversified exposure, and an awareness that the regulatory landscape can vary dramatically from one jurisdiction to another. The broader takeaway is clear: corporate crypto treasuries are no longer a universally accessible strategy and will require both strategic foresight and regulatory navigation to succeed.