Crypto Treasury Firms Face Stock Market Bans in India, Hong Kong, and Australia
Companies whose business models revolve around accumulating digital assets are increasingly facing pushback from regulators and stock exchanges across Asia-Pacific.
Specifically:
- Hong Kong Exchanges & Clearing (HKEX) has rejected applications from at least five firms seeking to convert into crypto treasury entities.
- The Bombay Stock Exchange (BSE) denied a listing request from a company after it announced plans to invest in virtual currencies.
- The Australian Securities Exchange (ASX) has prohibited firms from holding tokens or coins amounting to more than half of their total assets.
These moves highlight a growing hostility from traditional financial markets toward crypto treasury companies amid the bearish trend that has persisted since August 2025. The crackdown primarily affects firms such as Strategy and Metaplanet, both known for their heavy Bitcoin (BTC) exposure.
Despite Bitcoin’s modest 5.9% decline over the past month, Strategy’s stock price has fallen by 13%, while Metaplanet’s assets have dropped by 34%.
Market Reaction and Expert Opinions
According to 10x Research, “the era of financial magic from Bitcoin treasury firms has come to an end.”
Meanwhile, Tom Lee, head of BitMine, the leading Ethereum-focused treasury firm, warned that the bubble of crypto-invested securities could soon burst, as investor appetite fades and regulatory scrutiny intensifies.
See also: "Fed Governor Wants to Give Crypto Firms Access to Central Bank Payment Infrastructure"
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