Asian Exchanges Reject Bitcoin Treasury Strategies Amid Volatility Concerns

Major stock exchanges across Asia are increasingly rejecting companies that aim to adopt digital-asset treasury strategies, citing concerns over market volatility.

Regulators and experts warn that without strong governance and risk controls, these moves could expose shareholders to significant financial losses.

Hong Kong Exchanges & Clearing has denied five firms seeking to allocate portions of their treasuries to Bitcoin in recent months. In India, the Bombay Stock Exchange blocked Jetking Infotrain from listing after the IT training company planned to dedicate 60% of raised capital to Bitcoin. Meanwhile, Australia’s ASX prohibits listed companies from holding more than half their assets in cash or equivalent instruments, effectively preventing similar strategies.

Joshua Chu, co-chair of the Hong Kong Web3 Association, notes that Asia remains fragmented in its approach to crypto adoption. Singapore focuses on regulated tokenized payments, Hong Kong prioritizes product governance and investor protection, India takes a stricter stance on crypto-related corporate activities, and Australia maintains cautious market-conduct rules.

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The crackdown follows a wave of losses among retail investors, with 10X Research estimating $17 billion lost on digital-asset treasury trades. Despite this, hundreds of firms worldwide have embraced the Bitcoin treasury model popularized by Michael Saylor’s Strategy Inc., which now holds over 640,000 BTC, valued at around $70 billion. Analysts caution, however, that these firms’ shares are highly sensitive to Bitcoin price swings, potentially amplifying shareholder risk.

Chu emphasizes that companies pursuing digital-asset treasuries should maintain traditional corporate safeguards. “Without a solid business case, transparent risk management, and robust custody, these structures can conflict with shareholder interests and create liquidity risks,” he said, warning against replicating the speculative behavior seen during the dot-com era.

Jetking Infotrain’s CFO Siddarth Bharwani framed the company’s appeal against the BSE rejection as a call for regulatory clarity rather than confrontation. He stressed that clear frameworks could allow Indian companies to innovate responsibly with Bitcoin while delivering long-term shareholder value. Bharwani also noted that countries like Japan and the UAE are establishing supportive regulations, while India, Hong Kong, and Australia need to do more to foster innovation safely.