Hong Kong Stock Exchange Tightens Scrutiny on Crypto Hoarding Vehicles: Report
The Hong Kong Stock Exchange (HKEX) has tightened itemizing guidelines for at the very least 5 corporations in search of to shift to core crypto treasuries or DAT. The alternate group has questioned their compliance with laws prohibiting giant liquid holdings, sources told Bloomberg.
Further, the HKEX has reiterated that every one itemizing candidates should function “viable and sustainable” companies. Per the inventory exchange’s framework, corporations aiming to rework into Digital Asset Treasury (DAT) entities should combine crypto as a core enterprise. The laws prohibit extreme holdings of liquid property.
For corporations aiming to hoard crypto, “success in getting approval relies upon on whether or not they can show that buying crypto property is a component and parcel of their working enterprise,” stated Simon Hawkins, Partner at Latham & Watkins.
Increasing Number of Digital Asset Hoarders: Promise and Peril
DATs had been born in 2020 when Michael Saylor, CEO of MicroStrategy (later renamed Strategy) introduced by way of an SEC submitting that the corporate had bought Bitcoin as a part of a “new capital allocation technique.”
As of September 2025, 178 listed corporations collectively maintain 989,926 Bitcoin valued at about $107 billion, led by Saylor’s Strategy.
As a number of corporations wish to accumulate giant quantities of crypto for his or her treasuries, many are questioning whether or not this alerts real institutional maturity.
Kevin de Patoul, CEO of worldwide crypto funding agency Keyrock, instructed Cryptonews that the credibility of their methods issues greater than short-term accumulation.
“The focus shouldn’t simply be on the variety of BTC or ETH they maintain,” he stated. “There ought to be curiosity behind who’s working it and whether or not they truly perceive the ecosystem they’re investing in. It’s one factor to boost capital and purchase tokens; it’s one other to make use of that struggle chest to construct significant tasks and infrastructure. The management’s pedigree and the credibility of their technique matter way over short-term accumulation metrics.”
Jurisdictions that Put DAT Firms Under Lens
HKEX’s scrutiny aligns with related regulatory tightening in nations, together with India and Australia. For occasion, the Bombay Stock Exchange vetoed an application final month from Jetking Infotrain, which deliberate to speculate closely in crypto. The motion highlighted India’s regulatory void for DAT companies.
Further, the Australian alternate (ASX) has restricted listed corporations from holding over 50% or extra of their steadiness sheets in “cash-like” property.
This makes companies “basically unattainable” to undertake a crypto treasury mannequin, stated Steve Orenstein, CEO of Locate Technologies Ltd.
Japan, on the opposite hand, has had a distinct view on DATs. Home to the fourth-largest company Bitcoin holders, Metaplanet, the nation has essentially the most of Asia’s company BTC holders. As of Oct 22, Metaplanet holds a total of 30,823 Bitcoin valued at $3.33 billion.
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