APAC Exchanges Tighten Rules for Bitcoin Accumulation Firms
Asia-Pacific’s leading exchanges have clamped down on Bitcoin accumulation firms under updated listing rules. Hong Kong’s HKEX has rejected at least five digital asset treasury (DAT) applicants over its “cash company” classification. India’s BSE turned down Jetking Infotrain’s crypto allotment plan, while Australia’s ASX bars companies from holding over 50% of assets in cash-equivalents, forcing some to pursue ETF structures. Exchanges now demand concrete business operations for treasury-centric listings. Japan remains more lenient if firms provide full disclosures, but MSCI plans to exclude DATs with crypto holdings above 50% from key indices, risking passive inflows. U.S. firms lead the sector, with Strategy Inc. holding 61.3% of public Bitcoin reserves. Traders should monitor these policy shifts, as reduced corporate Bitcoin accumulation may heighten price volatility.
Bearish
This clampdown on Bitcoin accumulation firms by major APAC exchanges is likely to reduce institutional and corporate demand, limiting large-scale BTC purchases. As listing rejections and stricter rules discourage digital asset treasury models, passive inflows may also decline due to MSCI index exclusions. In the short term, reduced buying pressure could increase volatility and downward price risk. Long-term, the shift may slow accumulation-driven rallies but also promote clearer regulatory frameworks, potentially stabilizing the market over time. Overall, trading sentiment is likely to lean bearish amid these constraints.