The Bitcoin treasury craze sweeps across Asia! Companies are scrambling to hoard coins, but what risks are lurking behind?

Once regarded as a fringe experiment, the Bitcoin treasury model is now becoming a core force in the digital asset market. This strategy is driven by pioneers such as Strategy (formerly MicroStrategy), where companies incorporate large amounts of Bitcoin (BTC) into their balance sheets, combining operational business with encryption investment.

In the first half of 2025, the number of publicly listed companies holding Bitcoin surged from 70 to 134, with a total holding of 244,991 BTC. Notably in Asia, participation in places like Japan and Hong Kong has significantly increased, indicating that the region has shifted from being observers to active participants.

Asia Accelerates Embrace of Bitcoin Treasury

According to K33 Research data, there are 8 publicly listed companies in Japan that have adopted the Bitcoin treasury strategy.

American Bitcoin, a U.S. Bitcoin mining company, is seeking acquisition opportunities in Japan and Hong Kong, attempting to create an “Asian version of Strategy.”

The opening of the Asian market and interest in new asset classes provide fertile ground for the Bitcoin treasury model.

However, the Asia-Pacific Economic Cooperation (APEC) has emphasized “trust and security in digital finance” in the ministerial statement of July 2025, suggesting that future regulations will be stricter.

The Operating Model of the Bitcoin Treasury

Bitcoin financial companies typically raise funds by issuing stocks or bonds, directly investing the capital into BTC, allowing investors not to manage custody and trading themselves.

Strategy was the first to adopt this strategy in 2020, evolving from inflation hedging to a fund management company focused on holding coins.

Metaplanet from Japan joined in 2023, driving the Asian wave.

Amina Group estimates that global publicly listed companies hold a total of 962,000 BTC, worth over 11 billion dollars.

Opportunities and Risks Behind

Opportunity:

1. Companies can enter the capital market through the Bitcoin treasury to attract the attention of investors and media.

2. The stock price is linked to the Bitcoin market, and it may achieve dual appreciation during a bull market.

risk

1. Leverage Pressure: Relying on convertible bond financing, if the BTC price falls by 20%, highly indebted companies may face default.

2. Valuation Premium: Some companies’ stock prices are 200%-300% higher than their net asset value in coins. Once the premium disappears, their financing capacity will be severely impacted.

3. Forced selling pressure: In a bear market, shareholder pressure may force companies to sell BTC, exacerbating market volatility.

Regulatory Challenges and Regional Differences

Japan and Singapore: Emphasizing compliance and transparency, may take the lead in establishing accounting and investor protection standards.

Hong Kong: As a bridge between mainland China and the global market, or to strengthen the disclosure requirements for newly listed companies.

Southeast Asia emerging markets: Regulation is still in the exploratory stage, providing space for financial companies to operate in the gray area.

Future Outlook: Will Asia Become the New Bitcoin Treasury Center?

As the holding coin strategies of American and European companies mature, the Asian market is rapidly catching up.

If the regulatory framework can strike a balance between encouraging innovation and controlling risks, Asia may become the new core of Bitcoin reserves.

Conversely, if leverage is excessive and valuation bubbles are out of control, it may repeat the collapse of the encryption bubble in 2021.

Conclusion

The rise of the Bitcoin treasury model in Asia is not only an innovation in corporate capital operations but also a high-risk financial experiment. Whether it can become the engine driving the popularity of Bitcoin and corporate value enhancement depends on regulatory speed, financial discipline, and market confidence. For investors, this is a gamble with both high returns and high risks. For more real-time market data and in-depth analysis, please follow the official Gate platform.