War of the Worlds: Exchanges vs. Crypto Treasuries

BTC/USD

Key zone: 88,000 - 93,500

Buy: 93,500 (after retesting the 90,000 level) ; target 95,500-97,500; StopLoss 92,500

Sell: 87,500 (on strong negative fundamentals) ; target 85,000-83,500; StopLoss 88,500

A seemingly illogical yet systemic conflict is forming in the market. If a company purchases cryptoassets legally, undergoes audits, discloses financials, and operates within regulatory frameworks, it represents the ideal model for a transparent market. Yet exchanges — the main intermediaries between traditional and digital capital — are increasingly blocking such entities that simply want to hold crypto on their balance sheet.

Three major Asia–Pacific exchanges — HKEX, the Bombay Stock Exchange (BSE), and Australia’s ASX — became the first to openly oppose the corporate model of crypto treasuries. Although all of them operate with capital and risk, their interests increasingly diverge from the interests of these companies.

Representative examples:

• India’s BSE denied Jetking Infotrain approval for a new equity issuance after the company announced plans to invest part of its capital in cryptocurrencies.
• HKEX blocked at least five firms seeking to list as Digital Asset Treasury (DAT) structures — a new class of digital infrastructures that manage capital on-chain, support DAOs, Layer-1 and L2 protocols, infrastructure services, and funds.

Even in Japan, where companies formally may hold bitcoin on their balance sheets with full public disclosure, pressure is rising. Among 14 public BTC holders is Metaplanet, which accumulated more than $3.3 billion in bitcoin and became a symbol of corporate HODL. Yet MSCI analysts already propose excluding such firms from index baskets because their behavior is closer to that of funds rather than operational companies.

The issue is simple: listing rules in many jurisdictions prohibit excessive liquid reserves. Thus, DAT companies are classified as cash shells — legal “wrappers” without sufficient operating activity. For example, ASX allows no more than 50% of assets to be held in crypto, which effectively makes crypto treasuries impossible.

The reason is straightforward: an exchange is not a bank and not a vault. Exchanges live off turnover, fees, and activity. Crypto treasuries withdraw money from circulation — capital goes to cold wallets and stops moving.

In addition, DAT structures manage:

• ecosystem tokens,
• buyback and burning mechanisms,
• staking and reward programs,
• developer grants,
• DEX liquidity,
• real-yield products,
• and infrastructure investments.

Unlike exchanges, which provide public liquidity, crypto treasuries create the fundamental value of a token. They must constantly explain to investors why BTC or other assets are part of their operational model — not an investment bet.

The conflict lies in different interpretations of risk: for exchanges, liquidity is a goal; for crypto treasuries, it is a tool.

Exchanges do not benefit when companies simply accumulate bitcoin — capital stops generating fees. Exchanges fear not volatility, but the lack of it. Treasuries, on the contrary, can sharply change supply — increase token inflation or sell assets.

As a result:

• Exchanges control price and define the short-term market.
• Crypto treasuries control supply and define long-term value.

Understanding the balance between these two forces is a necessary technical skill for every trader, especially when dealing with new tokens and low-liquidity assets.

So we act wisely and avoid unnecessary risks.

Profits to y’all!