Public corporates across diverse sectors in Asia have begun using bitcoin to strengthen their balance sheets amid highly challenging market conditions, marking a strategic shift towards viewing digital assets as integral to modern treasury management rather than just a speculative asset.

However, navigating regulatory and operational challenges remains critical to the successful adoption of bitcoin for treasury management. But as digital asset infrastructure matures and regulatory clarity improves, the cryptocurrency’s role as a corporate reserve asset is poised to grow, possibly reshaping the financial strategies of Asian corporates.

In an interview with The Asset, Hex Trust chief commercial officer Calvin Shen cites at least four companies in the Asia-Pacific region that he says are using bitcoin as a treasury hedge as well as a means to recalibrate their public market narratives.

“As global economic uncertainties persist, corporates in Asia are increasingly turning to bitcoin as a strategic asset to bolster their balance sheets,” Shen says. “No longer viewed solely as a speculative investment, bitcoin is gaining traction as a non-sovereign reserve asset, offering unique monetary characteristics and innovative use cases.”  

This means that bitcoin adoption is no longer limited to fintech or crypto-native firms. Small- to mid-cap public companies across diverse sectors, including software, artificial intelligence, media, education, and legacy industries undergoing digital transformation, are leading the charge.

“By signalling confidence in digital assets, they are also appealing to investors seeking exposure to innovative financial strategies, blending capital management with investor relations. By leveraging bitcoin’s unique monetary characteristics and emerging use cases, companies across diverse sectors are strengthening their balance sheets and signalling innovation to investors,” says Shen.

Reserve strategy

Among these companies are: 

• Genius Group, a Singapore-based edtech company, which has adopted a bitcoin reserve strategy to safeguard its balance sheet and align with its forward-looking vision.
• Moon Inc, a digital media firm headquartered in Hong Kong, which is incorporating bitcoin into its broader capital strategy to enhance financial resilience.
• Metaplanet, a Tokyo-listed hospitality and advisory services provider that has transitioned to the acquisition and management of bitcoin as a core strategy. Metaplanet’s long-term bitcoin accumulation plan has positioned it among the largest corporate holders of the crypto asset globally.
• DDC Enterprise, a US-listed company with strong ties to Asia, which has embraced bitcoin as a long-term reserve asset. Supported by Hex Trust’s institutional-grade custody and execution infrastructure, DDC exemplifies the trend of using bitcoin to reallocate capital strategically.

“Bitcoin’s fixed supply, programmability, and global liquidity make it an attractive store of value, particularly in a volatile macroeconomic environment,” Shen says.

Under the current market uncertainty generated by US-initiated tariff increases, bitcoin can also be a defensive asset by acting as a hedge against currency devaluation and inflation, particularly for companies operating across multiple jurisdictions or exposed to weakening fiat currencies.

Regulatory challenges

Shen says the approach to bitcoin adoption currently varies between listed and private companies, with private firms, owing to their flexible governance structures, being able to adopt bitcoin more swiftly, allowing for rapid strategic shifts.

Public companies, however, move more deliberately due to stricter regulatory and shareholder oversight. “Despite this, their actions carry significant visibility and impact, offering retail and institutional investors bitcoin-linked exposure through familiar equity instruments,” he says.

In jurisdictions like Japan, for example, listed companies benefit from favourable tax treatments, where capital gains from public equity are taxed at lower, more consistent rates compared to direct bitcoin holdings.

“Companies like Metaplanet have capitalized on this advantage, scaling their bitcoin exposure while aligning with market sentiment through transparent communication. Similarly, Genius Group and Moon Inc are positioning bitcoin as part of broader pivots towards decentralized finance, using it as a signalling mechanism to articulate long-term vision and shareholder alignment,” Shen says.

Despite its appeal, adding bitcoin to corporate balance sheets presents significant challenges, particularly for public companies in financial hubs like Hong Kong, Singapore, and Dubai.

While legally permissible, corporates must navigate a complex regulatory landscape, including accounting and valuation standards, regulatory and licensing uncertainty, tax implications, enhanced disclosure obligations, custody and internal controls, as well as reputational and shareholder risks, Shen says.