Companies that pivot to Bitcoin treasuries face crackdown in Asia, China doubles down on crypto ban. Asia Express 2025 in review.
With the end of the year in sight, Asia Express looks back at some of the most significant developments for Bitcoin and cryptocurrency in the region in 2025.
The rise of Bitcoin treasury firms was a major development in Asia in 2024, after Japan-based Metaplanet adopted the blueprint popularized by Michael Saylor’s Strategy.
In 2025, the model gained a formal label with the firms now known as digital asset treasury companies, or DATs. But for many DATs, the embrace of Bitcoin was really just a last-ditch attempt to revive moribund share prices. Several had little to do with crypto prior to their pivots, and DAT announcements often triggered short-lived stock rallies before prices normalized.
