In the global narrative of crypto assets, Asia is often portrayed as a consumer market with strong trading demand, yet it is rarely seen as a source of institutional innovation. However, between 2024 and 2025, Hong Kong and Taiwan almost simultaneously opened new pathways for digital assets at the capital market level: Hong Kong broke through with "toolization" and "treasuryization," while Taiwan started with "institutionalization" and "allocation." The attempts in both regions are providing a new financial expression for digital assets—it is no longer just a price symbol on the blockchain, but is becoming a language of financial statements, valuation factors, and capital strategies.
Hong Kong: Dual Drive of Treasuryization and Toolization
A hallmark case in Hong Kong is Boyaa Interactive (HK:0434). This company, originally focused on board games, has been continuously purchasing Bitcoin with its own funds since 2024, and in August 2025, it announced an additional purchase of 290 coins, bringing its total holdings to approximately 3,640 coins. More importantly than the quantity of coins held is that it has integrated Bitcoin into the financial narrative of a listed company: from board authorization to information disclosure, and to the market using "mNAV multiples" to measure the premium of stock prices relative to coin prices. This process transforms Bitcoin from "price speculation" into a "valuation factor," allowing investors to analyze its holding logic just as they would analyze net assets or cash flows.
Complementing the treasuryization of companies is the institutionalization of on-exchange tools. In April 2024, the Hong Kong Stock Exchange launched six Bitcoin and Ethereum spot ETFs simultaneously, allowing for "physical redemption"—investors can directly exchange BTC or ETH for shares. This means that on-chain assets and on-exchange pricing are connected for the first time, with ETFs serving as intermediaries for custody, liquidity, and valuation. Although the scale is still not comparable to the U.S. market, its institutional significance far exceeds the trading volume itself: it provides a pathway for compliant funds and makes "digital assets = auditable financial products" a reality.
Taiwan: Institutional Precedence and Allocation Logic
In contrast to Hong Kong's "market offensive," Taiwan's pace resembles "regulatory precedence." In February 2025, the Financial Supervisory Commission officially allowed securities investment trust funds to allocate to overseas passive virtual asset ETFs (starting with Bitcoin ETFs), setting a total cap of 10%, with no more than 5% for BTC ETFs. The key aspect of this directive is that it opens a compliant avenue for institutional investors—life insurance, investment trusts, and even corporate treasuries can indirectly hold Bitcoin through funds, with clear accounting and risk control bases.
Notably, there are signs of local industrial capital combining with treasury platforms in Taiwan. In 2025, the listed company WiseLink invested $10 million to support the Bitcoin treasury platform Top Win International, forming a preliminary structure of "listed companies—industrial capital—treasury companies." Unlike Hong Kong's "companies directly buying coins," Taiwan's model resembles "using professional platforms to undertake coin purchase risks," with companies indirectly holding through investments or fund shares. This design reduces the volatility of individual company financial statements while gradually creating a compliant allocation environment in the market.
Comparison of Digital Asset Allocation: Hong Kong Stocks, Taiwan Stocks, and U.S. Stocks
Region/Market
Typical Pathway
Latest Developments (2024–2025)
Characteristics and Limitations
Hong Kong
Company treasuryization + Spot ETF
Boyaa Interactive holds ~3,640 BTC; Hong Kong Stock Exchange launches 6 BTC/ETH spot ETFs
High disclosure transparency, ETFs can be physically redeemed, but liquidity remains limited
Taiwan
Fund allocation + Treasury platform investment
Financial Supervisory Commission allows funds to allocate to overseas BTC ETFs (≤10% of total assets, BTC ETF ≤5%); WiseLink invests in Top Win
Institutionally focused, companies mostly hold indirectly through funds or platforms
United States
Company treasuryization + Large-scale ETF market
MicroStrategy holds over 600,000 BTC; spot ETF management scale > $50 billion
Greatest market depth, high ETF liquidity, regulatory environment gradually stabilizing
The comparative table shows that Hong Kong emphasizes "marketization and direct disclosure," Taiwan follows "institutionalization and indirect holding," while the U.S. has formed "deep liquidity and a mature ETF market." Together, these three outline diverse pathways for digital assets to enter capital markets.
New Grammar of East Asian Capital Markets
Placing Hong Kong and Taiwan on the same map reveals that digital assets are generating a new "capital market grammar":
In Hong Kong, digital assets are translated into valuation factors like "mNAV premium" and "ETF premium/discount," allowing investors to price them using familiar metrics;
In Taiwan, digital assets are embedded within institutional frameworks like "investment ratios" and "fund allocations," enabling institutional investors to accept them using conventional risk control logic;
The coupling of the two forms a complete chain from company treasuries to public funds, from spot ETFs to treasury platforms.
"Awakening Lion Eastward" does not refer to the excitement of rising prices, but rather to the Asian market granting digital assets a new institutional position in its own way. In Hong Kong, it is corporate treasuries and exchange products; in Taiwan, it is fund allocations and industrial investments. Digital assets are no longer isolated price curves on the blockchain but are being written into balance sheets, fund contracts, and investor prospectuses as a new asset class.
When Bitcoin can be discussed in board meetings like cash, and when ETFs can enter asset allocation models alongside government bonds and stocks, the narrative of capital markets has undergone a shift. For global investors, this is not a localized experiment but a rewriting of language. A new financial grammar is emerging in Asia, and this is the true meaning of "Awakening Lion Eastward."
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