Asian Pathways for Public Bitcoin Treasuries

Briefing Notes contain: (1) a summary of podcast content; (2) potential information gaps; and (3) some speculative views on wider implications for Bitcoin. Most summaries are for Bitcoin-centered YouTube episodes but I also do some on AI and technological advance that spill over to affect Bitcoin.

Summary

The November 05, 2025 episode of the Bitcoin Treasuries podcast features John Riggins outlining Moon Inc’s Hong Kong–centered approach to building a public Bitcoin treasury. He explains how an HKEX listing, preferred equity financing, and operating products can align with regional rules and investor expectations. The discussion details tax advantages in Japan and Thailand and liquidity frictions in Korea that shape execution risk and sequencing.

Take-Home Messages

1. HKEX governance fit: Hong Kong’s continuity and disclosure rules can support a listed Bitcoin treasury when issuers plan pivots carefully.
2. Preferred equity financing: MicroStrategy-style preferreds scale exposure while limiting common-share dilution and preserving control.
3. Tax-led demand: Japan and Thailand treatments can pull local capital when backed by credible audit, custody, and reporting practices.
4. Korea liquidity friction: The Kimchi premium and OTC limits raise sourcing costs yet reward issuers with superior local networks.
5. Dual distribution: Parallel retail platforms and institutional pipes deepen ownership, research coverage, and issuance capacity.

Overview

John Riggins presents Moon Inc’s decision to acquire a Hong Kong–listed vehicle as a deliberate match to minority-shareholder protections and pragmatic oversight. He argues that HKEX continuity rules and disclosure standards can accommodate balance-sheet Bitcoin if strategy shifts are documented and sequenced. The aim is to pair regulatory predictability with a path to efficient capital formation and transparent governance.

Financing mechanics take center stage, with preferred equity highlighted as the lead instrument to raise funds without heavy common-share dilution. Riggins notes that thinner precedent in Asia increases the premium on timing, education, and rigorous documentation. He frames cost of capital as a function of repeatable issuance supported by growing liquidity and analyst coverage.

Jurisdictional differences shape demand and execution across the region, with Japan and Thailand standing out for investor-relevant tax treatment. He emphasizes that durable audit trails and custody standards are prerequisites to convert policy advantages into actual flows. Korea’s Kimchi premium and OTC constraints increase effective acquisition costs but can become a moat for well-networked operators.

Operating products are intended to complement treasury goals rather than distract from them. Riggins points to a prepaid Bitcoin card launch in Hong Kong and a U.S. OTCQX uplist to widen distribution and research touchpoints. He stresses conservative counterparty selection for any yield exposure, preferring bank-grade frameworks before deploying balance-sheet assets.

Stakeholder Perspectives

1. Public-company boards: Balance treasury expansion with governance discipline, dilution control, and clear pivot pathways under HKEX rules.
2. Regulators and exchanges: Enforce continuity, disclosure, and minority-shareholder protections while assessing treasury-driven strategy changes.
3. Institutional investors: Require validated tax, custody, and audit routes across Hong Kong, Japan, Thailand, and Korea before sizing positions.
4. Retail platforms and brokers: Seek simple access, local-language education, and reliable settlement to convert interest into durable ownership.
5. Global banks and primes: Evaluate when custody, financing, and yield products meet auditability, risk policy, and capital standards for public issuers.

Implications and Future Outlook

A workable HKEX template for public Bitcoin treasuries would normalize disclosures, issuance cadence, and coverage, reducing perceived novelty risk. If preferred equity becomes repeatable at declining coupons, more issuers can scale holdings without eroding control. The result is a thicker Asian market structure for listed Bitcoin exposure with clearer benchmarking.

Tax-position durability will determine depth of domestic capital in Japan and Thailand over the next several years. Stable interpretations plus strong assurance practices would channel household and institutional savings into local listed vehicles. If guidance wobbles, underwriting costs rise, issuance slows, and activity migrates offshore.

Korea’s sourcing constraints will continue to complicate accumulation yet create defensible edges for operators with reliable OTC pathways. As banks expand participation, spreads could compress and access could widen, reshaping moats into standardized plumbing. Execution skill will decide who converts early frictions into lasting advantages.

Some Key Information Gaps

1. How should U.S.-style Bitcoin treasury playbooks be adapted for Asian exchange rules and disclosure norms? Comparative rule mapping will reduce execution risk and speed replication.
2. What structures enable preferred equity launches outside the U.S. without impairing balance-sheet flexibility? Instrument design will set cost of capital and governance outcomes.
3. How large are net after-tax advantages in Japan and Thailand across realistic treasury accumulation paths? Quantifying investor-level returns will shape local demand and underwriting.
4. Under what conditions do large banks offer Bitcoin yield products acceptable for public-company risk policies? Bank participation will determine safe capacity for yield and financing.
5. Which Asian markets should be prioritized first based on regulatory clarity, liquidity depth, and distribution access? A ranked entry framework will align sequencing with resources and timing.

Broader Implications for Bitcoin

Regional Benchmarks for Listed Bitcoin Exposure

Standardized treasury practices in Hong Kong could set reference norms for disclosures, issuance cadence, and governance that other exchanges emulate. As templates harden, cross-listing and index inclusion become more feasible, linking Asian treasuries to global capital pools. This can shift price discovery and capital allocation toward venues that articulate clear, replicable rules for balance-sheet Bitcoin.

Tax Policy as Capital Magnet

Stable and well-documented tax interpretations can redirect household and institutional savings from offshore proxies to domestic listed vehicles. Governments that codify treatment and streamline reporting will attract lower-cost capital and reduce regulatory arbitrage. Over a 3–5 year horizon, jurisdictions that deliver clarity will shape where public treasuries domicile and scale.

Bank-Grade Market Plumbing

As major banks formalize custody, financing, and yield standards, listed treasuries gain safer access to leverage and liquidity. Institutional credit intermediation lowers execution frictions and improves auditability across borders. This integration embeds Bitcoin treasuries within mainstream securities infrastructure and broadens participation.

Liquidity Frictions as Strategic Moats

Persistent pricing gaps and sourcing limits, such as the Kimchi premium, create both costs and competitive insulation. Operators that build resilient pipelines can accumulate at scale and protect NAV performance during market stress. As participation widens, some moats may narrow, but early builders will retain process advantages.

Dual-Track Distribution and Investor Education

Developing retail platforms alongside institutional pipes converts episodic attention into durable ownership bases. Transparent KPIs, local-language education, and consistent reporting compress funding costs and expand float quality. This feedback loop supports more efficient issuance and stronger secondary-market liquidity.