From poker to Pokemon, Hong Kong crypto stockpilers rebrand
Hong Kong companies that once positioned themselves as digital asset treasuries are pivoting toward more conventional or entertainment-driven businesses—ranging from online poker to Pokemon trading cards—as a prolonged crypto downturn and tighter local oversight pressure the pure “DAT” playbook.
The DAT boom meets reality
Digital asset treasuries gained popularity when a prominent U.S.-listed business analytics firm began accumulating large amounts of bitcoin in 2020, riding the token’s surge as its own share price soared. That momentum has faded. After hitting record highs earlier this year, bitcoin has retreated sharply, dampening the appeal of companies whose value leans heavily on crypto holdings. Broader market capitalization across digital assets has also fallen in recent weeks, weighing on investor sentiment and share prices tied to the sector.
For investors who once used DATs as a proxy for crypto exposure—especially in places where direct ownership is less tax efficient—the downside can be amplified in a bear market. Some professional investors in Hong Kong say they’re waiting for clearer signs of a bottom before re-engaging.
Regulatory guardrails tighten in Hong Kong
Hong Kong’s authorities have signaled increased scrutiny of listed companies whose valuations hinge on crypto reserves. The securities watchdog has raised concerns about shares trading at substantial premiums relative to underlying digital assets and has warned retail investors about the risks. The local exchange has reportedly questioned several companies seeking to adopt the DAT model, adding further caution to the space.
From hoarding to building: Boyaa’s Web3 push
Boyaa Interactive, a Hong Kong-listed developer known for online poker, has accumulated bitcoin and ether but argues these holdings are strategic reserves to support Web3 development rather than speculative bets. The company says its focus is on building games that integrate blockchain technology and give players ownership of in-game assets.
To underline that it is more than a treasury vehicle, Boyaa has introduced bitcoin-denominated poker tournaments, weekly giveaways to users, and a substantial development team dedicated to blockchain gaming. Its long-term ambition, the company says, is to derive the vast majority of revenue from Web3 titles.
Reality is catching up slowly. So far, only one blockchain-based game has been released, and Web3 remains a small contributor to revenue. In the first nine months of 2025, Boyaa’s core online gaming business—primarily traditional Web2 formats—generated roughly HK$329 million, while fair-value gains from its crypto holdings amounted to about HK$434 million, according to the company’s latest report. Executives maintain that Hong Kong is moving toward clearer rules rather than a clampdown, and that the city’s Web3 aspirations are intact.
Memes to marketplaces: Collectibles step into the spotlight
Another Hong Kong-based Web3 player, incubated by the team behind a popular meme platform, has moderated earlier talk of building a large digital asset reserve. Instead, it recently acquired a card-trading brand and is developing a digital marketplace for Pokemon and other trading cards. The shift highlights how some firms are broadening their narratives—away from balance sheet crypto accumulation and toward consumer-facing products with more predictable engagement and monetization.
Looking overseas for friendlier ground
While Hong Kong is tightening guardrails, some local crypto companies are pursuing opportunities in markets viewed as more accommodating. One Hong Kong-listed firm has explored acquiring U.S.-listed companies to rebrand them as digital asset treasuries, arguing that DATs still serve investors who want exposure to crypto via a stock rather than self-custody.
In one notable deal earlier this year, an investor group that included Hong Kong-based participants backed the transformation of a U.S.-listed biotech into a vehicle focused on accumulating Solana tokens, with hundreds of thousands of SOL reported on its balance sheet. Separately, the same Hong Kong-listed company unveiled a plan to purchase additional bitcoin—capped at US$5 million—and disclosed an initial buy of roughly US$2 million (about 24.29 BTC), framing recent volatility as a long-term entry point.
Rebranding the narrative
The emerging playbook is clear: emphasize products and communities—games, tournaments, and collectibles marketplaces—while keeping crypto holdings as a supporting pillar rather than the headline act. This approach aims to mitigate the valuation whiplash that comes with tracking token prices, satisfy regulators who want substance beyond speculative balances, and give investors a more tangible path to revenue.
Whether this rebrand will deliver durable growth depends on execution. Turning poker ecosystems into thriving Web3 platforms, or converting internet fandom into sustainable trading activity, takes time, licensing, and consistent product delivery. Yet for Hong Kong’s would-be treasury champions, it may be the most pragmatic route through a cycle that has tested the limits of balance-sheet-driven crypto strategies.
Bottom line: DATs aren’t disappearing, but the label is losing its shine. In its place, a hybrid model is emerging—part treasury, part builder—designed to weather volatility while keeping one foot in the future of digital assets.
Note: This article is for informational purposes only and does not constitute investment advice.
