The Orange Envelope:
Bitcoin Treasuries Heat Up in Asia
Bitcoin Treasuries Heat Up in Asia
Sep 24, 2025 • Reading Time: 7 minutes
This summer marked the beginning of what many are calling “Treasury Summer”, a pivotal moment for institutional Bitcoin adoption worldwide. Public crypto treasury companies now hold more than 1 million BTC (excluding ETFs), with 28 new DATs formed in July and August alone, adding 140,000 BTC. While average treasury purchase sizes are down, Asia is leading the charge, with Japan, Korea, Vietnam, and Hong Kong rapidly advancing their licensing regimes, trading infrastructure, stablecoin policies, and custody frameworks.
These shifts in institutional behavior are beginning to show up in market dynamics as well. Bitcoin reached an all-time high above $124,000 in August, driven by global accumulation and the lowest exchange-held supply since 2018, which now stands at nearly 15%. As macro uncertainty persists, family offices and funds across Asia are increasing digital asset exposure, treating BTC as both a portfolio hedge and a productive asset.
This momentum aligns with the rise of BTCFi among institutions, and following the uncapping of sBTC, Bitcoin liquidity can flow and be productive without restrictions. As the industry continues to mature into capital markets, Stacks has introduced new grant and incentive programs, as well as on-chain applications, to support the incoming wave of institutions and regional leaders.
Treasury Summer represents a pivotal structural shift for the industry, enabling new pathways for capital flows and providing global users with unprecedented exposure to digital assets. Let’s dive in.
🔍 In Focus: Key Trends Shaping BTCFi in Asia
Each edition, we’ll take a deeper look at the promising drivers of Bitcoin Layer 2 adoption. In this issue, we’re covering South Korea’s shift towards institutions and the latest milestones for Stacks.
🇰🇷 South Korea Turns the Page – From Mania to Market Maturity
Once the world’s third-largest Bitcoin market, South Korea was long defined by retail mania and price surges, such as the “kimchi premium.” But in 2025, the country is entering a different phase: a year of cleanup, consolidation, and deliberate preparation for institutional capital.
The numbers tell the story. Over 18.6 million Koreans now hold crypto accounts – one-fifth of the population. over 1 billion won, with an average holding of 2.2 billion won per person. This isn't day trading; it's serious capital allocation.
That maturity didn't happen on its own. Following several exchange collapses and scandals, regulators stepped in with firmer controls. In August, the Financial Services Commission (FSC), Korea’s top financial regulator, introduced strict controls on crypto lending. Interest rates are now capped, collateral tokens are strictly limited, and platforms must provide detailed risk disclosures. Meanwhile, real estate deals involving crypto now require formal reporting, pulling digital assets into the mainstream financial system.
More significantly, institutional adoption is beginning to take shape. In August, Bitplanet launched South Korea’s first corporate Bitcoin treasury, with a $40 million allocation, positioning the country alongside Japan’s Metaplanet in Asia’s growing treasury market. At the same time, spot Bitcoin and crypto ETF proposals are advancing toward late 2025 legalization, backed by new custody standards and investor protections. By 2026, Korea is expected to adopt the OECD’s Crypto-Asset Reporting Framework (CARF), aligning its tax system with global standards and laying the groundwork for cross-border institutional flows.
Taken together, these shifts mark a move away from unchecked speculation toward a structured market. For Bitcoin Layer 2s and BTCFi platforms, South Korea is emerging as one of the region's most promising environments for institutional-scale deployment.
🚀 Stacks Uncapped – sBTC Flows, New Capital, New Momentum
On September 16, the cap on sBTC was removed, unlocking unrestricted inflows and outflows. This shift transformed sBTC from a gated rollout into fully open Bitcoin liquidity for users, developers, and institutions. With the first exchange listing on Gate.io now live, and more to follow, this listing facilitates the onboarding of Bitcoin liquidity from top-tier exchanges on Stacks.
Ecosystem funding is quickly materializing. Stacks recently launched a five-year Growth Endowment to fund grants, DeFi incentives, and liquidity programs. The Stacks Foundation has also launched Stacks Ascent, a $25M initiative supporting builders through grants, developer courses, and hackathons, with top contributors earning invitations to DevConnect Buenos Aires through Expedition 31. Additional interim grants are already open for active projects.
Meanwhile, Stacks’ global presence is growing. From Vietnam to New York, Tokyo to Cannes, Stacks leaders are making the case for Bitcoin layers. Events like WebX, the Blockchain Leaders Summit, OutEast Summit, Korea Blockchain Week, and the upcoming Token2049 in Singapore are providing Stacks with a platform to demonstrate what Bitcoin can achieve when it is harnessed for productivity.
Developer activity is on the rise, with sBTC integrations now live with Wormhole and Sui, and more than 62 BTC has already been distributed through the sBTC rewards program.
The cap has lifted. The funding is flowing. And Bitcoin is getting to work.
📈 Stacks Metrics Spotlight
📰 In The News:
📅 Upcoming Events:
As the Bitcoin ecosystem continues to expand across Asia, significant events are bringing together key players to discuss adoption, infrastructure, and Bitcoin’s evolving role in the global financial landscape. Here’s what’s ahead:
Want More? Follow Stacks & Stacks Asia on X.
Explore all upcoming Stacks events & hackathons: Calendar
Disclaimer: Any information, links, or views expressed here are the writer's opinions and are not financial advice. They should not form the basis for making investment decisions nor be interpreted as a recommendation or advice to engage in investment transactions. Please do your own research.
This summer marked the beginning of what many are calling “Treasury Summer”, a pivotal moment for institutional Bitcoin adoption worldwide. Public crypto treasury companies now hold more than 1 million BTC (excluding ETFs), with 28 new DATs formed in July and August alone, adding 140,000 BTC. While average treasury purchase sizes are down, Asia is leading the charge, with Japan, Korea, Vietnam, and Hong Kong rapidly advancing their licensing regimes, trading infrastructure, stablecoin policies, and custody frameworks.
These shifts in institutional behavior are beginning to show up in market dynamics as well. Bitcoin reached an all-time high above $124,000 in August, driven by global accumulation and the lowest exchange-held supply since 2018, which now stands at nearly 15%. As macro uncertainty persists, family offices and funds across Asia are increasing digital asset exposure, treating BTC as both a portfolio hedge and a productive asset.
This momentum aligns with the rise of BTCFi among institutions, and following the uncapping of sBTC, Bitcoin liquidity can flow and be productive without restrictions. As the industry continues to mature into capital markets, Stacks has introduced new grant and incentive programs, as well as on-chain applications, to support the incoming wave of institutions and regional leaders.
Treasury Summer represents a pivotal structural shift for the industry, enabling new pathways for capital flows and providing global users with unprecedented exposure to digital assets. Let’s dive in.
🔍 In Focus: Key Trends Shaping BTCFi in Asia
Each edition, we’ll take a deeper look at the promising drivers of Bitcoin Layer 2 adoption. In this issue, we’re covering South Korea’s shift towards institutions and the latest milestones for Stacks.
🇰🇷 South Korea Turns the Page – From Mania to Market Maturity
Once the world’s third-largest Bitcoin market, South Korea was long defined by retail mania and price surges, such as the “kimchi premium.” But in 2025, the country is entering a different phase: a year of cleanup, consolidation, and deliberate preparation for institutional capital.
The numbers tell the story. Over 18.6 million Koreans now hold crypto accounts – one-fifth of the population. over 1 billion won, with an average holding of 2.2 billion won per person. This isn't day trading; it's serious capital allocation.
That maturity didn't happen on its own. Following several exchange collapses and scandals, regulators stepped in with firmer controls. In August, the Financial Services Commission (FSC), Korea’s top financial regulator, introduced strict controls on crypto lending. Interest rates are now capped, collateral tokens are strictly limited, and platforms must provide detailed risk disclosures. Meanwhile, real estate deals involving crypto now require formal reporting, pulling digital assets into the mainstream financial system.
More significantly, institutional adoption is beginning to take shape. In August, Bitplanet launched South Korea’s first corporate Bitcoin treasury, with a $40 million allocation, positioning the country alongside Japan’s Metaplanet in Asia’s growing treasury market. At the same time, spot Bitcoin and crypto ETF proposals are advancing toward late 2025 legalization, backed by new custody standards and investor protections. By 2026, Korea is expected to adopt the OECD’s Crypto-Asset Reporting Framework (CARF), aligning its tax system with global standards and laying the groundwork for cross-border institutional flows.
Taken together, these shifts mark a move away from unchecked speculation toward a structured market. For Bitcoin Layer 2s and BTCFi platforms, South Korea is emerging as one of the region's most promising environments for institutional-scale deployment.
🚀 Stacks Uncapped – sBTC Flows, New Capital, New Momentum
On September 16, the cap on sBTC was removed, unlocking unrestricted inflows and outflows. This shift transformed sBTC from a gated rollout into fully open Bitcoin liquidity for users, developers, and institutions. With the first exchange listing on Gate.io now live, and more to follow, this listing facilitates the onboarding of Bitcoin liquidity from top-tier exchanges on Stacks.
Ecosystem funding is quickly materializing. Stacks recently launched a five-year Growth Endowment to fund grants, DeFi incentives, and liquidity programs. The Stacks Foundation has also launched Stacks Ascent, a $25M initiative supporting builders through grants, developer courses, and hackathons, with top contributors earning invitations to DevConnect Buenos Aires through Expedition 31. Additional interim grants are already open for active projects.
Meanwhile, Stacks’ global presence is growing. From Vietnam to New York, Tokyo to Cannes, Stacks leaders are making the case for Bitcoin layers. Events like WebX, the Blockchain Leaders Summit, OutEast Summit, Korea Blockchain Week, and the upcoming Token2049 in Singapore are providing Stacks with a platform to demonstrate what Bitcoin can achieve when it is harnessed for productivity.
Developer activity is on the rise, with sBTC integrations now live with Wormhole and Sui, and more than 62 BTC has already been distributed through the sBTC rewards program.
The cap has lifted. The funding is flowing. And Bitcoin is getting to work.
📈 Stacks Metrics Spotlight
- STX value locked in DeFi hit an all-time high of ~206m STX.
- STX stacking in Q3 2025 reached an all-time high, averaging 565m STX so far.
📰 In The News:
- Korea to regulate won-backed stables – Draft law due by Oct.
- Vietnam approves 1st regulated crypto exchange – 5-yr pilot begins Sept 9.
- SBI files for Bitcoin–XRP ETF in Japan – FSA reviewing path for approval.
- HashKey launches treasury – $500M Digital Asset Treasury launched in HK.
- Metaplanet wins shareholder approval – Approved for more BTC purchases.
- Thailand launches “TouristDigiPay” pilot – Allows swaps of crypto to baht.
- Sora Ventures debuts $1B BTC fund – Boosts Asia’s institutional BTC access.
- China, Korea expedite stablecoin laws – Post-GENIUS Act, new policy arises.
- HK stablecoin rules drive Web3 presales – New law sparks fundraising shift.
- Zest Protocol crosses $100M in TVL – Signaling growing BTC yield demand.
- Hex Trust integrates sBTC – Enables institutional Bitcoin DeFi access.
- Moso integrates sBTC – Integration brings Bitcoin rewards to +2K stores.
- Gate.io lists Stacks' sBTC – Trading begins Sep 22.
📅 Upcoming Events:
As the Bitcoin ecosystem continues to expand across Asia, significant events are bringing together key players to discuss adoption, infrastructure, and Bitcoin’s evolving role in the global financial landscape. Here’s what’s ahead:
- Seoul | Korea Blockchain Week | September 22-28, 2025
- NYC | USV Leaders Summit | September 24, 2025
- Singapore | Token2049 | October 1-2, 2025
- Amsterdam | Bitcoin Amsterdam | October 8, 2025
- London | Digital Asset Summit London | October 13-15, 2025
- Dubai | GITEX Global | October 13-17, 2025
- Dubai | Blockchain Life 2025 | October 28, 2025
Want More? Follow Stacks & Stacks Asia on X.
Explore all upcoming Stacks events & hackathons: Calendar
Disclaimer: Any information, links, or views expressed here are the writer's opinions and are not financial advice. They should not form the basis for making investment decisions nor be interpreted as a recommendation or advice to engage in investment transactions. Please do your own research.