Hong Kong's Securities and Futures Commission (SFC) is raising alarms about digital asset treasuries (DATs) after noticing that the share prices of companies holding these assets are often traded at significant premiums. SFC Chair Kelvin Wong Tin-yau emphasized the need for caution among retail investors, who may not fully grasp the risks tied to these investments. He indicated that the regulator is considering whether new guidelines are necessary to protect investors as companies increasingly turn to DATs. The SFC currently lacks specific regulations governing how companies manage their digital asset holdings. While there's growing interest in DATs globally, Hong Kong has resisted allowing local firms to adopt them as their primary business model. The Hong Kong Stock Exchange recently pushed back against plans from several companies to create DATs, citing existing rules that restrict large liquid holdings. As the SFC studies the situation, it aims to enhance investor education on the associated risks.