HashKey Plans $500M Digital Asset Treasury Fund

Key Takeaways

• HashKey will launch a $500M Digital Asset Treasury (DAT) fund, focusing first on Bitcoin and Ethereum.
• The Hong Kong-based exchange aims to build Asia’s largest DAT ecosystem and create a bridge between TradFi and crypto.
• The fund will diversify across projects while pushing compliance, governance, and global institutional adoption.

HashKey’s $500M DAT Fund Initiative

HashKey Group, a leading Hong Kong-based crypto exchange and financial services provider, has announced plans to launch a $500 million Digital Asset Treasury (DAT) fund. The initiative was unveiled on September 8, 2025, positioning HashKey as a major player in the institutional adoption of digital asset treasuries.

The fund will concentrate on Bitcoin (BTC) and Ethereum (ETH) in its early phase. Over time, it will expand into a diversified portfolio of DAT projects built around mainstream cryptocurrencies. HashKey stated that the goal is to create Asia’s largest multi-currency DAT ecosystem fund while fostering compliance and long-term growth.

Building an Institutional Bridge

The DAT model is designed to operate as a perpetual vehicle. This means the fund allows for regular subscriptions and redemptions, aligning with long-term operational goals and liquidity needs.

HashKey emphasised that the strategy serves as a bridge between traditional financial capital and on-chain assets. By combining regulated structures with blockchain technology, the company hopes to offer institutions a secure and scalable pathway to participate in the crypto economy.

Mechanism and Ecosystem Development

Through the DAT model, HashKey will not only invest in companies but also actively participate in their operations. This includes supporting core public chain ecosystems like Ethereum and helping them commercialise projects.

The company explained that the approach creates a “flywheel effect”: capital flows into DAT projects, these projects expand their ecosystem applications, value is captured in the market, and liquidity is realised through exits. This cycle strengthens both the financial performance of the fund and the broader digital asset industry.

The Market Context

The rise of Digital Asset Treasuries reflects a wider shift in global finance. Companies are increasingly treating digital assets like Bitcoin as strategic reserves, similar to gold or foreign currencies. This trend is accelerating as inflation and fiat currency debasement raise concerns among corporates and institutions.

Compared to passive ETF products, DATs are more aligned with the volatility and 24/7 nature of the crypto market. They also provide a mechanism for combining traditional financial logic with on-chain structures. HashKey sees this as a structurally significant shift, not just a short-term narrative.

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HashKey’s Track Record

HashKey’s move into DATs builds on its decade-long involvement in the crypto space, particularly within the Ethereum ecosystem. The group has consistently supported Ethereum across Asia, with its chairman, Dr. Xiao Feng, among the earliest backers of the blockchain.

HashKey Capital has invested in over 600 global blockchain and crypto companies, including more than 400 linked to Ethereum. Its exchange is among Asia’s first regulated platforms to issue digital asset spot ETFs on the Hong Kong Stock Exchange.

Meanwhile, HashKey Cloud, one of Asia’s largest node service providers, has supported Ethereum infrastructure for years. The company also launched HashKey Chain, an Ethereum Layer-2 solution, which now holds over $172 million in assets and maintains partnerships with global financial institutions.

Industry Positioning

HashKey’s annual HK Web3 Festival has become the largest summit of its kind in Asia, reflecting the company’s ability to bring together developers, investors, and institutions. With this level of engagement, HashKey positions itself as both an operator and ecosystem builder, rather than just a fund manager.

By introducing a DAT fund of this scale, HashKey aims to create standards for crypto asset management. The company wants to move beyond fragmented adoption and build structures that can withstand regulatory scrutiny while appealing to global capital markets.

Regulatory Outlook

Regulation is a key consideration for the DAT sector. HashKey noted that global oversight is becoming more structured, with Nasdaq’s recent moves to tighten disclosure requirements for listed companies’ crypto investments.

The company believes only institutions with strong asset identification, governance, and risk management capabilities will thrive. HashKey aims to position itself as one of those players by combining its regulated framework in Hong Kong with international operations in Singapore, Japan, Ireland, and Bermuda.

Long-Term Vision

HashKey has made it clear that the DAT initiative is not about short-term momentum. Instead, it sees DAT as the foundation for the next phase of global financial infrastructure.

From its perspective, DATs represent both a new interface for traditional finance to enter crypto and a critical channel for Web3 ecosystems to move toward compliance and globalisation.

HashKey wants to build more than a fund. It aims to establish an institutional-level bridge between assets, standards, and ecosystems. From Hong Kong, the company envisions a global reach that could shape the next stage of digital asset integration into mainstream finance.

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