Hong Kong-based HashKey Group announced on 8 September 2025 the launch of what it describes as Asia's largest multi-currency Digital Asset Treasury (DAT) fund, with an initial fundraising target exceeding $500 million, designed to build an institutional bridge between traditional financial capital and blockchain-based assets. The fund will initially focus on Bitcoin and Ethereum ecosystem projects and aims to institutionalise in Asia the corporate crypto treasury model pioneered by Strategy (formerly MicroStrategy) in 2020.
The DAT strategy centres on publicly listed companies accumulating cryptocurrency assets to capitalise on higher token prices and a softening regulatory environment. Strategy had accumulated over $63 billion in cryptocurrency holdings as of June 2025, and Strategy copycats have increased their collective bitcoin holdings to nearly 100,000 BTC according to Standard Chartered. Binance founder Changpeng Zhao stated at a Hong Kong Bitcoin conference that DAT adoption is spreading not only in the U.S. but across Hong Kong, Japan, and many other equity markets. The HashKey fund is structured as a perpetual vehicle, allowing ongoing subscriptions and redemptions, unlike traditional ETFs which track assets passively. Founded in 2018, HashKey Group has invested in more than 600 blockchain and cryptocurrency firms worldwide, with over 400 tied to the Ethereum ecosystem, and its Chairman, Dr. Xiao Feng, was among Ethereum's early investors. HashKey Chain, the group's Layer-2 network, has accumulated more than $170 million in assets since launching earlier this year, while HashKey Exchange was among the first in Asia to issue digital asset spot ETFs in Hong Kong. In June 2024, HashKey Chain partnered with GF Securities Hong Kong to issue the GF Token, marking the first fully on-chain tokenised security in the city.
HashKey's DAT fund aligns with Hong Kong's broader ambition to position itself as a global centre for virtual asset services, channelling institutional capital into crypto ecosystems through regulated pathways, while Nasdaq's heightened scrutiny of listed companies' cryptocurrency investments signals that only well-structured firms with strong compliance and risk management capabilities are likely to thrive as the sector matures.
Sources:
- https://www.reuters.com/sustainability/climate-energy/hong-kongs-hashkey-launch-500-million-digital-treasury-fund-2025-09-08/
- https://www.coindesk.com/business/2025/09/08/crypto-exchange-hashkey-plans-usd500m-digital-asset-treasury-fund
- https://blockchaintechnology-news.com/news/hong-kong-crypto-firm-hashkey-plans-500-million-treasury-fund/
- https://cryptorank.io/news/feed/056a9-hashkey-targets-500-million-with-new-digital-asset-treasury-fund-launch
