HashKey Group is preparing to launch what it says will be Asia’s largest multi-currency Digital Asset Treasury (DAT) fund, aiming to connect traditional finance with cryptocurrency assets. Based in Hong Kong, the company is positioning the fund as a bridge between institutional investors and on-chain markets at a time when interest in structured cryptocurrency services is growing.
The fund will focus on mainstream cryptocurrencies, including projects built around Ethereum and Bitcoin. It is designed as a long-term vehicle, allowing regular subscriptions and redemptions while meeting liquidity demands. HashKey has set an initial fundraising target of more than USD 500 million.
How the DAT model works
The Digital Asset Treasury approach combines elements of traditional finance with the speed and volatility of cryptocurrency markets. Unlike ETFs, which track assets passively, DAT funds are intended to operate continuously and respond to market shifts in real time.
HashKey says its fund will support both investment returns and broader ecosystem growth. Part of the strategy involves backing public blockchain networks like Ethereum and participating in the operations of DAT-related companies. The goal is to create a cycle in which capital investment, application development, and liquidity feed into one another.
Why HashKey is betting on DAT
The group views DAT as more than a passing trend. As traditional finance edges closer to cryptocurrency, it sees DAT as a structural channel for bridging the two systems. By using established pricing models from financial markets and applying them to on-chain assets, DAT could act as a framework for the next stage of asset management.
HashKey’s Chairman, Dr. Xiao Feng, was among the early investors in Ethereum and has been involved in blockchain adoption in Asia for more than a decade. The company has invested in more than 600 blockchain and cryptocurrency firms worldwide, including over 400 tied to Ethereum.
Beyond investment, HashKey runs services like HashKey Exchange, which was among the first in Asia to issue digital asset spot ETFs in Hong Kong. HashKey Cloud operates as one of the region’s largest providers of blockchain node services, while its Layer-2 network, HashKey Chain, has accumulated more than USD 170 million in assets since launching earlier this year.
The group also organises the annual HK Web3 Festival, which it describes as Asia’s largest industry gathering.
How regulation is shaping Hong Kong and global crypto markets
Clearer rules for digital assets are starting to take shape worldwide. HashKey points to Nasdaq’s recent scrutiny of listed companies’ cryptocurrency investments as a sign that regulators are pushing the market into a phase where only well-structured firms may thrive.
The company says compliance and trust will be central to how DAT develops. Institutions with strong capabilities in asset selection, risk management, and ecosystem governance are likely to hold an edge as the sector matures.
What HashKey’s DAT fund means for the future of Hong Kong and crypto
HashKey frames its fund not just as another investment product but as part of a longer-term plan to build infrastructure for digital assets. The company aims to create an institutional bridge that connects traditional capital with cryptocurrency ecosystems, beginning in Hong Kong and extending globally.
From standard-setting to building liquidity channels, the fund is intended to support what HashKey sees as the next stage of digital asset development.
(Photo by Kanchanara)
See also: SEC and CFTC clear path for US exchanges to trade spot crypto
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