HashKey Group, Hong Kong’s largest licensed cryptocurrency exchange, announced its first Digital Asset Treasury (DAT) fund.

The fund targets $500 million and will back Bitcoin and Ethereum projects while supporting global adoption initiatives.

Hong Kong Formalizes Its Crypto Presence

HashKey’s move signals Hong Kong’s intent to formalize its role in digital asset finance. While crypto markets remain volatile, institutional funds like this are viewed as attempts to introduce structured approaches to token exposure. By pursuing a diversified portfolio of DAT projects, HashKey intends to align itself with broader developments in Web3 infrastructure.

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The DAT model refers to companies or funds that add cryptocurrencies to their balance sheets. This mirrors the strategy pioneered by US-listed software firm Strategy, formerly MicroStrategy, which began purchasing Bitcoin in 2020. It is now the world’s largest corporate holder with over $63 billion in cryptocurrency. Its success influenced other firms, with Standard Chartered estimating that nearly 100,000 Bitcoins are held by similar entities.

Hong Kong’s equity markets are witnessing a rise in “crypto-stock linkage.” Listed companies accumulate cryptocurrencies, and their share prices move with token markets. This practice is well known in the US, where Strategy’s stock follows Bitcoin’s price. The trend is now drawing attention in Asia.

Hong Kong-listed companies, including Boyaa Interactive and Huajian Medical, have disclosed significant crypto purchases. The Hong Kong Digital Asset Listed Companies Association, established in late August, already has 49 members with a combined market capitalization of roughly $20 billion. Many members are planning to expand their token holdings in the coming months.

Executives say the model provides indirect exposure for firms that cannot directly hold tokens. At recent Hong Kong events attended by prominent industry figures, Binance founder Go to Source to See Full Article
Author: Shigeki Mori