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.
SponsoredThe 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 Changpeng Zhao(CZ) described DAT structures as a way for listed companies and state-linked enterprises to participate without breaching restrictions on direct digital asset ownership.
MetaPlanet Stock Fell Sharply This Summer
Some high-profile moves illustrate the enthusiasm. Yunfeng Capital, linked to Jack Ma, has committed more than $40 million to Ethereum. New Fire Technology, associated with Huobi founder Li Lin, announced a $500 million “coin hoarding” initiative, highlighting the scale of planned investment. Binance-linked family office YZi Labs has also begun seeding funds focused on Binance Coin accumulation.
Yet cautionary examples highlight potential risks. Japan’s Metaplanet, which became the sixth-largest global Bitcoin holder, saw its stock price fall sharply this summer after an initial surge. Analysts warn that companies relying on issuing debt or equity to finance token purchases risk being exposed when cryptocurrency prices decline, a cycle sometimes described as the “flywheel effect.”
Industry professionals note that while Hong Kong offers an attractive venue for networking and fundraising, the US remains the preferred market for large-scale execution. The flexibility of US financing tools such as PIPE (Private Investment in Public Equity) and ATM (At-the-Market) offerings allows listed firms to raise capital more efficiently than Hong Kong’s regulatory framework permits.
Hong Kong’s Role in Global Digital Asset Finance
Hong Kong’s positioning reflects its effort to serve as a bridge between traditional finance and digital assets. Although the scale of assets directly held by Hong Kong-listed firms is still under $2 billion, both institutional funds and listed companies appear committed to expanding participation.
The introduction of HashKey’s $500 million DAT fund represents one of the most structured moves in Asia by a licensed entity. At the same time, the spread of crypto-stock linkage shows how listed companies are experimenting with new treasury strategies. Whether these approaches prove sustainable will depend on regulatory conditions, capital market appetite, and the resilience of the crypto cycle.
