HashKey’s DAT Fund Merges Traditional Finance and On-Chain Assets for Institutional Growth

HashKey Group, a leading digital asset financial services firm in Asia, has announced the launch of a $500 million Digital Asset Treasury (DAT) fund, positioning itself as a bridge between traditional finance and on-chain assets. The fund, structured as a perpetual vehicle with ongoing subscription and redemption capabilities, will focus on Bitcoin (BTC) and Ethereum (ETH) ecosystem projects. HashKey emphasized its goal to institutionalize crypto asset management by promoting standardized frameworks and diversifying portfolios across custody, payments, and infrastructure servicesCoindesk^[1]. The fund’s design aims to address liquidity and operational challenges faced by corporate treasuries, with HashKey CEO Deng Chao stating that “resilience comes from discipline” in managing digital assetsCointelegraph^[2].

The DAT strategy aligns with growing institutional interest in crypto, particularly as companies adopt Bitcoin and Ethereum for treasury reserves. HashKey’s approach includes exposure to both BTC and ETH to mitigate concentration risk, with initial investments prioritizing Ethereum’s Layer-2 chain, HashKey Chain, which currently secures $172 million in on-chain assetsInvezz^[3]. The fund’s global scope targets markets in the U.S., Japan, Korea, Southeast Asia, and the UK, reflecting a thesis of cross-border adoption. By integrating traditional financial logic with blockchain infrastructure, HashKey aims to create a hybrid model of venture investment and asset managementDeFi Planet^[4].

Market dynamics highlight the strategic appeal of DATs. As of September 2025, public companies hold 1.11 million BTC (worth $128 billion) and 4.91 million ETH ($21.28 billion) in their treasuriesCointelegraph Explained^[5]. While Bitcoin remains the dominant reserve asset due to its liquidity and scarcity, Ethereum’s post-Merge staking yields (3%-5%) and programmable features position it as a complementary asset for income generation. HashKey’s DAT fund differentiates itself from ETFs by offering active participation in ecosystem projects, enabling capital to flow into infrastructure development and tokenized real-world assets (RWAs)HashKey Group^[6].

Regulatory clarity in Hong Kong has bolstered HashKey’s expansion. The firm’s recent collaboration with GF Securities to launch the city’s first on-chain tokenized security underscores its role in advancing blockchain-based financial innovation. HashKey also highlighted the importance of governance in DATs, noting that poorly diversified or speculatively managed treasuries often falter during volatile cycles. The firm’s compliance-focused approach, including partnerships with Bosera Asset Management for tokenized ETFs and Ripple for XRP-based projects, reinforces its commitment to institutional-grade risk managementCryptopolitan^[7].

Looking ahead, HashKey identified tokenized RWAs and institutional over-the-counter (OTC) markets as key growth drivers. CEO Deng Chao emphasized that these innovations expand the investable universe while facilitating scalable capital flows. The DAT fund’s focus on Ethereum and Bitcoin aligns with investor preferences for assets with established regulatory clarity and liquidity. HashKey’s broader vision includes leveraging its decade-long Ethereum ecosystem investments—spanning 600+ blockchain projects—to accelerate Web3 adoptionHashKey Group^[8].