HashKey Group, one of Asia’s leading digital asset financial services providers, has unveiled plans to launch what it calls the region’s largest multi-currency Digital Asset Treasury (DAT) ecosystem fund.
The initiative, announced this week, aims to raise more than $500 million in its first phase and establish a long-term institutional bridge between traditional finance and on-chain assets.
HashKey DAT Fund Combines Capital, Ecosystem Growth, and Market Value
The DAT fund is structured as a perpetual vehicle, allowing regular subscriptions and redemptions in line with institutional liquidity needs.
HashKey said the fund will build a diversified portfolio of projects centered on mainstream crypto assets, beginning with Ethereum- and Bitcoin-related ecosystems.
By investing in and operating DAT companies globally, the firm intends to promote standardized management of digital assets while supporting the sustainable development of the Web3 sector.
HashKey Group Unveils #DAT Strategy: Pioneering the Institutional Bridge Between #TradFi and Crypto
Launching Asia’s largest multi-currency Digital Asset Treasury (DAT) fund — targeting >$500M, focusing on mainstream crypto assets with an initial focus on $ETH and $BTC… pic.twitter.com/dZxsBEUFDw
— HashKey Group (@HashKeyGroup) September 8, 2025
HashKey’s approach combines investment with direct ecosystem participation. The company will channel capital into DAT companies and play an active role in their operations, creating what it describes as a “flywheel” effect of investment, ecosystem application, market value growth, and liquidity exits.
This marks one of the first efforts to approach DAT not only from a capital markets perspective but also from the standpoint of ecosystem development.
The company emphasized that DAT represents more than a short-term trend. As traditional financial markets and crypto assets continue to converge, DAT is emerging as a structurally significant mechanism for institutions to enter the sector.
Unlike passive exchange-traded products, DAT is designed for the high volatility and around-the-clock nature of crypto trading.
By merging traditional financial price discovery methods with on-chain asset structures, DAT offers a new channel for institutional investors while giving blockchain ecosystems a path toward compliance and global adoption.
For HashKey, the fund is a continuation of its long-standing role in the Ethereum ecosystem. Chairman Dr. Xiao Feng was an early backer of Ethereum and helped drive blockchain adoption across Asia.
Over the past decade, HashKey has invested in more than 600 blockchain and crypto projects, including over 400 tied to Ethereum.
Its businesses now span multiple verticals, from HashKey Capital and HashKey Exchange to HashKey Cloud, one of Asia’s largest node service providers.
HashKey has also built out its own infrastructure with HashKey Chain, an Ethereum Layer-2 launched eight months ago that currently secures $172.6 million in on-chain assets.
The group has listed its own platform token, HSK, which functions across its ecosystem, including exchanges, tokenization services, and infrastructure offerings.
The group has expanded aggressively into global markets with a focus on compliance. In recent months, HashKey secured regulatory approvals in major jurisdictions, including Hong Kong, Singapore, Japan, and Ireland.
In the Middle East, the Dubai Virtual Assets Regulatory Authority granted an in-principle license to HashKey MENA, allowing it to provide broker-dealer and exchange services in the region.
In Europe, HashKey Europe obtained a Virtual Asset Service Provider license from the Central Bank of Ireland under the bloc’s new MiCA regime.
The company has also partnered with traditional finance players to bridge digital assets and securities. In June, Chinese brokerage GF Securities joined with HashKey to launch tokenized securities denominated in U.S. dollars, Hong Kong dollars, and offshore yuan, with daily redemption features and backing from HashKey Chain infrastructure.
GF Securities has teamed up with @HashKeyGroup to roll out tokenized securities denominated in US dollars, Hong Kong dollars, and offshore yuan.#Hashkey #Tokenizationhttps://t.co/6DuiJE1WXl
— Cryptonews.com (@cryptonews) June 27, 2025
HashKey’s broader push comes as regulators worldwide sharpen oversight of digital assets. Nasdaq’s decision in early September to step up scrutiny of corporate crypto investments was cited by the group as evidence that the industry is moving toward a “survival of the fittest” phase.
HashKey stressed that compliance, governance, and risk management will be decisive factors in determining which institutions succeed.
Looking ahead, HashKey said the DAT fund is not simply about raising capital but about shaping the infrastructure that will connect institutional money with blockchain ecosystems.
“The goal is to go further, not just faster,” the group said, framing the fund as a foundation for long-term digital asset development.
Corporate Crypto Treasuries Draw Scrutiny as New Entrants Accelerate Purchases
Publicly traded companies are increasingly raising hundreds of millions of dollars to build cryptocurrency treasuries, but questions are mounting over how much new capital is actually flowing into digital assets.
The trend, popularized by Strategy’s headline Bitcoin buys in 2020, has since attracted firms such as SharpLink Gaming, Upexi, GameStop, and others, which announced plans to acquire Ethereum, Solana, Bitcoin, and even Dogecoin.
Despite these declarations, market prices have remained relatively stable, prompting skepticism.
Analyst Ran Neuner said in a report that many of these companies act less like buyers and more like exit vehicles for existing crypto holders.
Publicly traded companies are raising millions of dollars to build crypto treasuries, but one analyst says many aren’t actually buying.#Crypto #Treasurieshttps://t.co/2SToXVtTMe
— Cryptonews.com (@cryptonews) July 24, 2025
Instead of purchasing from exchanges, some firms receive contributions of digital assets in exchange for shares that later trade at large premiums.
SharpLink’s $425 million Ethereum treasury, for example, was funded through ETH contributions from holders, who then saw the company’s stock surge once it branded itself an “Ethereum treasury firm.”
Similar strategies have surfaced elsewhere. Upexi claimed to have acquired 1.9 million SOL after raising more than $300 million, while GameStop reportedly converted $1.5 billion of debt into Bitcoin.
As reported, public companies now hold over 1 million Bitcoin, marking a major milestone in corporate adoption of the digital asset as a reserve currency.
— Cryptonews.com (@cryptonews) September 5, 2025
Critics say such approaches benefit insiders with liquidity and tax advantages, while retail investors often pay multiples of net asset value for the stocks.
Neuner compared the practice to a new form of leverage that could unravel quickly if sentiment shifts.
Skepticism is spreading. VanEck’s head of digital assets, Matthew Sigel, warned that at-the-market share issuance programs could become dilutive if stock prices converge with crypto net asset values.
Glassnode’s James Check also questioned the sustainability of the treasury trend as easy gains diminish.
Still, investor appetite remains strong. Pantera Capital recently committed $300 million to digital asset treasury firms, while new entrants like Faraday Future and South Africa’s Altvest Capital announced plans to allocate tens or even hundreds of millions into Bitcoin and other tokens.
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