In the dynamic world of digital assets, corporate treasuries are evolving beyond short-term speculation. HashKey Group, a leading Hong Kong-based digital asset financial services provider, is spearheading this transformation with its $500 million Digital Asset Treasury (DAT) fund. This initiative underscores the importance of disciplined, long-term strategies in navigating the volatile crypto market.
The Importance of Discipline in Crypto Treasuries
HashKey Capital CEO Deng Chao emphasizes that the sustainability of corporate crypto treasuries hinges on governance and discipline. He asserts that digital asset treasuries (DATs) are sustainable long-term, but “with an important caveat.” Those that lack risk frameworks, diversify poorly, or treat digital assets like speculative bets tend to collapse in volatile cycles. “Resilience comes from discipline,” he states. “Digital assets themselves are not inherently unsustainable; it is how they are managed that makes the difference”
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HashKey’s Strategic Approach
Launched in Hong Kong, HashKey’s DAT fund targets Bitcoin- and Ethereum-based corporate treasuries, aiming to actively deploy capital across on-chain infrastructure, custody, and ecosystem services. The fund is designed to serve institutions and corporations seeking operational use of digital assets—not merely holding them but also benefiting from the growth of the underlying infrastructure. This approach distinguishes DATs from traditional exchange-traded funds (ETFs), which offer simple exposure for mainstream investors. Chao notes, “We don’t see them as competitors so much as complementary vehicles”
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Addressing Liquidity and Operational Challenges
Many corporate treasuries have struggled with issues like liquidity and operations when entering the crypto space. HashKey’s DAT vehicle supports regular subscriptions and redemptions and includes exposure to both BTC and ETH to reduce concentration risk. This structure aims to solve the pain points of liquidity and operations that treasuries often face when dealing with crypto assets
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Global Expansion and Ecosystem Development
While the fund launched in Hong Kong, HashKey is targeting global markets, including the U.S., Japan, Korea, Southeast Asia, and the UK. The investment thesis of the fund is global from day one. HashKey plans to deploy capital across the Bitcoin and Ethereum ecosystems, which Chao describes as the dual anchors of liquidity and innovation in today’s crypto landscape. Priority sectors include custody, payments, staking services, and regulated stablecoin infrastructure
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Overcoming Misconceptions
Chao also addresses skepticism from traditional finance. Many institutional players still believe crypto is speculative, hard to secure, or incompatible with standard accounting. “These misconceptions are not just gaps in understanding, they are barriers to broader institutional adoption,” he adds. HashKey aims to bridge this gap by providing structured, compliant, and operationally sound investment vehicles that align with traditional financial principles
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The Future of Crypto Treasuries
Looking ahead, Chao is especially bullish on real-world asset (RWA) tokenization, institutional over-the-counter (OTC) markets, and infrastructure for on-chain financial products. “Tokenized products expand the investable universe,” he says. “OTC markets provide the channels for capital to flow at scale… This convergence signals a shift from fragmented crypto activity to a fully integrated digital finance ecosystem”
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In conclusion, HashKey’s DAT fund represents a strategic shift in how corporate treasuries approach digital assets. By emphasizing discipline, governance, and long-term strategy, HashKey aims to build a resilient framework that can withstand market volatility and contribute to the sustainable growth of the Web3 ecosystem.
