The HashKey Group, headquartered in Hong Kong, has announced the launch of a $500 million investment fund focused on Digital Asset Treasuries (DATs), initially concentrating on the price performance of Bitcoin (BTC) and Ethereum (ETH).
HashKey stated in an official announcement that the fund is designed as a permanent investment tool exclusively for institutional investors, allowing for regular subscriptions and redemptions, structured similarly to an open-ended crypto hedge fund. Unlike passive exchange-traded funds (ETFs), HashKey's fund aims to invest in projects and companies that deploy DAT strategies.
The launch of this fund coincides with Nasdaq's announcement on Thursday to strengthen its scrutiny of cryptocurrency holdings by listed companies, which HashKey interprets as a signal that the industry is entering a "survival of the fittest" phase.
HashKey stated, "The DAT initiative is an important part of our broader strategy to connect traditional finance with crypto assets."
"The DAT is more adaptable to the around-the-clock, high-volatility characteristics of the crypto market compared to passive ETF products," the company further explained.
According to the latest quarterly report, HashKey currently manages client assets exceeding HKD 12 billion (approximately USD 1.5 billion).
The company's business scope also includes operating licensed exchanges, ETFs, and Ethereum layer 2 chains. In April of this year, HashKey expanded its institutional product line by launching Asia's first XRP tracking fund.
The Hong Kong region has actively taken measures to position itself as an institutional-level cryptocurrency hub, providing a regulatory foundation for companies like HashKey to launch large-scale investment products.
In April 2024, the region became the first in Asia to approve spot Bitcoin (BTC) and Ethereum ETFs, with local regulators clearly stating that Ethereum does not fall under the category of securities, providing regulatory certainty that was not available in the U.S. market at the time.
In June 2025, Hong Kong authorities further expanded the regulatory framework to allow professional investors to participate in crypto derivatives trading and adjusted tax rules to attract digital asset funds and family offices. These innovative policies were detailed in Hong Kong's "Policy Declaration 2.0."
In the same month, Hong Kong launched the LEAP framework, paving the way for licensed stablecoin issuance while simultaneously promoting tokenized bonds and broader real-world asset (RWA) tokenization, aiming to closely connect digital assets with real-world application scenarios.
By July, Hong Kong successfully completed the issuance of its third tokenized green government bond, highlighting its strategic intent to incorporate digital bond issuance into regular public finance operations.
Against the backdrop of this continuously improving regulatory environment and the launch of innovative products, Asian family offices have also significantly increased their allocation to crypto assets. An industry report released in July indicated that some institutions have allocated as much as 5% of their investment portfolios to the digital asset space.
Meanwhile, while Hong Kong continues to advance in ETFs, derivatives, and tokenization frameworks, mainland China has focused on the development of its state-supported digital yuan. The digital yuan pilot project began in 2020 and has now expanded to various sectors, including public transportation, retail payments, and air travel.
Related: Kazakhstan's President calls for the establishment of a national crypto reserve and the formulation of a digital asset law by 2026.
Original: “HashKey Launches $500 Million Digital Asset Treasury Fund in Hong Kong”
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