Author: Yue Xiaoyu

HashKey is accelerating the integration of cryptocurrencies and stocks, announcing the launch of Asia's largest multi-currency DAT ecological fund!

It was previously mentioned that the integration of cryptocurrencies and stocks will be divided into three layers:

The first layer is liquidity connectivity, which means that listed companies "hold cryptocurrencies" and adopt the DAT model (Digital Asset Treasury);

The second layer is financial innovation, which can be described as "playing with cryptocurrencies," an innovative approach that combines traditional finance with decentralized finance.

The third layer is the deep integration of tokens with actual business, which is the true meaning of "using cryptocurrencies." Key elements such as products, enterprises, equity, rights, and financial instruments can be fully connected and integrated.

Among these, "holding cryptocurrencies" is the most direct and effective model, and it serves as the foundation for further deep integration.

There are quite a few DAT companies in the market now, and some companies are beginning to launch investment funds focused on DAT, providing investors with opportunities for indirect investment in the cryptocurrency market.

Let's take a look at the most representative DAT funds currently available in different countries and regions:

1. Hong Kong: HashKey Group

HashKey is a leading digital asset financial services group in Asia and a publicly listed company in Hong Kong, currently representing the strongest compliance force in the Chinese crypto space.

HashKey is not just an exchange; it is a global full-stack giant with multiple business lines: exchange, OTC, HashKey Chain public blockchain, HashKey Capital fund, etc.

Now, HashKey has expanded into the DAT sector, once again positioning itself at the forefront of Hong Kong and even Asia.

HashKey's DAT fund is the largest multi-currency digital asset treasury fund in Asia, with a target size exceeding $500 million.

2. Hong Kong: Xinhui Technology

Xinhui Technology is a Hong Kong-listed company led by former Huobi executives.

This fund aims to replicate the successful capital myth of Galaxy Digital and others by strategically laying out the DAT model to promote "cryptocurrency-stock linkage" (the combination of crypto assets and stocks).

3. United States: Galaxy Digital DAT Fund

Galaxy Digital is a digital asset investment company in the United States and is a well-known investment institution in the crypto space.

In 2025, Galaxy Digital launched a fund focused on DAT companies through its investment department, with a target size of $400 million, primarily investing in publicly listed companies globally that hold cryptocurrencies like Bitcoin and Ethereum.

4. United States: Pantera Capital DAT Fund

Pantera Capital is also a leading blockchain investment company in the United States.

In July-August 2025, it launched its DAT fund, having already invested over $300 million.

This institution also plans to raise up to $125 million to build a Nasdaq-listed Solana DAT company.

5. Europe: 21Shares Crypto Treasury Fund

21Shares is a Swiss crypto asset management company.

At the beginning of 2025, it launched the Crypto Treasury Fund, with a size of approximately $300 million.

This fund is quite active in the European market.

In summary

Comparing several major DAT funds horizontally, most were launched between July and August 2025.

Among them, HashKey stands out with a very unique background, being one of the few, if not the only, companies with a deep foundation in cryptocurrency business, now specifically launching a DAT fund.

This gives HashKey's DAT fund its uniqueness, as it is not just about "holding cryptocurrencies," but there are also expectations for "using cryptocurrencies" in the future.

HashKey has many business lines, and the market expects that it will be able to deeply integrate with its own business in the future, such as incorporating its platform token into the DAT fund and creating more innovative financial plays, etc.

It is important to know that DAT is a structural opportunity window, not a short-term narrative, but a long-term value capture and ecological flywheel.

Value capture refers to the long-term development dividends of the industry; the ecological flywheel indicates that DAT can collaborate with other cryptocurrency businesses within the ecosystem.

HashKey has already occupied an important ecological position in Hong Kong and even the entire Chinese world, capable of capturing industry development dividends and policy support dividends, with a very high ceiling for future development, making its business dynamics worthy of long-term attention.

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