How DATs could redefine BTC and ETH treasuries

How HashKey’s $500-million fund signals a new era for corporate balance sheets

Hong Kong-based HashKey Group has launched a significant $500-million Digital Asset Treasuries (DAT) fund, marking a major step toward mainstream acceptance of cryptocurrencies. This initiative places digital assets at the heart of treasury innovation.

DATs are changing how companies manage balance sheets, and they are increasingly drawing attention from both investors and regulators worldwide.

Previously viewed as unconventional, the strategy of including cryptocurrencies like Bitcoin (BTC) or Ether (ETH) in corporate treasuries has become increasingly popular as businesses seek alternatives to traditional assets such as cash or bonds.

HashKey’s step represents a key moment in corporate finance: It highlights a future where Bitcoin and Ether are not merely speculative investments but essential elements of treasury strategy.

Digital assets are changing how companies manage wealth, reduce risks and plan for long-term growth. At the same time, these businesses also hope to gain from token appreciation and clearer regulations.

Set up in 2018, HashKey Group offers an array of digital asset financial services, including asset management, brokerage and tokenization. It also runs HashKey Exchange, a licensed crypto trading platform in Hong Kong.

Did you know? Hong Kong and Singapore are emerging hubs for DAT funds, offering clear regulatory frameworks to attract institutional investors.

What are DATs?

DATs describe a corporate strategy of holding cryptocurrencies like Bitcoin, Ether or other digital assets on their balance sheets, aiming to benefit from potential price gains. This approach is becoming more feasible in many places due to increasingly clearer or more favorable regulation.

Unlike traditional treasuries, which typically consist of cash, bonds and other low-risk assets, DATs give companies exposure to the highly volatile cryptocurrency markets. This approach enables businesses to ride the growth of decentralized finance (DeFi) and the wider Web3 ecosystem, allowing them to experiment with new financial tools.

However, DATs present certain challenges, including the significant volatility of cryptocurrencies, evolving accounting standards and varying regulatory frameworks across different regions.

These risks notwithstanding, an increasing number of companies are considering DATs as a supplement or alternative to traditional treasury strategies.

Did you know? DATs can function like “digital gold reserves” for companies, protecting against inflation and currency devaluation while signaling innovation.

The HashKey fund: Key details

HashKey Group has introduced its first DAT fund, targeting an initial size of $500 million. The fund focuses on mainstream cryptocurrencies and operates as a perpetual vehicle, allowing investors flexibility through continuous subscriptions and redemptions.

At its launch, the fund will primarily concentrate on Bitcoin and Ether, recognizing their prominence as leading digital assets. However, the fund’s goals go beyond mere accumulation. HashKey aims to strategically develop a diversified portfolio of DAT projects worldwide, ensuring exposure to key markets and applications.

HashKey also positions itself as a vital link between traditional finance (TradFi) and onchain assets, providing the necessary infrastructure and governance for sustainable integration. Ultimately, the initiative is intended to support the development of the broader Web3 financial ecosystem.

What makes the HashKey fund potentially different

The HashKey Fund stands out from other digital asset treasury initiatives in several distinctive ways. These include its headquarters and the structure and development of institutional-grade infrastructure:

• Headquarters in Hong Kong: Its base in Hong Kong provides a strategic advantage. The city is actively developing a regulatory framework that balances investor protection with innovation, establishing itself as one of Asia’s most cryptocurrency-friendly financial hubs.
• Multi-currency, perpetual structure: The fund’s multi-currency, perpetual structure allows continuous subscriptions and redemptions, offering more liquidity than many conventional crypto investment vehicles. This flexibility is likely appealing to institutions seeking both exposure and exit options.

Unlike strategies focused solely on accumulation, the fund prioritizes building the Web3 ecosystem, supporting projects that integrate blockchain into finance and commerce.

Did you know? Institutions are showing more interest in blockchain-based audit trails for DATs, which can offer greater transparency than many traditional treasury systems.

Why are DATs gaining momentum now?

DATs are gaining significant traction as companies worldwide are increasingly incorporating cryptocurrencies into their financial strategies. This shift reflects a growing acceptance of digital assets as viable components of corporate balance sheets.

Several key factors are driving this rapid adoption, contributing to the swift rise of DATs in global markets:

• Favorable shift in regulations: Many governments are adopting more lenient policies or establishing clearer guidelines for cryptocurrency use. This is boosting corporate confidence in holding digital assets on their balance sheets.
• Steady growth in performance of cryptocurrencies: The strong performance of cryptocurrencies like Bitcoin and Ether serves as a significant catalyst for their mainstream adoption. With Bitcoin and Ether achieving new price peaks and attracting substantial institutional investment, companies recognize an opportunity to capitalize on asset appreciation while demonstrating innovation to their shareholders.
• Growing market demand: Institutions are increasingly seeking exposure not only to Bitcoin and Ether but also to Web3, DeFi and tokenized assets, which represent the forefront of digital finance.

DATs offer a structured and strategic approach to connecting TradFi with the rapidly growing cryptocurrency ecosystem, aligning corporate treasuries with future opportunities for growth.

Many companies are trying to replicate the success of the US-based software company Strategy, which started acquiring Bitcoin in 2020. As of Sept. 22, 2025, Strategy had Bitcoin holdings of 638,985.

A plethora of companies have opted to invest in Ether. Many follow a dual investment strategy, which means their reserve assets might include both Bitcoin and Ether or even other crypto assets. Bitmine Immersion Tech sits at the top when it comes to strategic investments in Ether.

Risks, challenges and criticisms of the DAT strategy

The DAT strategy presents organizations with significant opportunities but also brings along risks and challenges. To ensure informed decision-making, organizations must carefully evaluate these factors and implement robust risk management practices.

Here is a concise outline of the key risks, challenges and criticisms associated with the DAT strategy of the corporates:

• Volatility: Cryptographic assets, such as Bitcoin and Ether, are subject to sharp price fluctuations, which may lead to significant variations in an organization’s balance sheet.
• Regulatory: Regulatory classification of crypto assets (e.g., as securities or commodities) is still evolving. Factors like changing tax policies and emerging accounting standards can significantly affect asset valuation and financial reporting requirements.
• Liquidity: In unfavorable market conditions, selling large positions in digital assets may be challenging without incurring substantial losses, posing liquidity concerns for organizations.
• Operational: Effective custody management, governance, security protocols and standardized reporting frameworks are important, as lapses in these areas can increase risks for institutions.
• Overvaluation and bubble risk: Entering the market during peak periods may expose organizations to significant losses if market corrections occur, highlighting the potential for overvaluation or speculative bubbles.

These considerations emphasize the need for cautious strategy design, comprehensive risk management and clear regulatory guidance to ensure the long-term sustainability of DAT initiatives.

How HashKey and similar funds might address these risks

Digital asset funds, such as HashKey, aim to address the challenges of DAT strategy by implementing institutional safeguards and proactive practices. These measures are designed to enhance stability, compliance and investor confidence.

Here is an overview of the key strategies that could be deployed by these funds:

• Robust infrastructure: Utilizing institutional-grade systems, including secure custody solutions, multi-layered security protocols and governance frameworks aligned with traditional finance standards.
• Diversification: Reducing concentration risk by spreading investments across various assets, projects and ecosystems, thereby avoiding over-reliance on single assets like Bitcoin or Ether.
• Regulatory compliance: Adhering to evolving regulations in jurisdictions such as Hong Kong, while engaging with regulators to influence policy and build credibility.
• Transparent reporting: Emphasizing clear and standardized reporting, with accounting and valuation practices aligned with international standards to foster investor trust.

By integrating compliance, diversification, strong governance and transparent reporting, HashKey and similar funds strive to create sustainable models that connect institutional capital with the growing domain of digital asset treasuries.