HashKey launched a $500 million perpetual institutional fund focused on digital asset treasuries (DATs), targeting Bitcoin and Ether exposure while investing in firms deploying DAT strategies to bridge institutional finance and crypto markets.
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HashKey launched a $500M perpetual digital asset treasuries fund for institutions
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Fund targets Bitcoin and Ether price exposure and invests in projects using DAT strategies.
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HashKey manages over HK$12 billion (~$1.5B) and operates licensed exchanges, ETFs and an Ethereum L2.
HashKey digital asset treasuries fund launched with $500M target, institutional subscriptions; learn what DATs mean and how Hong Kong regulation supports institutional crypto.
What is HashKey’s digital asset treasuries fund?
HashKey’s digital asset treasuries fund is a perpetual, institutional-only vehicle that targets BTC and ETH exposure while backing projects and companies deploying DAT strategies. It permits regular subscriptions and redemptions and is structured to operate more actively than a passive ETF.
How does the DAT fund operate and differ from ETFs?
The fund is structured like an open-ended institutional crypto vehicle: perpetual with periodic subscriptions and redemptions. Unlike passive exchange-traded funds, the DAT fund intends to allocate capital to projects and companies that implement treasury-management strategies, combining price exposure with operational investment in market infrastructure.
Frequently Asked Questions
Who is eligible to subscribe to the DAT fund?
The fund is reserved for institutional investors and qualified allocators. It accepts regular subscriptions and redemptions but is not designed for retail participation.
What assets does the fund target?
The primary exposures are Bitcoin and Ether price performance, supplemented by direct investments in companies and projects deploying digital asset treasury strategies.
How large is HashKey’s asset base?
HashKey reports over HK$12 billion (about $1.5 billion) in assets under management, and operates licensed exchanges, ETFs and an Ethereum layer-2 chain.
How is Hong Kong shaping institutional crypto?
Hong Kong has positioned itself as a hub for institutional crypto by approving spot Bitcoin and Ether ETFs in April 2024 and clarifying Ether’s non-security status. In 2025 authorities expanded professional derivatives trading and adjusted tax rules to attract funds and family offices.
In June 2025 regulators introduced the LEAP framework for licensed stablecoin issuance, tokenized bonds and RWA tokenization. By July 2025 Hong Kong completed a third issuance of tokenized green government bonds, signaling routine use of digital bond issuance in public finance.
These regulatory advances coincide with rising institutional allocations: a July report indicated some Asian family offices allocate up to 5% of portfolios to digital assets.
Why does HashKey frame the launch as a test for the industry?
HashKey said the fund launch follows increased scrutiny of listed firms’ crypto holdings by market infrastructure providers such as Nasdaq (mentioned as plain text). The firm described the move as a “survival of the fittest” moment, positioning DATs as a bridge between 24/7 crypto markets and institutional treasury needs.
Key Takeaways
- Institutional focus: HashKey’s $500M DAT fund is designed for qualified institutional investors seeking BTC/ETH exposure plus operational investments.
- Active allocation: The fund combines market exposure with investments in projects and firms executing treasury strategies.
- Regulatory tailwinds: Hong Kong’s ETF approvals, derivatives framework and tokenization policies support institutional product innovation.
How to evaluate a digital asset treasuries fund (brief)
Step 1: Review governance and redemption mechanics to ensure institutional-grade liquidity. Step 2: Assess underlying investments—are they treasury operators or passive holdings? Step 3: Verify custodian and regulatory licenses. Step 4: Check historical AUM and manager track record.
Conclusion
The HashKey digital asset treasuries fund launch marks a significant institutional product innovation in Hong Kong, combining BTC and ETH exposure with active investments in DAT strategies. Hong Kong’s evolving regulatory framework and HashKey’s AUM position support the fund’s market fit. Expect further institutional adoption as frameworks and products mature.
