Bitcoin Adoption Shifts to Lightweight Entry: Why Digital Asset Treasuries (DAT) Outpace ETFs and Exchanges

According to Caixin, NewFire Technology CEO Weng Xiaoqi said that Digital Asset Treasuries, cryptocurrency ETFs and traditional exchanges function as primary on‑ramps for institutional capital into crypto trading. Historically exchanges were the main liquidity venues, but access is shifting toward lighter custody and execution models, with DATs positioned as a streamlined entry for traditional investors.

An anonymous senior digital asset investor told Caixin that the Hong Kong Stock Exchange remains an available channel, but discussions with local authorities show relatively low regulatory appetite for these products, indicating market participants may need targeted engagement with Hong Kong regulators to advance listings or product approvals.

Market participants and treasury managers should therefore weigh operational, custody and compliance trade‑offs when choosing on‑ramps; firms focused on simplicity may prioritize DATs, while those seeking broader market access may still consider ETFs or exchanges.