Hong Kong-based HashKey Group has launched a $500 million investment fund dedicated to digital asset treasuries (DATs), initially focusing on Bitcoin and Ether exposure. The perpetual, institutional-only vehicle allows regular subscriptions and redemptions, resembling an open-ended crypto hedge fund.
Unlike a passive ETF, HashKey’s fund is structured to invest in projects and companies deploying DAT strategies. The company positioned this model as better suited to crypto’s high volatility and 24/7 market dynamics.
Nasdaq Push Sparks Industry Test
The launch follows Nasdaq’s announcement of enhanced scrutiny of listed firms’ crypto holdings. HashKey framed this move as signaling a “survival of the fittest” moment for the sector, where only resilient players will endure regulatory and market pressure.
Strengthening Hong Kong’s Position in Crypto
HashKey said its DAT initiative is part of bridging traditional finance with crypto assets. The company currently manages more than HK$12 billion ($1.5 billion) in client assets and operates licensed exchanges, ETFs and an Ethereum layer-2 chain. In April, it launched Asia’s first XRP tracker fund.
Hong Kong has rapidly positioned itself as a leading hub for institutional crypto. In April 2024, the city became Asia’s first to approve spot Bitcoin and Ether ETFs. In June 2025, authorities expanded regulations to permit crypto derivatives trading for professional investors and adjusted tax rules to attract digital asset funds.
Broader Crypto Framework in Hong Kong
The city also introduced its LEAP framework in June, paving the way for licensed stablecoin issuance, tokenized bonds and broader RWA tokenization. By July, Hong Kong completed a third issuance of tokenized green government bonds, signaling digital bonds will become a regular tool of public finance.
Meanwhile, family offices in Asia have raised crypto allocations, with some dedicating up to 5% of portfolios to digital assets.
Contrast With Mainland China
While Hong Kong moves ahead with ETFs, derivatives and tokenization, mainland China continues to focus on the state-backed digital yuan. Since pilots began in 2020, it has expanded into retail, public transport and air travel payments, highlighting a contrasting regulatory path.
