HashKey Group, a Hong Kong-based digital asset financial services firm, has unveiled plans to launch a multi-currency Digital Asset Treasury (DAT) designed to bridge traditional finance and on-chain markets. The vehicle targets more than $500 million in its first phase and will prioritize investments in Bitcoin and Ethereum projects.
Structured as a perpetual vehicle, the DAT will allow ongoing subscriptions and redemptions while allocating capital to both liquid assets and ecosystem development initiatives. HashKey says the model blends traditional price discovery with on-chain asset structures to create a flywheel of investment, application development, value capture and liquidity exits.
Proponents argue DATs can deliver more than passive exposure: they offer price beta plus operational opportunities such as staking, programmatic treasury management and governance participation. At the same time, industry observers flag higher manager and governance risk. Vertically integrated approaches that combine investing, custody and operations may introduce conflicts of interest unless controls are strong.
Recommended safeguards include independent boards, clear conflict disclosures, external custody, venue-agnostic best execution, on-chain transparency and explicit staking policies to limit undisclosed basis risk. These measures aim to ensure that any claimed “operational alpha” is not simply undisclosed exposure.
HashKey’s Hong Kong base may give it an edge: local regulators have been working to create clearer rules for digital-asset activity compared with a more fragmented U.S. approach. If executed well, the DAT could provide institutional capital with a compliant on-ramp to crypto while directing resources into public chains — but investors should weigh governance and operational risk alongside potential returns.
Source: Decrypt. Read the original coverage for full details.