Overview

• The Hong Kong-based firm announced a multi-currency Digital Asset Treasury vehicle targeting more than $500 million in its first phase and described it as Asia’s largest of its kind.
• Structured as a perpetual fund, it will allow ongoing subscriptions and redemptions designed to meet institutional liquidity needs.
• HashKey says it will invest in and help operate DAT-focused companies and direct resources to public chains such as Ethereum to create a capital-and-liquidity flywheel.
• The initial portfolio focus is on mainstream cryptocurrencies, starting with bitcoin and ether, with a mandate to build a diversified set of DAT projects.
• Industry voices urge robust safeguards for a vertically integrated model, citing manager risk and potential conflicts and calling for independent oversight, external custody, best execution, on-chain transparency, and clear staking policies.