HashKey to launch $500m digital treasury fund

HashKey Group, Hong Kong’s largest licensed cryptocurrency exchange, will launch its first digital asset treasury (DAT) fund with an initial target of US$500 million.

The fund will use a multi-currency DAT strategy, where public companies build reserves of cryptocurrency assets to benefit from rising token prices and regulatory shifts.

Interest in this approach has grown in 2025, with companies seeking to mirror the results of US-based software firm MicroStrategy, which began accumulating bitcoin in 2020 and now holds over US$63 billion in cryptocurrency.

According to Standard Chartered, similar companies have collectively acquired nearly 100,000 bitcoin.

HashKey said the fund will focus initially on projects related to Ethereum and Bitcoin.

The company aims to invest in DAT projects globally.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Corporate crypto treasury strategies represent a massive emerging market opportunity

HashKey’s $500 million fund taps into a rapidly expanding trend where public companies could allocate up to $330 billion to Bitcoin over the next five years, indicating significant untapped corporate demand 1.
MicroStrategy’s success story, holding over $63 billion in cryptocurrency as of June, has inspired numerous copycats who collectively hold nearly 100,000 bitcoin, demonstrating the strategy’s growing adoption among public companies.
Companies are increasingly using capital markets tools like convertible notes to fund cryptoasset acquisitions, creating new financing structures specifically designed for treasury crypto strategies 1.
This corporate adoption represents a fundamental shift from viewing crypto as a speculative investment to treating it as legitimate treasury management, potentially driving sustained institutional demand beyond traditional investment flows.

Crypto asset management market shows rapid consolidation despite strong growth projections

The global crypto asset management market is projected to grow from $1.73 billion in 2025 to $7.71 billion by 2032, representing a 23.8% compound annual growth rate driven by institutional adoption 2.
Despite this growth potential, the market shows significant concentration, with BlackRock, Fidelity, and Grayscale controlling approximately 85% of all crypto fund assets, totaling about $123 billion 3.
BlackRock leads with nearly $70 billion in assets under management from its Bitcoin and Ethereum trusts, while Grayscale has faced nearly $2 billion in outflows due to recent fee increases 3.
This concentration suggests that while the overall market is expanding rapidly, success requires significant scale and institutional credibility, positioning HashKey’s $500 million launch as a substantial entry that could challenge existing market leaders.