In the rapidly changing world of digital assets, companies often struggle to deal with the crypto on their balance sheets. While some treasuries are just places for short-term luck, others treat crypto as long-term reserve, and HashKey Capital CEO Deng Chao thinks these disciplined treasuries are the ones that will survive.
In a recent interview with CoinTelegraph, Chao stressed that Digital Asset Treasuries (DAT) must follow clear governance and strong risk frameworks in addition to having a long term outlook.
“Discipline is the source of resilience, ”Chao said. “Digital assets themselves aren’t intrinsically unsustainable; it’s the way they are managed that makes the difference.”
HashKey’s $500M Digital Asset Treasury Fund
The comments come shortly after HashKey launched a $500 million DAT fund in Hong Kong, aiming at institutions and corporations that want to embed Bitcoin and Ethereum into their operations.
Unlikely traditional funds, this vehicle plans to support treasuries not only in holding crypto but also in obtaining benefits from the underlying infrastructure. It will include exposure to BTC and ETH as it deploys capital across custody payments, staking services and regulated stablecoin infrastructure.
Chao said that company treasuries have two big problems: liquidity and operations. The HK DAT fund is designed to specifically solve these issues by allowing regular subscriptions, redemptions, and a diverse strategy.
DATs vs. ETFs: Complementary Tools
Chao has drawn a clear distinction between Digital Asset Treasuries (DAT) and exchange-traded funds (ETF).
ETFs: Made for ordinary investors after simple Bitcoin exposure.
DATs: Created for corporate treasuries to include crypto in their long-term operations.
According to SoSoValue, spot Bitcoin ETFs currently have assets of $152.3 billion, which accounts for 6.63% of Bitcoin’s market cap. In addition, public companies keep 1.1 million BTC ($128 billion) on their balances.
Correction of misunderstandings.
Despite booming adoption, Chao admitted that traditional financial misconceptions remain a major barrier.
Some people still see crypto as a dangerous business, hard to keep, or incompatible with standard process management.
HashKey wants to change all that by showing that digital assets can be long-term strategic reserves, not just speculative dice.
The Way Ahead: Onchain Finance and Real World Assets
Looking forward, HashKey is particularly keen on the following:
Tokenized real-world assets (RWA)
Institutional OTC (Over-the-Counter) markets
Onchain financial products
This, Chao thinks, will create a digital finance full-industry chain. Tokenized products will broaden the range; OTC channels will be capable of massive capital flow.
Q1: What are Digital Asset Treasuries (DATs)?
A: DATs are corporate treasuries that hold and manage digital assets like Bitcoin and Ethereum as long-term strategic reserves, rather than speculative bets.
Q2: How is HashKey’s DAT fund different from ETFs?
A: ETFs provide simple exposure to crypto for retail and institutional investors, while DATs are designed for corporations that want to integrate digital assets into their operations.
Q3: Why did HashKey launch a $500M DAT fund?
A: To help treasuries manage liquidity, diversify risk, and gain exposure to Bitcoin, Ethereum, and the infrastructure that powers them.
Q4: What challenges do corporate crypto treasuries face?
A: The biggest challenges are liquidity management, operational efficiency, and avoiding over-concentration risk.
Q5: What sectors will HashKey’s fund target?
A: Custody solutions, payment infrastructure, staking services, stablecoin frameworks, and broader onchain finance products.
