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Author: Yue Xiaoyu, source; X, @yuxiaoyu111
HashKey is accelerating the integration of coin stocks and announces the launch of Asia’s largest multi-currency DAT ecological fund!
As mentioned before, the currency and stock fusion association is divided into three levels:
The first layer is liquidity,That is, listed companies “stock up on coins” and adopt the DAT model (Digital Asset Treasury);
The second layer is innovation in financial gameplay,It can be said to be “playing with coins”, the gameplay innovation after the combination of traditional finance and decentralized finance.
The third layer is the deep integration of tokens and actual business,It is the true “coin use”, which can be fully connected and integrated with products, enterprises, equity, equity, and financial tools.
Among them, “coin hoarding” is the most direct and effective model and the basis for deepening integration later.
There are many DAT companies on the market, and now some companies are starting to launch investment funds focused on DAT to provide investors with opportunities to indirectly invest in the crypto market.
We can take a look at the most representative DAT funds in the markets of different countries and regions:
1. Hong Kong: HashKey Group
HashKey is Asia’s leading digital asset financial services group and a Hong Kong-listed company. It currently represents the strongest Crypto compliance force among Chinese.
HashKey is not just an exchange, but also a full-stack giant group with global layout. It has multiple business lines: exchange, OTC, HashKey Chain public chain, HashKey Capital fund, etc.
Now, HashKey has once again expanded to the DAT track and once again stood at the forefront of the entire Hong Kong and even Asia.
Hashkey’s DAT fund is the largest multi-currency digital asset vault fund in Asia, with a target size of more than US$500 million.
2. Hong Kong: Xinhuo Technology
Xinhuo Technology is a Hong Kong listed company led by the former Huobi executive team.
The fund wants to copy successful capital myths such as Galaxy Digital, and promote “coin-stock linkage” (the combination of crypto assets and stocks) through strategic layout of the DAT model.
3. United States: Galaxy Digital DAT Fund
Galaxy Digital is an American digital asset investment company and is a well-known investment in the currency circle.
In 2025, Galaxy Digital launched a fund focused on DAT companies through its investment division, with a target size of US$400 million (US$400 million), mainly investing in listed companies that hold crypto assets such as Bitcoin and Ethereum around the world.
4. United States: Pantera Capital DAT Fund
Pantera Capital is also a leading blockchain investment company in the United States.
Launched its DAT fund from July to August 2025, it has invested more than $300 million (about $300 million).
The agency also plans to raise up to $125 million to build a Nasdaq-listed Solana DAT company.
5. Europe: 21Shares Crypto Treasury Fund
21Shares is a Swiss crypto asset management company.
The Crypto Treasury Fund was launched in early 2025, with a scale of approximately US$300 million (US$300 million).
The fund is relatively active in the European market.
Let’s summarize
Compared with several major DAT funds horizontally, they are basically launched from July to August 2025.
Among them, HashKey is very special in its corporate background. It is one of the few or even the only company with a deep accumulation of cryptocurrency business. Now it has begun to launch a DAT fund specifically.
This makes HashKay’s DAT fund unique, that is, it is not just “stocking coins”, but also the expectation of “using coins” in the future.
HashKey has many business lines, and the market will expect to be deeply integrated with its own business in the future, such as including its own platform coins in DAT funds, and developing some more innovative financial gameplay.
You should know that DAT is a structural window of opportunity, not a short-term narrative, but a long-term value capture and ecological flywheel.
Value captures the long-term development dividends of the industry; the ecological flywheel is the DAT that can coordinate with other cryptocurrency businesses within the ecosystem.
HashKey has occupied an important ecological niche in Hong Kong and even the entire Chinese world. It can capture industry development dividends and policy support dividends. Its future development ceiling is very high, and its business dynamics are worthy of long-term attention.
