In Major Push for Regulated Crypto, Hong Kong's HashKey Unveils $500M Digital Treasury Initiative
HashKey Group, the city's largest licensed cryptocurrency exchange, announced on Monday it's launching a $500 million fund to capitalize on the growing trend of companies holding digital assets on their balance sheets.
The new multi-currency fund will focus on a "Digital Asset Treasury" (DAT) strategy. This involves investing in and supporting public companies that are accumulating cryptocurrencies, such as Bitcoin and Ethereum, hoping to benefit from rising token prices and a more favorable regulatory landscape.
This corporate strategy was famously pioneered by the U.S. software company MicroStrategy, which began aggressively buying bitcoin in 2020 and has since amassed a crypto portfolio worth over $63 billion.
This corporate strategy was famously pioneered by the U.S. software company MicroStrategy, which began aggressively buying bitcoin in 2020 and has since amassed a crypto portfolio worth over $63 billion.
The success of this approach has inspired a wave of "copycats." According to financial giant Standard Chartered, these firms have collectively increased their holdings to nearly 100,000 bitcoin.
HashKey aims to tap into this movement to "advance crypto asset standardisation and accelerate the development of a sustainable Web3 ecosystem," the company said in a statement.
The fund will build a diversified portfolio by investing in global DAT projects, with an initial focus on those centered around the Bitcoin and Ethereum ecosystems.
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