According to HashKey Capital CEO Deng Chao, the key to the sustainability of corporate crypto treasuries lies in disciplined governance and a long-term strategy. In an interview with Cointelegraph, Chao stated that while digital asset treasuries (DATs) are sustainable in the long run, this comes with a significant condition. Those lacking risk frameworks, exhibiting poor diversification, or treating digital assets as mere speculative ventures are prone to collapse during periods of volatility.

Chao emphasizes that resilience stems from discipline, asserting that digital assets are not inherently unsustainable; the deciding factor is how they are managed. His comments come on the heels of HashKey's launch of its $500 million DAT fund in Hong Kong. This fund is designed to target corporate treasuries based on Bitcoin and Ethereum, actively deploying capital across on-chain infrastructure, custody solutions, and ecosystem services. It aims to serve institutions and corporations seeking operational utility from digital assets, not just holding them but also capitalizing on the growth of the underlying infrastructure.

HashKey structured the DAT fund as a perpetual vehicle supporting regular subscriptions and redemptions to meet institutional liquidity needs. The fund will focus on mainstream digital assets, starting with Bitcoin and Ethereum ecosystem projects. This model integrates long-term asset management with the fast-moving nature of Web3 economies. The company will combine capital investment with operational involvement in DAT companies, aiming to build a dynamic ecosystem. The fund will drive asset standardization, support public chains, and reinforce liquidity across Web3 sectors. This dual approach helps accelerate the commercial adoption of blockchain infrastructure.

Chao distinguishes DATs from ETFs, viewing them as complementary rather than competitive vehicles. ETFs offer simple exposure for mainstream investors, whereas DATs are designed for treasuries seeking to integrate crypto into their long-term operations. He noted that many corporate treasuries have suffered due to rigid fund structures or extreme volatility. HashKey's DAT vehicle supports regular subscriptions and redemptions and includes exposure to both BTC and ETH to reduce concentration risk.

HashKey's DAT fund will allocate capital to Bitcoin-related projects with the goal of increasing institutional use and adoption. Bitcoin's status as a reserve asset fits well with the treasury management model that DAT promotes. This enables structured exposure while enhancing the liquidity profile of the broader crypto market. With Bitcoin's maturing role in financial portfolios, the fund intends to amplify its ecosystem through targeted project backing. HashKey plans to invest in infrastructure and service providers supporting Bitcoin's integration into regulated financial platforms.

HashKey will place Ethereum at the core of its DAT initiative, leveraging its decade-long involvement in the network. The group operates infrastructure such as HashKey Chain, a Layer-2 built on Ethereum, currently holding over $172 million in assets. Ethereum's flexibility and programmability make it vital for tokenization, smart contracts, and compliance applications.

Institutional investors are not merely allocating to Bitcoin or Ethereum but diversifying across blockchain ecosystems. HashKey's DAT strategy is part of a broader wave of capital deployment into on-chain assets, with firms like 50T and Mercury Fintech allocating hundreds of millions to infrastructure and Solana-based projects. This diversification reflects a maturing market where institutional capital seeks to capitalize on the unique value propositions of different blockchains, from Ethereum's DeFi ecosystem to Solana's high-throughput smart contracts.

HashKey will also take an active part in the operation and development of DAT-focused companies. This means that HashKey is going to support the new projects and help build up their user count, and assist them in achieving market value.