DAT Treasuries Need Discipline to ‘Survive Any Market’

The survival of corporate crypto treasuries depends on governance and discipline, according to HashKey Capital CEO Deng Chao.

In an interview with Cointelegraph, Chao argued that digital asset treasuries (DATs) are sustainable long-term, but “with an important caveat.” Those that lack risk frameworks, diversify poorly or treat digital assets like speculative bets tend to collapse in volatile cycles.

“Resilience comes from discipline,” he said. “Digital assets themselves are not inherently unsustainable; it is how they are managed that makes the difference.”

The remarks come just weeks after HashKey launched its $500 million DAT fund in Hong Kong. The fund targets Bitcoin- and Ethereum-based corporate treasuries and will actively deploy capital across onchain infrastructure, custody and ecosystem services.

The fund is designed to serve institutions and corporations seeking operational use of digital assets. “Not only holding them but also benefiting from the growth of the underlying infrastructure,” he said.

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DATs vs. ETFs: different tools, different goals

Chao drew a distinction between DATs and ETFs, saying “we don’t see them as competitors so much as complementary vehicles.” ETFs offer simple exposure for mainstream investors, while DATs are built for treasuries that want to embed crypto into long-term operations.

According to SoSoValue data, spot Bitcoin ETFs hold a combined $152.31 billion in assets, representing 6.63% of Bitcoin’s total market capitalization. In contrast, public companies hold 1,111,225 Bitcoin (BTC) on their balance sheets, worth $128 billion, according to BitcoinTreasuries.NET.

Many corporate treasuries, Chao noted, have been burned by 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.

“Treasuries that have entered crypto have long struggled with two issues: liquidity and operations,” Chao said. “Our DAT fund was built to solve these pain points.”

HashKey plans to deploy capital across the Bitcoin and Ethereum (ETH) ecosystems, which Chao described as the dual anchors of liquidity and innovation in today’s crypto landscape. Priority sectors include custody, payments, staking services, and regulated stablecoin infrastructure.

The fund’s scope is international. While it launched in Hong Kong, Chao confirmed HashKey is also targeting the US, Japan, Korea, Southeast Asia and the UK, noting that “the investment thesis of the fund is global from day one.”

Related: Institutional demand grows with new crypto treasuries and SEC reforms: Finance Redefined

Misconceptions are barriers, says Chao

Chao also addressed skepticism from traditional finance. Many institutional players still believe crypto is speculative, hard to secure, or incompatible with standard accounting. “These misconceptions are not just gaps in understanding, they are barriers to broader institutional adoption,” he added.

Looking ahead, Chao said HashKey is especially bullish on real-world asset (RWA) tokenization, institutional OTC markets and infrastructure for onchain financial products.

“Tokenized products expand the investable universe,” he said. “OTC markets provide the channels for capital to flow at scale… This convergence signals a shift from fragmented crypto activity to a fully integrated digital finance ecosystem.”

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