Discipline Over Speculation
The sustainability of corporate crypto treasuries hinges on strong governance and a long-term view, according to HashKey Capital CEO Deng Chao. Speaking in a recent interview, Chao emphasized that digital asset treasuries (DATs) are viable as strategic reserves, but only if treated with discipline.
“Resilience comes from discipline,” Chao said. “Digital assets themselves are not inherently unsustainable; it is how they are managed that makes the difference.”
He warned that treasuries lacking risk frameworks, diversification, or governance tend to collapse during volatile market cycles, while those with long-term strategies can weather downturns.
HashKey recently launched a $500 million DAT fund in Hong Kong, designed to support corporate and institutional treasuries holding Bitcoin and Ethereum. The fund not only provides exposure to assets but also allocates capital to onchain infrastructure, custody, and ecosystem services.
Chao stressed that the goal is not just to hold tokens but to integrate them into long-term operations:
“Not only holding them but also benefiting from the growth of the underlying infrastructure.”
DATs vs. ETFs: Complementary, Not Competing
Chao clarified that digital asset treasuries are not direct competitors to Bitcoin ETFs. Instead, they serve different needs:
- ETFs → Provide straightforward exposure for mainstream investors.
- DATs → Function as strategic corporate reserves, embedding crypto into treasury operations.
Current data shows Bitcoin ETFs hold $152.31 billion, equal to 6.63% of Bitcoin’s total market cap. Meanwhile, public companies collectively hold over 1.1 million BTC worth $128 billion.
Solving Liquidity and Operational Challenges
Corporate treasuries often struggle with liquidity management and operations when adopting digital assets. HashKey’s DAT vehicle addresses this by allowing regular subscriptions and redemptions, while diversifying between BTC and ETH to reduce concentration risk.
Chao explained that Bitcoin and Ethereum form the dual anchors of liquidity and innovation in the current crypto landscape. Priority investment sectors include:
- Custody solutions
- Payments infrastructure
- Staking services
- Regulated stablecoins
Though launched in Hong Kong, HashKey confirmed that the DAT fund’s scope is global, targeting markets in the US, Japan, Korea, Southeast Asia, and the UK. Chao said the fund’s investment thesis is international from the start, reflecting crypto’s borderless nature.
Breaking Down Misconceptions
Despite growing institutional demand, Chao acknowledged that skepticism remains in traditional finance. Many still view crypto as speculative, insecure, or incompatible with accounting standards.
“These misconceptions are not just gaps in understanding, they are barriers to broader institutional adoption,” he explained.
Looking ahead, HashKey is especially optimistic about real-world asset (RWA) tokenization, institutional OTC markets, and onchain financial product infrastructure as catalysts for growth.
HashKey’s message is clear: crypto treasuries must be managed as strategic reserves, not speculative plays. With governance, diversification, and disciplined risk frameworks, digital asset treasuries can survive market volatility and thrive globally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.