Crypto Exchange HashKey Plans $500M Digital Asset Treasury Fund

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Crypto exchange HashKey unveiled plans to build a $500 million fund for investments in digital asset treasury companies.

HashKey, one of the first regulated crypto exchanges in Hong Kong, said it will build a diversified portfolio of digital asset treasury projects focused on mainstream cryptocurrencies. It will initially concentrate on bitcoin (BTC) and ether (ETH), it said in an announcement on Monday.

The aim of the fund is to "build an institutional bridge between traditional financial capital and on-chain assets," by promoting a standardized approach to managing crypto assets, HashKey said.

HashKey appears to be responding to the proliferation of publicly listed companies build treasuries of crypto tokens, copying Michael Saylor's Strategy (MSTR), which has been acquiring bitcoin since 2020 and now owns over 600,000 BTC.

Strategy has been copied by various other companies acquiring large numbers of BTC and more recently firms adopting a similar method for ether, such as crypto miner BitMine (BMNR) and sports betting firm SharpLink Gaming (SBET).

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