AsianFin -- HashKey Group, Hong Kong’s largest licensed cryptocurrency exchange, announced on Monday the launch of its inaugural Digital Asset Treasury (DAT) focused fund, targeting an initial size of $500 million.

The multi-currency fund will adopt a DAT strategy, which involves public companies accumulating cryptocurrency assets to benefit from rising token prices and a gradually softening regulatory environment. The strategy has gained traction this year, as firms look to emulate the success of U.S.-based Strategy, a software company that began acquiring Bitcoin in 2020 and now holds over $63 billion in digital assets as of June.

According to Standard Chartered, corporate "Strategy copycats" have collectively increased their Bitcoin holdings to nearly 100,000 coins, reflecting the growing adoption of cryptocurrency as a treasury asset among large companies.

HashKey said its fund will focus on investing in and operating top-tier DAT projects globally, with the goal of advancing crypto asset standardization and accelerating the development of a sustainable Web3 ecosystem. Web3 refers to a decentralized internet model built on blockchain technology, emphasizing transparency, security, and user control.

“By establishing a fund specifically dedicated to Digital Asset Treasury strategies, we aim to provide institutional investors with structured access to crypto assets while promoting long-term sustainability in the digital economy,” HashKey said in a statement.