In a recent interview with Cointelegraph, Chao explained that digital asset treasuries (DATs) can be sustainable over the long run — but only if managed correctly. He warned that treasuries without proper risk frameworks, poor diversification, or those treating crypto like a quick speculative bet are more likely to fail during volatile market cycles.
“Resilience comes from discipline,” Chao emphasized. “It’s not the digital assets themselves that are unsustainable, but how companies manage them that determines success.”
Just a few weeks earlier, HashKey launched a **\$500 million DAT fund in Hong Kong**. The fund is focused on corporate Bitcoin and Ethereum treasuries and will channel capital into on-chain infrastructure, custody solutions, and ecosystem services.
The fund aims to support institutions and corporations looking to integrate digital assets into their operations — not just holding them, but also benefiting from the growth of the surrounding infrastructure.
### DATs vs. ETFs: Not Rivals, but Complements
Chao also highlighted the difference between DATs and ETFs. He explained that ETFs provide simple exposure for mainstream investors, while DATs are specifically structured for companies that want to adopt crypto into long-term business strategies. Instead of competing, Chao views the two as **complementary financial tools
