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Hong Kong’s HashKey to Launch $500M Digital Treasury Fund

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HashKey Group, Hong Kong’s leading licensed crypto exchange and digital asset manager, announced plans to launch a $500 million Digital Asset Treasury (DAT) fund, joining the wave of firms adopting bitcoin-style treasury strategies pioneered by U.S. software firm MicroStrategy (MSTR.O).

MicroStrategy, which began stockpiling bitcoin in 2020, now holds more than $63 billion in crypto, inspiring “copycats” worldwide. Collectively, such treasury adopters have amassed nearly 100,000 bitcoin, according to Standard Chartered.

HashKey said the fund will create a diversified DAT portfolio, initially focused on the Bitcoin and Ethereum ecosystems, with the goal of advancing crypto asset standardization and fostering a sustainable Web3 infrastructure.

“The strategy is not just a U.S. phenomenon — it’s spreading across Hong Kong, Japan, and other equity markets,” Binance founder Changpeng Zhao said at a recent Hong Kong bitcoin conference, noting how DAT adoption is gaining traction in Asia.

Founded in 2018, HashKey Group offers services spanning asset management, brokerage, tokenization, and runs Hong Kong’s largest licensed crypto exchange. By leveraging its global footprint, HashKey said it plans to both initiate and invest in leading DAT projects, accelerating institutional-grade adoption of blockchain technologies.

Bitcoin Hits Record High Amid Fed Easing Bets and U.S. Crypto Reforms

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Bitcoin reached a fresh all-time high on Thursday, climbing as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak from July. Ether, the second-largest cryptocurrency, also hit $4,780.04, its highest level since late 2021.

The rally is being fueled by growing expectations of Federal Reserve rate cuts, sustained institutional buying, and recent U.S. regulatory reforms under President Donald Trump. “Technically, a sustained break above $125k could propel BTC to $150,000,” noted IG market analyst Tony Sycamore.

Bitcoin has surged nearly 32% so far in 2025, supported by long-awaited regulatory wins, including stablecoin legislation and efforts by U.S. securities regulators to accommodate cryptocurrencies. Trump, who has branded himself the “crypto president,” has also promoted the inclusion of crypto assets in 401(k) retirement accounts through a recent executive order.

The executive order could boost asset managers such as BlackRock and Fidelity, which offer crypto exchange-traded funds (ETFs), although crypto’s higher volatility compared with traditional stocks and bonds presents risks for retirement savings.

The broader crypto market has also benefited, with total market capitalization rising to over $4.18 trillion, up from roughly $2.5 trillion in November 2024, following Trump’s election. The sector has shrugged off broader economic uncertainties, including the potential impact of tariffs, as enthusiasm grows for mainstream adoption.

eToro CEO Highlights Retail Investor Surge as Q2 Profit Beats Estimates

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Trading and cryptocurrency platform eToro reported stronger-than-expected second-quarter profits, fueled by a surge in retail investor activity during market volatility, CEO Yoni Assia said Tuesday.

MARKET CONTEXT
Retail investors actively “bought the dip” following sharp declines in April after U.S. President Trump announced new tariffs. Assia noted investors targeted high-growth stocks such as Google, Nvidia, and Tesla, echoing patterns seen during the COVID-19 market disruptions when institutional investors pulled back.

Despite the Q2 profit beat, shares of eToro fell 8% post-earnings, reflecting expectations set by the company’s recent May IPO, which saw shares debut above the marketed range. Analysts said the surge in April trading activity was not sustained through July, tempering market enthusiasm.

CRYPTO AND PRODUCT EXPANSION
eToro saw heightened crypto trading activity in July, driven by bitcoin reaching all-time highs. Assia highlighted that regulatory clarity in the U.S. is helping fintech firms expand crypto offerings and attract younger, tech-savvy investors.

The company plans to expand into AI-driven trading strategies and cater to more sophisticated users while maintaining its core retail trading platform, which allows users to invest in stocks, crypto, and other assets while mirroring strategies of top investors.

FINANCIAL HIGHLIGHTS

  • Adjusted Q2 profit: $0.56 per share (est. $0.50)

  • Market focus: Retail investors driving stock and crypto activity