HashKey Group, Hong Kong's largest licensed cryptocurrency exchange, has announced the launch of its inaugural Digital Asset Treasury fund, targeting an initial $500 million. This multi-currency fund aims to mirror the growing trend of public companies accumulating cryptocurrency assets to benefit from rising token prices and a more favorable regulatory landscape. Inspired by the success of U.S.-based firms, which collectively hold around 100,000 bitcoin, according to Standard Chartered, HashKey seeks to lead in standardizing crypto assets and fostering a sustainable Web3 ecosystem through strategic investments in top-tier DAT projects globally. The fund will initially focus on mainstream crypto assets, particularly within the Ethereum and Bitcoin ecosystems, reflecting HashKey’s broader strategy of building a diversified digital asset portfolio and supporting the development of decentralized internet infrastructure.
In the United States, the cryptocurrency landscape is witnessing significant developments. President Donald Trump's nominee for chair of the Commodity Futures Trading Commission , Brian Quintenz, revealed that crypto entrepreneur Tyler Winklevoss lobbied the president to delay his nomination. Winklevoss expressed concerns over a 2022 CFTC lawsuit against Gemini, the crypto exchange co-founded by the Winklevoss twins, which had settled for $5 million in January. Despite having testified in a Senate hearing in June, Quintenz’s nomination has not advanced, highlighting the complex interplay between regulatory bodies and the crypto industry.
Additionally, the United States is considering the establishment of a national cryptocurrency reserve. Following an executive order signed in January 2025, President Trump announced the creation of the Presidential Working Group on Digital Asset Markets to explore a national digital asset stockpile. The reserve would include cryptocurrencies such as Solana , Cardano , Ripple , Ethereum , and Bitcoin , aiming to make the U.S. the "Crypto Capital of the World" and support industry growth. This initiative marks a significant shift in the U.S. government's approach to digital assets, reflecting a growing recognition of their potential role in the financial system.
In the United Kingdom, The Smarter Web Company, originally a web design firm, has transformed into the UK's largest bitcoin-buying business and now aspires to join the FTSE 100. Despite recent share price volatility, including a 73% drop from its peak in June, its market valuation stands at £400 million, surpassing companies like ASOS. The company owns 2,470 bitcoins worth over £200 million and is exploring acquisitions of struggling crypto treasury rivals whose valuations have slumped. Founder Andrew Webley remains confident in the business’s direction and is considering a name change to reflect its crypto focus. This move underscores the growing institutional interest in cryptocurrencies and their integration into traditional financial markets.
Meanwhile, in Argentina, the $LIBRA cryptocurrency scandal has raised significant concerns. The scandal began on February 14, 2025, when President Javier Milei promoted a cryptocurrency project called $LIBRA. The price of the meme coin spiked following Milei's promotion but then suffered a severe price drop, leading to allegations of a rug pull scam and $251 million in losses for investors. This incident has been dubbed Cryptogate and has been described as the "first big scandal" of Milei's presidency. The scandal highlights the risks associated with unregulated cryptocurrency projects and the need for robust regulatory frameworks to protect investors.
These developments illustrate the dynamic and rapidly evolving nature of the cryptocurrency industry, with significant implications for investors, regulators, and the broader financial ecosystem.
