Hong Kong Firms Buy ETH, BNB and Solana as DAT Wave Builds

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YZi Labs, a family office affiliated with Binance founder Changpeng Zhao, is also backing a $1 billion BNB-focused vehicle, showing how Chinese crypto leaders are fueling this expansion.

Moreover, Alibaba-backed Yunfeng Financial disclosed a $44 million purchase of 10,000 Ether, funded with internal cash and recorded as an investment asset. Caixin reported that Yunfeng sees the allocation as both a hedge against fiat risk and a step toward integrating Web3 into traditional finance.

DAT Infrastructure and Market Players

The DAT model mirrors the strategy pioneered by MicroStrategy, which began buying Bitcoin in 2020. Its “flywheel” cycle — raising debt or equity, purchasing tokens, and benefiting from higher share valuations — has influenced Asian markets.

In Hong Kong, the Digital Asset Listed Companies Association launched in August with 49 members, including Boyaa Interactive and Huajian Medical. Member holdings remain under $2 billion, but most plan to expand. HashKey Group also introduced a $500 million DAT fund targeting Bitcoin- and Ethereum-based projects.

Executives say Ethereum and Solana may offer stronger upside than Bitcoin because of smaller corporate reserves. Bitmine currently leads with 1.87 million ETH, while Solana allocations are emerging as new entrants test broader baskets of digital assets.

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At a Hong Kong event, Binance’s Zhao said DAT structures let companies, including state-linked enterprises, gain indirect exposure without breaching restrictions on direct token ownership.

Nevertheless, analysts warn that coin-equity linkage depends on sustained token rallies. Japan’s Metaplanet surged after large Bitcoin purchases but later fell more than 50% despite announcing plans to raise ¥555 billion ($3.8 billion).

Meanwhile, Hong Kong regulators remain cautious. The Hong Kong Monetary Authority confirmed its stablecoin licensing framework took effect on August 1. Issuers must hold HK$25 million in capital, segregate reserves, and comply with AML rules.

Only a few licenses will be issued initially, though 77 institutions — including HSBC and ICBC (Asia) — have expressed intent to apply.

“If e-CNY and Hong Kong’s stablecoin law combine, it may unlock greater opportunities for the yuan’s international progress,” HSBC’s Liu Jing said, according to iNews.