On-site online report, on August 28, 2025, at the Bitcoin Asia event held in Hong Kong, Dr. Xiao Feng, Chairman of Hashkey Group, said that among crypto-asset-related investment vehicles, the DAT (Digital Asset Treasury) model may have more advantages than ETFs, or it will trigger a new financial instrument revolution like the emergence of ETFs back then. He pointed out that DAT is better in terms of liquidity and relies on distributed ledgers to achieve rapid conversion of traditional and crypto assets, while ETF purchase and redemption require intermediaries and are time-consuming;DAT has more suitable price elasticity than ETFs and can also provide more appropriate leverage to fill the intermediate gap in single asset investment, with its own decline protection mechanism. Dr. Xiao Feng believes that DAT is expected to become a very growing investment tool in the next three to ten years, especially suitable for crypto assets.