Xiao Feng: DAT may be the best way to transfer crypto assets

According to HashKey Group Chairman and CEO Dr. Xiao Feng at the Bitcoin Asia 2025 conference, the Digital Asset Trust (DAT) may be the best way for crypto assets to transition from on-chain to off-chain. He elaborated on four advantages of DAT over ETFs: First, better liquidity. ETF applications take a long time, while DAT allows investors to transfer assets more conveniently and efficiently. Second, DAT has higher price elasticity, with significant market value fluctuations and risk isolation characteristics, providing institutions with more arbitrage tools. Third, the leverage design is more reasonable. DAT offers a leveraged financing structure, which can provide investors with higher premiums compared to the price growth of cryptocurrencies. Fourth, DAT comes with a built-in downside protection mechanism; when stock prices fall below the company's net asset value, investors can take advantage of discounts to purchase Bitcoin or ETFs, a situation that will be swiftly eliminated by the market.