[Xiao Feng: DAT May Become a New Trend in Crypto Asset Investment, Superior to ETFs in Liquidity and Price Flexibility] Live report from Jinse Finance: On August 28, 2025, at the Bitcoin Asia event held in Hong Kong, Dr. Xiao Feng, Chairman of Hashkey Group, stated that among investment tools related to crypto assets, the DAT (Digital Asset Treasury) model may have advantages over ETFs and could potentially trigger a new revolution in financial instruments, similar to the emergence of ETFs in the past. He pointed out that DAT is superior in liquidity, leveraging distributed ledger technology to enable rapid conversion between traditional and crypto assets, whereas ETF subscriptions and redemptions require intermediaries and are time-consuming. DAT offers more appropriate price flexibility compared to ETFs, provides better leverage options, fills the gap in single-asset investment, and comes with a built-in downside protection mechanism. Dr. Xiao Feng believes that in the next three to ten years, DAT is likely to become a highly promising investment tool, particularly well-suited for crypto assets.