DL Holdings Group Limited (Stock Code: 1709.HK) recently released a supplementary announcement, disclosing a key milestone in its digital finance strategy: the Hong Kong Securities and Futures Commission (SFC) has entered the final stage of approval for the company’s virtual asset license application. At the same time, DL Holdings announced that its recently raised funds of nearly HK$1 billion will be invested in two major tracks — digital currencies and real-world asset (RWA) tokenisation. If approved, the license will mark the substantive implementation of the Group’s “compliant digital finance” strategy.
The Group emphasised that its digital finance business is fundamentally different from the “Digital Asset Treasury” (DAT) or “cash company” model. DAT typically refers to companies that passively hold cryptocurrencies as reserve assets on their balance sheets, relying on market volatility for financial arbitrage, resulting in a relatively singular business model. DL Holdings, however, does not adopt this approach.Its key difference lies in its foundation on a robust family office business, equipped with cross-cycle asset allocation and risk resilience capabilities. The company’s goal is not passive coin hoarding, but rather strategic reserve building through digital assets — aiming to create an open financial platform that connects traditional finance with the decentralised ecosystem. DL’s long-term vision is to build the “Asian version of Robinhood,” offering investors a secure and efficient channel to participate in the Web 3.0 market, while upholding the principle of inclusive finance — “Investing Made Simple” — so that sound investments are no longer the privilege of a few.
Figure 1: Major Progress Disclosed in Virtual Asset License Application
At present, DL Holdings is in the midst of transitioning from traditional finance to a dual-track model that integrates both conventional and emerging sectors. On one hand, the company continues to consolidate its established businesses in family office, securities, and asset management; on the other, it is steadily advancing innovation in cryptocurrency mining, RWA tokenisation, and compliant trading channels. This strategic path builds upon DL’s existing business moat — taking licenses as the foundation of compliance and technology as operational support — with the goal of becoming a “value integrator” and “service enabler” in the digital asset space, rather than a passive holder dependent on market prices.
According to the announcement, the net proceeds of approximately HK$956 million will be primarily allocated to two core business areas. Among them, 56% will be invested in digital currency operations, with plans to complete equipment procurement, custody prepayments, and site deployment between Q4 2025 and Q3 2026. More than 70% of the funds are expected to be deployed by Q1 2026. The company is currently in discussions with the Singapore subsidiary of Antalpha, a leading global digital asset financial services platform, regarding a mining equipment financing arrangement, to ensure timely payment of the remaining balance to Bitmain, the world’s largest mining machine manufacturer.
In terms of its positioning within the Bitcoin mining business, DL Holdings emphasizes that it does not engage in speculative digital asset holdings. The Group’s Bitcoin mining represents an active, industrial-level participation in the blockchain network — “producing” Bitcoin through the deployment of computing infrastructure — and is fundamentally different from the “Digital Asset Treasury” (DAT) model, in which companies passively purchase and hold cryptocurrencies in the secondary market in anticipation of price appreciation. DL’s mining machines will be hosted in data center facilities in Oman and Paraguay, both of which offer stable regulatory environments and abundant, low-cost electricity supply. According to the Hong Kong Accounting Standards (HKAS), Bitcoins generated through mining will be recorded at cost, and subsequently measured at the lower of cost or net realizable value, reflecting the Group’s commitment to financial prudence.
DL Holdings has also clearly defined a strict asset allocation discipline: although a portion of the mined Bitcoin will be retained as strategic reserves to support its digital finance operations, the total combined value of the Group’s cryptocurrencies, listed equity investments, and cash holdings will be strictly capped at no more than 50% of the Group’s total assets. This framework demonstrates that DL Holdings’ Bitcoin mining business is a strategic initiative aimed at building a sustainable digital asset ecosystem, rather than a vehicle for short-term speculative trading.
The remaining financing proceeds will be used to enhance the Group’s digital asset ecosystem layout. 24% will be allocated to the development of the RWA (Real World Asset) and Tether Gold (XAU₮) ecosystem, with funds to be gradually disbursed from the fourth quarter of 2025 through the end of 2026. This schedule aligns with the project development milestones disclosed in the Company’s announcement dated October 16, 2025, which outlined plans to acquire and distribute up to US$100 million worth of XAU₮ within the next twelve months. It is worth emphasizing that DL’s XAU₮ purchases will serve solely functional and inventory-support purposes, rather than speculative investment, and will be strictly conducted in accordance with internal and regulatory requirements. An additional 10% of the funds will be allocated to strategic diversified investments (including potential projects such as ONE Carmel), and another 10% will be used as general working capital, providing comprehensive support for the Group’s continued expansion.
In terms of compliance layout, DL Holdings is systematically advancing four key pillars. Licensing serves as the foundation — the Group has submitted multiple applications to the Hong Kong Securities and Futures Commission (SFC). On July 25, DL applied to extend its existing Type 1 (dealing in securities) and Type 4 (advising on securities) licenses to cover virtual asset trading and advisory services. On September 30, the Group further submitted business plans for tokenized product distribution under the Type 1 license and tokenized product management under the Type 9 (asset management) license, and has continued to provide supplemental information to the SFC as requested. The review process has now entered its final assessment stage, becoming a focal point of market attention, with license upgrade approval expected by mid-November.
On the trading side, the Company has initiated cooperation with OSL, one of Hong Kong’s first licensed virtual asset trading platforms (a subsidiary of the HKEX-listed BC Technology Group), to establish both corporate and omnibus accounts on the platform. On the asset side, DL Holdings is partnering with Asseto, an SFC-recognized service provider, to promote the tokenization of its real estate and private equity fund assets, with the goal of building a comprehensive institutional-grade tokenized asset ecosystem. The Group will leverage its existing family office and asset management businesses to cross-sell these innovative digital products to both existing and potential clients. By establishing a compliant platform that connects blockchain-based tokenized assets with traditional financial services, DL enables high-net-worth and institutional clients to access, subscribe to, and manage such tokenized products within a secure and regulated environment.
In terms of talent, DL’s digital finance business is led by veteran experts with over a decade of experience in cryptocurrency and digital asset management. The team covers key functional areas including blockchain investment, mining operations, compliance management, and digital asset product structuring. In addition, under the general mandate, approximately 17.93 million shares remain unutilized, providing the Group with strategic flexibility for future development.
Mr. Andy Chen, Chairman of the Board of DL Holdings, stated: “Our goal in building the Bitcoin and RWA ecosystems is, above all, to practice inclusive finance — enabling all investors to enjoy access to quality investment opportunities through blockchain technology.” He further noted: “Global finance now stands at the intersection of traditional model transformation and the rise of the digital ecosystem. In Hong Kong’s journey toward becoming an international digital finance hub, we aim to build an inclusive digital financial ecosystem that serves both institutions and individual investors through a ‘TradFi + DeFi’ framework. By advancing compliant digital asset allocation and on-chain innovation, we strive to make high-quality, low-cost, and efficient investment opportunities no longer the privilege of a few, but a right shared by all.”
DL Holdings’ newly disclosed strategic update reflects a deeper integration of its dual-track strategy. On one hand, by applying for SFC licenses and partnering with licensed exchanges, the Group is building a regulatory moat combining “licenses + channels”, mitigating industry regulatory risks. On the other hand, by focusing on Bitcoin mining and RWA tokenisation as two core drivers, DL Holdings covers both the production side of digital assets and the circulation side of traditional assets — creating a differentiated business loop. As its fundraising proceeds are gradually deployed, SFC license approval finalised, and cooperation with Antalpha and Asseto further deepens, the Group aims to become a key bridge linking traditional finance and the digital ecosystem, offering the industry a model of compliance-driven, scenario-based, and ecosystem-oriented development, while steadily realizing its vision of “Investing made simple”.
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