Hong Kong Firm Invests $200 Million in Tether Gold and Bitcoin Mining

Hong Kong-listed DL Holdings Group Limited and digital asset financial services provider Antalpha have announced a strategic partnership involving up to $200 million in investments across two distinct areas of the digital asset market.

The initiative comprises a dual-track strategy focused on the tokenization of gold assets and the expansion of Bitcoin mining infrastructure, which the companies describe as an effort to connect traditional finance with the digital economy.

Gold Tokenization Push: $100M Investment in XAU₮

As part of the new partnership, DL Holdings plans to acquire and distribute Tether Gold (XAU₮) — a tokenized gold asset issued by Tether and backed by physical gold stored in secure vaults.

The Hong Kong-listed firm said it intends to invest up to $100 million in XAU₮ over the next twelve months, building on an initial $5 million investment made earlier this year.

The global market for tokenized gold currently exceeds $3 billion, making it the largest segment within the broader real-world asset (RWA) tokenization space, which stands at around $25 billion.

Some market forecasts suggest that the RWA market could expand significantly by 2030 if institutional adoption grows, potentially reaching several trillion dollars in total value.

However, adoption among traditional financial institutions remains limited. According to research from JPMorgan and other industry analysts, most RWA activity is still driven by crypto-native firms.

Under the new partnership, Antalpha said it will provide liquidity, custody, and lending services through its RWA Hub platform. The company also plans to establish vaults in multiple jurisdictions to facilitate gold redemptions for investors.

Bitcoin Mining Expansion: $100M Commitment to Hashrate Growth

DL Holdings is also committing $100 million to expand its Bitcoin mining operations over the next year. The company said it is in the final stages of acquiring about 3,000 Antminer S21 units from Bitmain, one of the industry’s leading mining equipment manufacturers.

Based on current operations, the company projects that these machines could generate around 350 BTC per year, with a medium-term target of approximately 1,500 BTC in annual output. DL Holdings has previously invested in mining infrastructure and acquired additional high-performance equipment to support this expansion.

Antalpha is expected to provide financing, technical advice, and risk management support for the mining operations. The company maintains an exclusive partnership with Bitmain, offering access to hardware supply and mining-related expertise.

Strategic Context: Part of Broader Asia Trend

Analysts say the partnership aligns with a broader trend in Asia. Listed companies have increasingly begun integrating digital asset strategies into their operations.

In Japan and other parts of Asia, several publicly traded firms have adopted “Bitcoin Treasury Strategies.” These strategies involve adding Bitcoin or Bitcoin-linked instruments to diversify holdings and strengthen balance sheets.

Japan, in particular, represents a large potential market.

“Japanese households collectively hold more than $15 trillion in savings, mostly in cash and bank deposits with minimal returns. A shift of just 1% toward Bitcoin-linked assets would translate to roughly $150 billion in potential demand.” analyst TradesQuantum said,

However, both institutional and retail investors in Japan remain cautious about direct Bitcoin exposure due to its volatility.

Instead, some favor structured products such as Bitcoin-backed bonds or preferred shares that offer fixed yields of 5–6%. Such instruments are viewed as a bridge between traditional finance and the crypto sector.