HashKey Capital Secures $250M For New Crypto Fund

HashKey Capital has secured $250 million in commitments for the first close of its fourth crypto-focused fund. The investment comes at a time when the company has “significant interest” from institutional investors despite tighter market liquidity and shifting market sentiment. The firm revealed that the fund, called “HashKey Fintech Multi-Strategy Fund IV,” has surpassed its initial close and is now targeting a final size of $500 million. 

HashKey’s Plans for the New Fund

While specific investors were not revealed, HashKey Capital said the capital was raised from a mix of global institutional investors, high-net-worth individuals, and family offices. The fundraising comes at a time when short-term liquidity providers and crypto market makers have reduced their activity, leaving long-term investors to drive capital development. According to HashKey Capital, the new fund will adopt a multi-strategy approach, focusing on blockchain infrastructure as well as scalable and mass-adoption use cases, particularly in emerging markets. 

Deng Chao, CEO of HashKey Capital, said, “With $250 million in new capital, we are uniquely positioned to capture the massive growth occurring in emerging markets. These regions are the true testing grounds for blockchain’s real world applications, and Fund IV will provide the essential fuel to scale those innovations globally.”

Founded in 2018, HashKey Capital has established itself as one of Asia’s most active institutional crypto investors. The firm manages more than $1 billion in assets and has invested in over 400 projects worldwide. Its first fund recorded a distributed-to-paid-in ratio of more than 10x, highlighting its early success in the sector. 

The company has its headquarters in Singapore and operates across Hong Kong and Japan. It is also the first to receive a crypto exchange license and among the first to launch spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong. Last week, HashKey made its debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.