HashKey Raises $250M For New Crypto Fund Amid Strong Demand

TLDR

• HashKey Capital raised $250M for its fourth fund, targeting $500M, with strong backing from global institutional investors.
• The new fund focuses on blockchain infrastructure and adoption in emerging markets, fueling global growth.
• HashKey’s assets under management exceed $1 billion, with investments in over 400 global blockchain projects.
• Despite market volatility, HashKey’s Fund IV attracted significant institutional interest amid tightening crypto liquidity.

HashKey Capital has raised $250 million in the first close of its fourth crypto-focused investment fund, the HashKey Fintech Multi-Strategy Fund IV. This milestone, which exceeds initial expectations, reflects strong demand from institutional investors despite ongoing volatility in the crypto market. The firm is targeting a final size of $500 million, with additional capital expected to be raised in the coming months.

Institutional Interest Drives Fund Success

The strong interest in HashKey’s new fund highlights the firm’s ability to attract backing from global institutional investors, family offices, and high-net-worth individuals. While HashKey has not disclosed the identities of its investors, the firm noted that the capital raised came from a diverse group of sources. The fund’s focus is on blockchain infrastructure and scalable applications that can promote widespread adoption.

CEO Deng Chao expressed confidence in the firm’s position, stating, “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.”

Multi-Strategy Investment Approach

The HashKey Fintech Multi-Strategy Fund IV will adopt a multi-strategy approach to investing, focusing on blockchain infrastructure and use cases with mass adoption potential. The fund aims to target a broad range of investment opportunities within the blockchain ecosystem, from early-stage startups to more established projects.

This strategy aligns with HashKey Capital’s history of supporting both emerging and mature companies in the blockchain space. Since its inception, the firm has invested in more than 400 projects globally, and it continues to strengthen its position as one of Asia’s leading institutional investors in the crypto sector.

Long-Term Capital Despite Market Challenges

The strong fundraising for HashKey’s fourth fund comes amid a difficult market environment for cryptocurrencies. Following the major market crash in October 2025, many traders and market makers have reduced their activity, and there has been a noticeable decline in large institutional participation. Data from Glassnode also shows continued outflows from Bitcoin and Ether ETFs, further indicating reduced investor confidence in the short term.

Despite these conditions, HashKey has succeeded in securing significant commitments for its new fund, suggesting that some institutional investors remain optimistic about the long-term potential of blockchain technology. The firm’s focus on emerging markets is seen as a strategic way to position itself for future growth, as these regions are expected to drive the next phase of blockchain adoption.

Expanding Presence in Asia

HashKey Capital, headquartered in Singapore, with operations in Hong Kong and Japan, has become a key player in Asia’s crypto investment landscape. The firm is known for its involvement in major blockchain projects, including the launch of Hong Kong’s first Bitcoin and Ether exchange-traded funds (ETFs) and securing one of the city’s first crypto exchange licenses.

In addition to its investment activities, HashKey recently went public with a $206 million IPO on the Hong Kong Stock Exchange, marking a significant milestone in the firm’s expansion. With over $1 billion in assets under management, HashKey continues to play a leading role in shaping the future of cryptocurrency investments in the region.

The $250 million raised for Fund IV reflects continued confidence in HashKey Capital’s approach to blockchain investments, especially in emerging markets. As the firm works toward its target of $500 million, it is well-positioned to take advantage of new opportunities in the evolving cryptocurrency space.

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