HashKey raises $250 million for new crypto fund following strong demand from investors

• The fund targets infrastructure and scalable blockchain use cases with a focus on emerging markets.
• Market makers have reduced activity since the Oct. 10 crash, while ETF flows suggest lower institutional participation.
• The raise follows HashKey’s $206 million IPO on the Hong Kong Stock Exchange.

Institutional capital is taking a long-term view of crypto markets as short-term liquidity thins out.

This shift is reflected in the first closing of a new fund from HashKey Capital, which has secured $250 million in commitments despite turbulent trading conditions.

The rise highlights how big investors are repositioning themselves after a volatile period of heavy liquidations, ETF outflows and declining market makers.

Instead of chasing short-term price movements, capital is increasingly being invested in infrastructure, financial technology and real-world blockchain applications with long-term potential.

Fund strategy and scaling

HashKey Capital announced that its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded initial closing expectations and is targeting a final size of $500 million.

The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases for broader distribution.

According to the company, emerging markets are expected to play a key role as these regions increasingly serve as testing grounds for blockchain-based financial services and applications.

Institutional condemnation on the wrong foot

The timing of the ending is remarkable. Crypto markets have been adjusting after a sharp sell-off in early October when a major liquidation event triggered widespread deleveraging.

In one Post on Tuesday on X 10x Research wrote that many traders and market makers were less active after the Oct. 10 crash, contributing to lower liquidity.

Since early November, the 30-day average of net flows in U.S. spot Bitcoin and Ether ETFs has turned negative, suggesting capital is being redeployed or held on the sidelines as conditions tighten.

Track record and expansion

Fund IV builds on HashKey Capital’s established presence in the Asian digital asset sector.

Since its founding in 2018, the company has grown to more than $1 billion in assets and has invested in over 400 projects worldwide.

Its first fund recorded a distributed-to-deposit ratio of more than 10x, underscoring the level of returns achieved in previous cycles.

The firm is headquartered in Singapore and operates throughout Hong Kong and Japan.

It is part of the larger HashKey Group, which was among the first in Hong Kong to receive a crypto exchange license.

The group also helped launch the first Bitcoin and Ether spot ETFs in the city, expanding its regulatory and market footprint.

The fundraising comes shortly after HashKey entered the market.

Last week, the company made its trading debut on the Hong Kong Stock Exchange after a $206 million initial public offering.

The listing adds another layer of visibility, especially at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming increasingly selective.