HashKey Capital has secured $250 million in commitments at the first close of its fourth crypto-focused fund, highlighting sustained institutional appetite despite ongoing market volatility.
The vehicle, named HashKey Fintech Multi-Strategy Fund IV, exceeded internal expectations at launch and is targeting a final fund size of $500 million, according to a company release issued on Wednesday.
HashKey Capital said investor demand remained robust even as broader digital asset markets continue to experience fluctuating liquidity and uneven price performance.
The firm did not disclose the identities of its backers but confirmed that commitments came from a diverse group of global institutional investors, family offices and high-net-worth individuals.
The fundraising milestone comes at a time when short-term liquidity providers are retreating from crypto markets, leaving long-term institutions to deploy patient capital.
HashKey Capital said this shift has created opportunities for managers with established track records and regional expertise to attract sustained allocations.
The new fund will adopt a multi-strategy investment approach focused on infrastructure, scalable platforms and use cases designed for mass adoption.
HashKey Capital said its strategy prioritises projects that demonstrate real-world utility and the potential to operate at global scale.
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.
Deng Chao said.
The latest fund builds on HashKey Capital’s position as one of the most active institutional crypto investors across Asia.
Since its launch in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 blockchain-related projects worldwide.
HashKey Capital said its first fund achieved a distributed-to-paid-in ratio of more than ten times, underscoring strong historical performance.
The company is headquartered in Singapore and maintains operational hubs in Hong Kong and Japan.
HashKey Capital operates as the investment arm of Hong Kong-based HashKey, which was among the first firms in the city to obtain a regulated crypto exchange licence.
The group also played a role in launching Hong Kong’s first spot Bitcoin and Ether exchange-traded funds, marking a milestone for the local digital asset market.
Last week, HashKey made its public trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.
Market research firms have noted that reduced participation from traders and market makers since October has tightened liquidity across crypto markets.
Analysts said persistent outflows from Bitcoin and Ether exchange-traded funds in recent months signal a more cautious stance from large investors.
HashKey Capital said it remains focused on long-term conviction-driven investments despite near-term uncertainty in the digital asset sector.
At the time of reporting, Bitcoin price was $87,623.10.