HashKey Capital Secures $250 Million First Close for Fourth Crypto Fund

Singapore-based HashKey Capital has completed the first closing of its fourth investment fund, securing $250 million in commitments and exceeding its initial fundraising target.

The firm said HashKey Fintech Multi-Strategy Fund IV attracted capital from global institutional investors, family offices, and high-net-worth individuals. The fund is targeting a final close of $500 million.

Fund IV will invest across the digital asset ecosystem, with a focus on infrastructure and scalable applications. HashKey Capital cited its performance history as a key factor behind investor demand, noting that its first fund achieved a distributed-to-paid-in (DPI) ratio of more than 10x.

Founded in 2018, HashKey Capital manages over $1 billion in assets and has invested in more than 400 blockchain-related projects globally. The firm was an early institutional investor in Ethereum and has built a reputation for identifying emerging blockchain technologies at an early stage.

The new fund will follow a multi-strategy approach, combining public market strategies with crossover investments designed to generate liquidity. It will also pursue selective private market opportunities aimed at enhancing alpha.

HashKey Capital operates out of Singapore, with additional operations in Hong Kong and Japan. The firm holds Type 1, Type 4, and Type 9 licenses in Hong Kong and was involved in launching the city’s first spot Bitcoin and Ethereum exchange-traded funds.

Commenting on the fundraising, CEO Deng Chao said: “With US$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.”

The first close highlights continued investor interest in regulated digital asset managers with established track records. HashKey Capital said Fund IV will prioritize infrastructure, development tools, and applications with potential for broad adoption across global markets.