HashKey secures $250M for new crypto fund amid ‘significant interest’

cointelegraphPublished on 2025-12-24Last updated on 2025-12-24

Abstract

HashKey Capital has secured $250 million in the first close of its fourth crypto fund, targeting a final size of $500 million. The fund attracted institutional investors, family offices, and high-net-worth individuals despite shifting market conditions. It will use a multi-strategy approach to invest in blockchain infrastructure and scalable use cases. The firm, which manages over $1 billion in assets, recently debuted on the Hong Kong Stock Exchange after a $206 million IPO. Meanwhile, market makers are pulling back from crypto following the October market crash, and ETF outflows suggest reduced institutional participation as liquidity tightens.

HashKey Capital secured $250 million in commitments in the first close of its fourth crypto-focused fund amid “significant interest” from institutional investors despite shifting market conditions.

The fund, known as “HashKey Fintech Multi-Strategy Fund IV,” exceeded initial expectations at its first close and is targeting a final size of $500 million, the company said in a news release on Wednesday.

HashKey did not identify its investors, but said the commitments came from a mix of global institutional investors, family offices and high-net-worth individuals.

The close comes as short-term liquidity providers pull back from crypto markets, leaving institutions to express conviction through long-term capital. HashKey Capital said the fund will pursue a multi-strategy approach to investing in “infrastructures, scalable and mass adoption use cases.”

“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,” said Deng Chao, CEO of HashKey Capital.

Related: How HashKey plans to become Hong Kong’s first crypto IPO

HashKey doubles down on crypto bets

The latest fund builds on the investment company’s track record as one of the most active institutional investors in Asia’s crypto scene. Since launching in 2018, it has grown to manage more than $1 billion in assets and has invested in more than 400 projects globally. Its first fund has achieved a distributed-to-paid-in ratio of more than 10x.

HashKey Capital is headquartered in Singapore, with operations in Hong Kong and Japan. It is the investment arm of Hong Kong-based HashKey, which was among the first in the city to obtain a crypto exchange license. It also played a role in launching the city’s first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).

Last week, HashKey made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.

*HashKey shares are up 4% today. Source:* *Google Finance*

Cointelegraph reached out to HashKey for comment, but did not receive a response by publication.

Related: HashKey crypto exchange opens Hong Kong IPO subscription, targets $215M

Crypto market makers step back

In a Tuesday X post, 10x Research revealed that many traders and market makers “have stepped back” since the Oct. 10 market crash, which was the largest liquidation event in the crypto’s history.

Glassnode also said that the continued outflows from Bitcoin and Ether ETFs point to reduced institutional participation in the crypto market.

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that large investors are stepping back as overall market liquidity tightens.

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The Shutdown of Claude Mythos Revealed the True Cost of Renting AI to Me

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The Calculation Behind Plasma's U Card with Free Claude Membership

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Xiaohongshu's Second Great Voyage, This Time Sailing Towards AI

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What is DOGE M

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The absence of information regarding the founding team can raise questions among potential investors about the project’s accountability and direction. Who are the Investors of Doge Matrix ($doge m)? As it stands, there is no publicly available information detailing the investors or investment foundations that back Doge Matrix. The project appears to rely primarily on community support rather than institutional investment. This model aligns with the community-driven nature of the initiative, fostering an environment where the direction of the project is shaped by its participants rather than being dictated by a select few financial backers. How Does Doge Matrix ($doge m) Work? The specifics regarding the operational mechanisms of Doge Matrix are somewhat vague, reflecting a broader trend of projects in the meme coin space where innovative functionalities are not always clearly articulated. 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Strategic partnerships with infrastructure providers that enhance Mantis's network capabilities and deployment strategies. Funding through the Composable Foundation's treasury, ensuring sustained financial support for ongoing development and operational costs. These collaborative efforts reflect a consensus among stakeholders about the importance of enhancing cross-chain functionality and the potential utility of Mantis's infrastructural innovations. Key Innovations Mantis sets itself apart through several pioneering innovations that enhance its functionality and utility: Chain-Agnostic Intents: Users can initiate transactions from any supported chain while settling on another. This flexibility empowers users, driving increased interaction among different platforms. AI-Powered Interface: The integration of DISE LLM allows users to conduct complex DeFi operations using natural language, thereby simplifying interactions and making blockchain technology accessible to a broader audience. 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