Singapore-based cryptocurrency investment firm HashKey Capital secured $250 million for its fourth fund, signaling continued institutional conviction in blockchain infrastructure despite challenging market conditions.
The first closing of HashKey Fintech Multi-Strategy Fund IV exceeded initial expectations and draws from institutional investors, family offices and high-net-worth individuals.
HashKey targets $500 million in total assets under management for the fund.
The December 24 announcement comes one week after HashKey Holdings completed a $206 million initial public offering on the Hong Kong Stock Exchange.
What Happened
Fund IV will pursue multi-strategy investments focusing on blockchain infrastructure, scalable platforms and mass-adoption use cases globally.
HashKey Capital combines public-market exposure with private investments targeting structural inefficiencies in digital assets.
The firm manages over $1 billion in assets and has invested in more than 400 blockchain projects since launching in 2018.
HashKey's first fund achieved a distributed-to-paid-in ratio exceeding 10x, significantly outperforming industry averages.
The firm serves as an early institutional backer of Ethereum (ETH) and operates with Type 1, Type 4 and Type 9 licenses in Hong Kong.
CEO Deng Chao stated the capital positions HashKey to capture growth in emerging markets where blockchain applications face real-world testing.
The timing contrasts with broader crypto market dynamics.
Bitcoin (BTC) and Ethereum exchange-traded product outflows accelerated since early November, with 30-day moving averages turning negative.
Market makers pulled back following October's largest liquidation event in cryptocurrency history.
Why It Matters
The fundraise demonstrates institutional capital continues backing long-term blockchain infrastructure despite short-term market volatility.
HashKey's approach focuses on Asia-Pacific markets where cryptocurrency adoption faces fewer regulatory barriers than in some Western jurisdictions.
The firm bridges Eastern and Western crypto ecosystems through its Hong Kong presence and Singapore headquarters.
Fund IV's structure allows institutional investors exposure to both liquid and illiquid digital asset opportunities through a single vehicle.
HashKey founder Dr. Xiao Feng highlighted the convergence of artificial intelligence, blockchain and institutional finance creating opportunities heading into 2026.
The capital raise follows HashKey Holdings' December 17 HKEX debut, making it the first major crypto exchange operator to list publicly in Hong Kong.
That listing raised approximately $206 million and valued the company at $2.4 billion despite reporting losses from aggressive market expansion.
The combination of successful fund closing and public listing positions HashKey as a major institutional gateway for Asian capital into cryptocurrency markets.