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    HashKey Capital Raises $250 Million in Initial Closing for Crypto Fund IV

    Ethan CarterBy No Comments3 Mins Read
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    HashKey Capital has garnered $250 million in commitments during the initial close of its fourth crypto-focused fund, reflecting “substantial interest” from institutional investors despite fluctuating market conditions.

    The fund, dubbed “HashKey Fintech Multi-Strategy Fund IV,” surpassed initial expectations at its first close, aiming for a final total of $500 million, the company announced in a press release on Wednesday.

    While HashKey did not disclose its investors, it mentioned that the commitments came from a diverse group of global institutional investors, family offices, and high-net-worth individuals.

    This close occurs as short-term liquidity providers retract from the crypto markets, leaving institutions to express confidence through long-term investments. HashKey Capital indicated the fund will adopt a multi-strategy approach targeting investments in “infrastructures, scalable and mass adoption use cases.”

    “With $250 million in new capital, we are uniquely positioned to seize the massive growth in emerging markets. These areas serve as the proving grounds for blockchain’s real-world applications, and Fund IV will supply the vital resources to expand those innovations globally,” stated Deng Chao, CEO of HashKey Capital.

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

    HashKey strengthens its crypto investments

    This latest fund enhances the investment company’s reputation as one of the most active institutional investors in the Asian crypto landscape. Since its inception in 2018, it has expanded its management to over $1 billion in assets and has invested in more than 400 global projects. Its inaugural fund has achieved a distributed-to-paid-in ratio exceeding 10x.

    HashKey Capital is based in Singapore, with operations extending to Hong Kong and Japan. It is the investment division of HashKey, which was among the pioneers to acquire a crypto exchange license in the city. It also contributed to the launch of the city’s first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).

    Recently, HashKey debuted its trading on the Stock Exchange of Hong Kong (HKEX) after a $206 million initial public offering.

    Cryptocurrencies, Hong Kong, Funding, Venture Capital, Cryptocurrency Investment, HashKey
    HashKey shares are up 4% today. Source: Google Finance

    Cointelegraph attempted to contact HashKey for comments but did not receive a reply by the publication time.

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

    Crypto market makers reduce activity

    In a Tuesday X post, 10x Research indicated that numerous traders and market makers “have stepped back” following the market crash on Oct. 10, which marked the largest liquidation event in the history of crypto.