HashKey Capital Completes $250M First Close for Multi-Strategy Blockchain Fund

Multi-strategy fund reflects growing preference for infrastructure and long-term use cases over speculative crypto bets

HashKey Capital has completed the initial closing of its fourth investment vehicle, raising US$250 million as part of a broader push into blockchain and digital asset investments. The fund, HashKey Fintech Multi-Strategy Fund IV, is aiming for a US$500 million final close.

The raise comes at a time when digital asset markets remain uneven, with trading activity fluctuating and some investors pulling back following recent market disruptions. Against this backdrop, HashKey’s ability to attract sizeable institutional capital suggests that interest in blockchain has not disappeared—but is becoming more selective and long-term in nature.

Institutional and private capital anchor the raise

HashKey said the commitments came from a mix of institutional investors, family offices, and high-net-worth individuals, though specific backers were not disclosed. This blend points to a widening base of investors who are looking beyond short-term crypto price cycles and toward infrastructure and enterprise-focused blockchain exposure.

For startups, this is an important signal. Capital is still available, but it is increasingly directed at projects with clear paths to adoption, revenue, and regulatory alignment, rather than purely experimental or token-driven models.

Multi-strategy structure reflects changing investment patterns

Fund IV will adopt a multi-strategy investment model, combining public-market exposure with selective private investments. HashKey said the fund will also pursue crossover opportunities where traditional finance and on-chain systems intersect, an area that has gained attention as banks and financial institutions explore tokenisation, settlement, and digital custody.

This structure reflects a broader trend among crypto-focused funds:

• Less emphasis on short-term trading
• Greater focus on core infrastructure, tooling, and scalable platforms
• Increased attention to liquidity management and downside protection

Rather than betting on a single narrative, HashKey appears to be positioning Fund IV to navigate different market conditions while staying anchored to long-term blockchain adoption.

Investment focus shifts toward infrastructure and applications

Executives said Fund IV will prioritise blockchain infrastructure, scalable platforms, and mass-adoption applications. This focus mirrors a wider shift in the crypto investment landscape, where investors are increasingly separating speculative activity from the underlying technologies that support payments, data, identity, and financial services.

Even as liquidity has moved out of some crypto products, institutional capital continues to target foundational layers that could support future growth once market conditions stabilise.

Track record helps sustain investor confidence

Founded in 2018, HashKey Capital has built a sizeable presence in the sector, managing more than US$1 billion in assets and investing in over 400 blockchain projects worldwide. The firm was also an early institutional backer of Ethereum, a credential that continues to carry weight among long-term investors.

This history has likely helped HashKey maintain credibility during periods when confidence in the broader crypto market has weakened. For many institutions, fund manager experience and risk management capabilities now matter as much as conviction in the technology itself.

Regulation as a strategic advantage

HashKey operates from Singapore, with additional operations in Hong Kong and Japan, and has positioned itself as a regulated intermediary between traditional finance and the crypto ecosystem. In Hong Kong, it was among the first firms to receive upgraded licenses covering securities dealing, advisory, and asset management, and it played a role in launching the city’s first spot Bitcoin and Ether ETFs.

For startups in HashKey’s portfolio, this regulatory orientation may offer a practical advantage—particularly as compliance becomes a key requirement for partnerships with banks, asset managers, and large enterprises.

Emerging markets and the next phase of adoption

Fund IV will also place emphasis on emerging markets, where blockchain is increasingly tested in areas such as payments, financial inclusion, and digital infrastructure. Chief executive Deng Chao said these markets provide real-world environments for scaling blockchain beyond pilot projects.

This approach aligns with a growing view among investors that meaningful blockchain adoption is more likely to emerge from practical use cases than from mature financial markets alone.

Capital remains selective but committed

HashKey Capital’s first close of Fund IV suggests that institutional interest in blockchain is evolving rather than retreating. While speculative capital has become more cautious, long-term investors are still backing managers who focus on infrastructure, regulation, and real-world deployment.

For blockchain startups, the message is clear: funding remains available, but it increasingly favours companies that can demonstrate scalability, compliance, and relevance beyond crypto-native users. As Fund IV moves toward its US$500 million target, its deployment will offer a useful signal of where institutional blockchain investment is headed next.

Quick Takeaways

• HashKey Capital has completed the first closing of Fund IV, securing US$250 million and targeting a US$500 million final close.
  
• The fund attracted commitments from institutional investors, family offices, and high-net-worth individuals, despite ongoing volatility in crypto markets.
  
• Fund IV will follow a multi-strategy approach, investing across public and private markets with a focus on blockchain infrastructure and scalable applications.
  
• The fund’s structure reflects a broader shift toward long-term, infrastructure-led blockchain investing rather than short-term trading strategies.
  
• HashKey Capital manages over US$1 billion in assets and has invested in more than 400 blockchain projects since 2018.
  
• The firm’s regulated operations in Singapore, Hong Kong, and Japan remain central to its investment strategy.
  
• Emerging markets are expected to play a key role in Fund IV’s deployment, particularly in payments, financial inclusion, and digital infrastructure.