HashKey Capital's $500 million-target blockchain fund raises $250 million in first round

• HashKey Capital closed the first round of fundraising for its fourth crypto fund, securing $250 million from institutional investors, family offices, and high-net-worth individuals.
• The HashKey Fintech Multi-Strategy Fund IV aims to raise a total of $500 million and will invest in blockchain infrastructure and applications with real-world use cases.
• HashKey Capital now has over $1 billion in assets under management and has emerged as one of Asia's largest digital asset fund managers, with a history of backing prominent crypto projects, including Ethereum.

HashKey Capital, a subsidiary of HashKey Holdings, said it closed the first round of fundraising for its fourth crypto fund, locking in $250 million from a mix of institutional investors, family offices and high-net-worth individuals.

The fund, HashKey Fintech Multi-Strategy Fund IV, is targeting a final close of $500 million. It will invest in both public and private markets, backing blockchain infrastructure and applications that support real-world and scalable use cases, the company said.

The strategy includes crossover investments to capture value where traditional and blockchain finance intersect.

Based in Singapore, HashKey has emerged as one of Asia’s largest digital asset fund managers and now has over $1 billion in assets under management. It operates under licenses in Hong Kong and played a role in launching the city’s first spot bitcoin and ether ETFs.

The firm was an early institutional backer of Ethereum and has managed over $1 billion across more than 400 crypto projects. Its parent, Hashkey Holdings, made its public debut in Hong Kong this month.

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• The crypto industry saw a record $8.6 billion in mergers and acquisitions in 2025, up from $2.17 billion in 2024, helped by President Trumps embrace of the sector.
• The largest deals of the year included Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion purchase of NinjaTrader, and Ripple's $1.25 billion buyout of Hidden Road.
• The surge in M&A activity and public listings, including $14.6 billion raised by 11 crypto firms, was driven in part by a rush for licenses as new compliance rules take hold.

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