Despite tighter liquidity and a more selective market environment, HashKey Capital has just made an interesting move.

The Asia-based digital asset investment firm has announced the first close of its fourth fund at $250 million.

Here’s everything to know.

HashKey Capital Raises $250M

The fund, officially named HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million. HashKey said the commitments came from a mix of global institutions, family offices, and high-net-worth individuals, though specific investors were not disclosed.

The timing stands out. Market makers have pulled back since October’s major liquidation event, and on-chain data shows continued outflows from Bitcoin and Ether ETFs. While short-term capital is retreating, HashKey’s latest fund suggests institutions are still backing crypto’s long-term infrastructure story.

“With $250 million in new capital, we are uniquely positioned to capture the massive growth occurring in emerging markets,” said Deng Chao, CEO of HashKey Capital. “These regions are the true testing grounds for blockchain’s real world applications.”

Focus on Infrastructure and Real-World Use Cases

Fund IV will follow a multi-strategy investment approach, combining public-market exposure with liquidity-generating crossover opportunities and selective private investments.

The focus will be on blockchain infrastructure, scalable platforms, and projects built for mass adoption.

HashKey’s track record adds weight to the raise. Since launching in 2018, the firm has grown to manage over $1 billion in assets and has invested in more than 400 blockchain projects globally. Its first fund delivered a distributed-to-paid-in ratio of over 10x, reflecting strong historical returns.

What’s Next for HashKey?

HashKey Capital’s fund announcement also comes just days after HashKey Holdings made its trading debut on the Hong Kong Stock Exchange (HKEX) following a $206 million initial public offering.

Looking ahead, HashKey’s leadership sees the next phase already forming.

“As we look toward 2026, the convergence of AI, blockchain, and institutional finance is creating unprecedented opportunities,” said Dr. Xiao Feng, Founder of HashKey Group.

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