HashKey Capital, an asset management firm focused on crypto and blockchain investments, has announced the first closing of its fourth fund, HashKey Fintech MultiHashKey Capital, an asset management firm focused on crypto and blockchain investments, has announced the first closing of its fourth fund, HashKey Fintech Multi

HashKey Capital Secures $250M First Close for Fund IV, Targets $500M AUM

HashKey Capital, an asset management firm focused on crypto and blockchain investments, has announced the first closing of its fourth fund, HashKey Fintech Multi-Strategy Fund IV securing $250 million in commitments.

In a press release the firm said the first close exceeded expectations and attracted interest from a broad base of global institutional investors. The firm is targeting a final fund size of $500 million.

Fund IV’s general partner is HashKey Capital Investment part of the broader HashKey Group. The investor base comprises institutional allocators, family offices, and high-net-worth individuals, reflecting continued institutional appetite for selective digital asset exposure despite evolving macro and market conditions.

The firm adds that its inaugural fund achieved a distributed-to-paid-in (DPI) multiple of over 10x, reinforcing its track record in high-conviction blockchain investing.

Multi-Strategy Approach Across Public and Private Markets

Fund IV will pursue a multi-strategy investment mandate designed to support digital asset initiatives with a focus on infrastructure, scalability, and mass-adoption use cases.

The fund combines public-market strategies with liquidity-generating crossover opportunities, aiming to capitalize on structural inefficiencies within the digital asset ecosystem.

In addition to public and crossover investments, the strategy includes selective private-market allocations to emerging technologies and platforms expected to enhance risk-adjusted returns.

According to HashKey Capital, this blended approach is intended to provide flexibility across market cycles while maintaining exposure to long-term thematic growth in blockchain and fintech innovation.

Institutional Expansion and Regional Focus

Founded in 2018, HashKey Capital has grown into a major participant in the global blockchain investment landscape, managing more than $1 billion in assets and overseeing a portfolio of over 400 projects worldwide. The firm was an early institutional backer of Ethereum and maintains offices in Singapore, Hong Kong, and Japan.

HashKey Capital has also played a role in the development of regulated digital asset products in Hong Kong, including participation in the launch of the city’s first spot Bitcoin and Ether exchange-traded funds listed on the Hong Kong Stock Exchange.

Commenting on the fund close Deng Chao, CEO of HashKey Capital, said the new capital positions the firm to capture growth in emerging markets, where blockchain applications are being tested at scale.

Dr. Xiao Feng, Founder of HashKey Group comments that the convergence of artificial intelligence, blockchain and institutional finance is creating new investment opportunities, with Fund IV intended to support projects demonstrating both technical capability and commercial viability.

Fund IV is designed to provide investors with institutional-grade exposure across infrastructure, tooling, and application layers of the blockchain ecosystem, with an emphasis on projects positioned for broad adoption.

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