- HashKey Capital secured $250M in a first close for Fund IV, reaching half of its $500M fundraising target.
- Fund IV focuses on blockchain infrastructure and scalable real-world applications across multiple global regions.
- The raise followed market volatility, ETF outflows and thin liquidity, signaling long-term institutional interest.
HashKey Capital confirmed the first close of its HashKey Fintech Multi-Strategy Fund IV, securing $250 million toward a $500 million target. The raise involved global institutional investors and followed recent market volatility. The fund will allocate capital to blockchain infrastructure and real-world applications across multiple regions.
Early Close Reaches Half of Target
The firm reported that the $250 million close surpassed internal expectations. The first tranche came from institutional allocators, family offices, and high-net-worth participants. HashKey did not release the identities of contributors.
However, the firm said the pool reflects interest in longer-term exposure to blockchain infrastructure. CEO Deng Chao said the fund positions the company to expand in emerging markets where adoption testing is underway.
Strategy Focuses on Infrastructure and Use Cases
Fund IV will operate as a multi-strategy investment vehicle. It plans to invest in infrastructure projects, scalable applications, and ventures with mass adoption potential. The company said it will consider opportunities from early-stage startups to established operations. That approach continues HashKey’s history of involvement across project lifecycles.
The firm has participated in more than 400 investments since launch and manages over $1 billion in assets. This direction connects to the recent shift in capital deployment following reduced market activity.
Raised Capital Follows Volatile Trading Conditions
The raise occurred after heavy liquidations in October 2025. Research from 10x Research on X stated that trading activity slowed after the October 10 downturn. Glassnode data showed consistent outflows from Bitcoin and Ether ETFs. These conditions produced thin liquidity as market makers reduced exposure.
HashKey expanded its presence in Asia during the same period. The company operates from Singapore, Hong Kong, and Japan. It recently listed on the Hong Kong Stock Exchange through a $206 million IPO and has taken part in launching spot Bitcoin and Ether ETFs in Hong Kong.
