HashKey Capital Raises $250M to Fuel Global Blockchain Adoption

HashKey Capital has secured $250 million in its fourth fund’s first closing, surpassing initial expectations and drawing significant interest from global institutional investors. The Hong Kong-based asset manager targets a final fund size of $500 million.

HashKey Capital has completed the first closing of Fund IV with $250 million in commitments. 🎉

This multi-strategy fund will focus on blockchain infrastructure, mass adoption use cases & emerging markets.

Wishing everyone happy holidays as we look forward to an innovative…

— HashKey Capital (@HashKey_Capital) December 24, 2025

Fund IV attracted commitments from institutional investors, prominent family offices, and high-net-worth individuals. The strong response comes as HashKey’s first fund achieved a distributed-to-paid-in capital ratio exceeding 10x.

The fund will pursue a multi-strategy investment approach focused on blockchain infrastructure, scalability solutions, and mass-adoption use cases worldwide. It combines public-market strategies with crossover opportunities and selective private-market investments.

Since its 2018 inception, HashKey Capital has grown to manage over $1 billion in assets across more than 400 portfolio projects globally.

HashKey Capital Building on a Track Record of Early Bets

HashKey Capital established itself as an early institutional backer of Ethereum. The firm operates from Singapore with additional presence in Hong Kong and Japan.

The asset manager holds pioneering regulatory status in Hong Kong. It was among the first to receive licensed upgrades for Type 1, Type 4, and Type 9 services covering securities dealing, advisory, and asset management.

HashKey played a central role in launching Hong Kong’s first Spot Bitcoin and Ether ETFs. The firm also organizes the annual Hong Kong Web3 Festival.

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.

Dr. Xiao Feng, Founder of HashKey Group, noted the convergence of AI, blockchain, and institutional finance creates unprecedented opportunities heading into 2026.

HashKey Group Clears IPO Hurdle Amid $151M Loss

Meanwhile, HashKey Group cleared a critical regulatory hurdle for its Hong Kong IPO in December 2025. Recent filings revealed the company posted a net loss exceeding $151 million last year.

The exchange processed approximately $82 billion in trading volume during 2024. That figure represents roughly double the previous year’s volume.

🚨 JUST IN: HASHKEY LEADS HONG KONG’S CRYPTO MARKET AHEAD OF IPO, BUT ULTRA-LOW FEES LIMIT REVENUE AND FAIL TO OFFSET GROWING LOSSES. pic.twitter.com/k4akL2whvo

— Coinwaft (@coinwaft) December 1, 2025

HashKey’s aggressive pricing strategy kept transaction fees below 0.1 percent throughout the year. This approach helped the exchange capture approximately 75% of Hong Kong’s crypto trading market.

The IPO push comes amid accelerating momentum for crypto-related listings globally. Circle, the stablecoin issuer, debuted in June and surged more than sevenfold since going public.

BitGo filed for a U.S. IPO, becoming the first dedicated crypto custodian seeking a stock exchange listing. Gemini also filed confidentially for a U.S. IPO in June.

Figure Technology Solutions raised $787.5 million in its IPO. The blockchain-focused lending platform’s successful offering demonstrated strong investor appetite for crypto-adjacent businesses.

Following hearing clearance, HashKey typically moves to prospectus registration. This leads to investor marketing, book-building, and pricing phases before the final listing.

HashKey’s path to public markets will test investor appetite for growth-focused crypto platforms. The company’s financial performance will face comparison against newly listed peers worldwide.