HashKey Capital completed a $250 million first close for its fourth vehicle, HashKey Fintech Multi-Strategy Fund IV, signaling strong institutional demand for digital-asset exposure. The raise targets a $500 million final close and arrives as investors reprice valuations and liquidity conditions across crypto markets.
What Fund IV is built to do
The fund is structured as a multi-strategy vehicle combining private and public market allocations. Its mandate prioritizes core blockchain infrastructure, spanning Layer-1 and Layer-2 protocols, middleware such as oracle and interoperability systems, and decentralized storage. It also includes application-level investments in decentralized finance, blockchain gaming, and enterprise blockchain solutions. This mix positions the vehicle to capture both foundational network growth and higher-velocity application adoption.
Portfolio construction blends venture and growth equity commitments with public-market strategies that may include direct exposure to major cryptocurrencies, listed crypto equities, and exchange-traded products. The approach integrates longer-duration private investments with liquid public exposures designed to manage market cycles and deployment timing. The investor base for this close comprises institutions, family offices, and high-net-worth individuals seeking scaled, regulated access to blockchain projects. This composition reinforces the message that demand is skewing toward structured, compliance-aware market access.
Separately, the group is preparing a Digital Asset Treasury (DAT) fund designed to onboard institutional treasuries to mainstream tokens and tokenized instruments. The DAT is positioned as a compliance-centric route for corporate treasury allocation to Bitcoin, Ethereum, and tokenized stable assets, supported by custody and operational controls. The emphasis on controls suggests a product architecture intended to meet institutional integration requirements rather than retail trading behavior. In practical terms, the DAT frames digital assets as a treasury workflow problem, not only an investment thesis.
HashKey recently completed a Hong Kong public offering that raised roughly $206 million, with proceeds allocated to expand custody, brokerage, and the DAT initiative, as well as to develop a Layer-2 technology stack and scale staking and tokenization pipelines for real-world assets. This capital allocation plan links fundraising directly to regulated infrastructure expansion and productization across custody, brokerage, and tokenization. Early performance across the group’s track record is notable, with the inaugural fund returning more than ten times invested capital on distributed to paid-in capital (DPI). DPI, which measures cash returned to limited partners relative to capital invested, is used here to frame realized performance rather than unrealized markups.
The combination of an institutional fundraise, a dedicated treasury vehicle, and public capital positions the group to deepen regulated infrastructure and product availability for corporate and institutional participants. Taken together, these initiatives signal a strategic push to scale compliant access pathways while broadening the investable surface across private and public digital-asset markets.
