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The multi-strategy fund reflects a growing preference for infrastructure and long-term use cases over speculative crypto bets.
HashKey Capital has completed the initial closing of its fourth investment vehicle, raising 250 million US dollars part of a broader push toward investments in blockchain and digital assets. The fund, HashKey Fintech Multi-Strategy Fund IV, aims to 500 million US dollars definitive closure.
The increase comes at a time when digital asset markets remain uneven, with trading activity fluctuating and some investors withdrawing following recent market disruptions. In this context, HashKey’s ability to attract significant institutional capital suggests that interest in blockchain has not disappeared, but is becoming more selective and long-term in nature.
Institutional and private capital anchor the rise
HashKey said the engagements came from a mix of institutional investors, family offices and high net worth individualsalthough specific funders have not been disclosed. This mix indicates a broader base of investors looking beyond short-term crypto price cycles and toward infrastructure and enterprise-focused blockchain exposure.
For startups, this is an important signal. Capital is still available, but it is increasingly oriented towards projects with clear pathways to adoption, revenue and regulatory alignmentrather than purely experimental or token-based models.
Multi-strategy structure reflects evolving investment models
Fund IV will adopt a multi-strategy investment modelcombining exposure to public markets and selective private investments. HashKey said the fund will also pursue crossover opportunities where traditional finance and on-chain systems intersect, an area that has gained attention as banks and financial institutions explore tokenization, settlement and digital custody.
This structure reflects a broader trend among crypto-focused funds:
- Less emphasis on short-term trading
- Greater focus on core infrastructure, tools and scalable platforms
- Increased focus on liquidity management and downside protection
Rather than betting on a single narrative, HashKey appears to be positioning Fund IV to adapt to different market conditions while remaining anchored in long-term blockchain adoption.
Investments now focus on infrastructure and applications
Leaders said Fund IV would prioritize blockchain infrastructure, scalable platforms and mass adoption applications. This focus reflects a broader shift in the crypto investment landscape, where investors are increasingly separating speculative activity from the underlying technologies that support payments, data, identity and financial services.
Even though liquidity has disappeared from some crypto products, institutional capital continues to target fundamental layers which could support future growth once market conditions stabilize.
Track record helps maintain investor confidence
Founded in 2018, HashKey Capital has built a significant presence in the sector, managing over $1 billion in assets and invest in more than 400 blockchain projects around the world. The company was also one of the first institutional funders of Ethereuma benchmark that continues to weigh on long-term investors.
This history has likely helped HashKey maintain its credibility during periods when trust in the broader crypto market has weakened. For many institutions, fund manager experience and risk management capabilities now matter as much as belief in the technology itself.
Regulation as a strategic advantage
HashKey works from Singaporewith additional operations in Hong Kong and Japanand positions itself as a regulated intermediary between traditional finance and the crypto ecosystem. In Hong Kong, it was one of the first companies to receive enhanced licenses covering securities trading, advisory and asset management, and it played a role in launching the first spot Bitcoin and Ether ETFs.
For startups in HashKey’s portfolio, this regulatory focus can provide a practical benefit, especially as compliance becomes a key requirement for partnerships with banks, asset managers and large corporations.
Emerging Markets and Next Phase of Adoption
Fund IV will also focus on emerging marketswhere blockchain is increasingly being tested in areas such as payments, financial inclusion and digital infrastructure. General manager Deng Chao said these markets provide real-world environments for scaling blockchain beyond pilot projects.
This approach aligns with the increasingly widespread view among investors that significant adoption of blockchain is more likely to emerge from practical use cases only mature financial markets.
Capital remains selective but committed
The first close of Fund IV by HashKey Capital suggests that institutional interest in blockchain is evolving rather than receding. Even as speculative capital has become more cautious, long-term investors continue to support managers who focus on infrastructure, regulation and real-world deployment.
For blockchain startups, the message is clear: funding remains available, but they increasingly favor companies that can demonstrate scalability, compliance, and relevance beyond crypto-native users. As Fund IV moves closer to its $500 million goal, its deployment will offer a useful signal about the direction institutional investments in blockchain will take next.
Takeaways
- Capital HashKey finalized the first closing of Fund IVsecure 250 million US dollars and target a 500 million US dollars definitive closure.
- The fund has attracted commitments from institutional investors, family offices and high net worth individualsdespite continued volatility in crypto markets.
- Fund IV will follow a multi-strategy approachinvesting in public and private markets with a focus on blockchain infrastructure and scalable applications.
- The structure of the fund reflects a broader shift towards long-term blockchain investment focused on infrastructure rather than short-term trading strategies.
- HashKey Capital manages over $1 billion in assets and invested in more than 400 blockchain projects since 2018.
- The firm regulated operations in Singapore, Hong Kong and Japan remain at the heart of its investment strategy.
- Emerging markets are expected to play a key role in Deployment of Fund IVparticularly in the areas of payments, financial inclusion and digital infrastructure.
