HashKey’s $250M Crypto Fund: A Hail Mary in a Dying Market 🚀

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In a stunning display of optimism, HashKey Capital secured $250 million in commitments 💸, proving that even in a crypto market that’s more volatile than a toddler on a sugar rush, there are still people willing to throw money at the wall. 🧠💥

The fund, known as “HashKey Fintech Multi-Strategy Fund IV,” exceeded initial expectations at its first close and is targeting a final size of $500 million, because why settle for half a billion when you can dream big? 🤑

HashKey did not identify its investors, but said the commitments came from a mix of global institutional investors, family offices and high-net-worth individuals. Or, as we like to call them, “people who’ve clearly never heard of the phrase ‘don’t put all your eggs in one basket.’” 🧨

The close comes as short-term liquidity providers pull back from crypto markets, leaving institutions to express conviction through long-term capital. Because nothing says “I believe in this” like tying up your money for years. 🤝

“With $250 million in new capital, we are uniquely positioned to capture the massive growth occurring in emerging markets. These regions are the true testing grounds for blockchain’s real world applications, and Fund IV will provide the essential fuel to scale those innovations globally,” said Deng Chao, CEO of HashKey Capital. 🌍

HashKey doubles down on crypto bets

The latest fund builds on the investment company’s track record as one of the most active institutional investors in Asia’s crypto scene. Since launching in 2018, it has grown to manage more than $1 billion in assets and has invested in more than 400 projects globally. Its first fund has achieved a distributed-to-paid-in ratio of more than 10x. Or, as I like to call it, “a 10x return on investment… if you’re a robot and the market is a rollercoaster.” 🤖

HashKey Capital is headquartered in Singapore, with operations in Hong Kong and Japan. It is the investment arm of Hong Kong-based HashKey, which was among the first in the city to obtain a crypto exchange license. It also played a role in launching the city’s first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs). Because nothing says “trust me” like a government stamp of approval. 📜

Last week, HashKey made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering. Because nothing says “we’re stable” like selling shares to the public to fund your next big gamble. 🎰

CryptoMoon reached out to HashKey for comment, but did not receive a response by publication. Because nothing says “we’re busy” like ignoring every call and email. 📱

Crypto market makers step back

In a Tuesday X post, 10x Research revealed that many traders and market makers “have stepped back” since the Oct. 10 market crash, which was the largest liquidation event in the crypto’s history. It’s like the market decided to take a nap, and everyone else followed suit. 🛌

Glassnode also said that the continued outflows from Bitcoin and Ether ETFs point to reduced institutional participation in the crypto market. It’s just a fancy way of saying “they’re all bailing out before the next crash.” 📉

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that large investors are stepping back as overall market liquidity tightens. It’s like the market is holding its breath, waiting for the next shoe to drop. 🚨

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2025-12-24 12:34