HashKey Capital has secured $250 million in commitments at the first close of its fourth crypto-focused fund, highlighting sustained institutional appetite despite ongoing market volatility.
The vehicle, named HashKey Fintech Multi-Strategy Fund IV, exceeded internal expectations at launch and is targeting a final fund size of $500 million, according to a company release issued on Wednesday.
HashKey Capital said investor demand remained robust even as broader digital asset markets continue to experience fluctuating liquidity and uneven price performance.
The firm did not disclose the identities of its backers but confirmed that commitments came from a diverse group of global institutional investors, family offices and high-net-worth individuals.
The fundraising milestone comes at a time when short-term liquidity providers are retreating from crypto markets, leaving long-term institutions to deploy patient capital.
HashKey Capital said this shift has created opportunities for managers with established track records and regional expertise to attract sustained allocations.
The new fund will adopt a multi-strategy investment approach focused on infrastructure, scalable platforms and use cases designed for mass adoption.