HashKey Capital
- Company typePrivate
- Founded2018
- HeadquartersHong Kong, Hong Kong SAR China
- Headcount51–100
- GTM typeB2B
- OfferingServices
What HashKey Capital does
HashKey Capital is an institutional digital asset and blockchain investment manager headquartered in Singapore (with operations in Hong Kong) that invests across venture capital, liquid funds, ETFs, and index products. Founded in 2018 by a team active in blockchain since 2015 (notably as early backers of the Ethereum Foundation), the firm manages over US$1 billion in client assets across four flagship cryptocurrency VC funds, actively managed liquid funds, and an SFC-approved multi-token index fund. Its core product set includes the Bosera HashKey Bitcoin and Ether spot ETFs on HKEX (the world's first with physical in-kind subscription), the HashKey 20 Index Fund tracking the FTSE Custom Digital Asset Top 20 Index, discretionary virtual asset accounts for professional investors, and OTC trading via HashKey OTC (Major Payment Institution-licensed in Singapore). The firm's technology stack centers on three FTSE Russell co-developed digital asset indexes, an in-house 217-page Digital Asset Valuation Framework, and a Regtech Innovation Lab partnership building AI-powered KYC/AML solutions on AWS with FCC Analytics, Futu Securities, and livi Bank.
HashKey Capital generates revenue primarily through management fees on committed and deployed AUM across its VC and liquid fund products, performance fees (carried interest) on liquid fund returns, ETF sub-investment management fees, and transaction-based fees on OTC trading. Its distribution spans direct institutional sales to LPs and family offices, HKEX-listed ETFs accessible to retail and institutional investors, the CIES-eligible HashKey 20 Index Fund, and SFC-authorized discretionary mandates. Customer segmentation is horizontal: institutional investors and family offices anchor the VC fund LPs, professional investors access liquid funds and discretionary mandates, retail investors access spot ETFs and index products, and crypto exchanges/protocols form a non-revenue portfolio-company segment that benefits from strategic capital and ecosystem support. The firm holds SFC Type 4 and Type 9 licences in Hong Kong and a CMS Fund Management licence in Singapore, making it among the most comprehensively licensed digital asset managers in Asia.
The competitive position rests on an integrated HashKey Group ecosystem (HashKey Exchange, Custody, OTC, Cloud) that provides execution, custody, and liquidity infrastructure unavailable to standalone crypto VCs. With 600+ portfolio companies including 15+ crypto unicorns and operations spanning 17+ countries, HashKey Capital combines a venture investment platform (closed $500M Fund III in 2022 and $250M initial close of $500M-target Fund IV in Dec 2025), an institutional product platform (ETFs, index funds, liquid funds), and a regulatory/compliance layer (SFC, MAS, PDPA-compliant entities). Recent offensive moves include the SignalPlus Series B1 lead at a $500M post-money valuation, a co-investment in Vietnam's CAEX to enter Vietnam's crypto sandbox, and strategic stakes in Morpho and Solana Company, signaling both APAC geographic expansion and infrastructure-layer conviction.
HashKey Capital firmographics
Firmographics- Name
- HashKey Capital
- Legal name
- HashKey Capital Singapore Pte. Ltd.
- Website
- https://hashkey.capital
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
HashKey Capital industry classification
Industry- Product category
- Digital Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Active Crypto Asset Managers (Discretionary) (FSADAHAA)
- akta.pro secondary industries
- Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB)
Keywords
Where HashKey Capital is headquartered
LocationHeadquarters
- HQ city
- Hong Kong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices2 records
Markets served
HashKey Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Venture Fund Management: HashKey Capital manages multiple flagship cryptocurrency venture funds (Funds I–IV). The firm raised a $500M VC Fund III during the 2022 bear market and secured $250M for the initial close of Fund IV with a $500M target. Revenue is generated through management fees (charged on AUM) and performance fees (carried interest on investment returns).
- Liquid Funds / Actively Managed Digital Asset Fund: HashKey Capital manages a suite of actively managed digital asset liquid funds, including spot crypto investments and derivatives, generating fee revenue through management charges on the portfolio.
- ETF Management (Sub-Investment Manager): HashKey Capital serves as sub-investment manager for the Bosera HashKey Bitcoin and Ether spot ETFs listed on HKEX, earning fees for portfolio management services rendered to the ETF vehicle.
- Index Fund Management: HashKey Capital offers the HashKey 20 Index Fund (FTSE Custom Digital Asset Top 20 Index Fund), a retail-accessible multi-token crypto index fund generating management fee revenue on AUM.
- Discretionary Account Management: Following SFC approval, HashKey Capital provides bespoke discretionary virtual asset portfolio management for professional investors, managing spot crypto, OTC, and derivatives mandates for tailored client portfolios.
- OTC Trading Services: HashKey OTC, the OTC trading arm of HashKey Group, provides regulated DPT (digital payment token) OTC trading services including spot trading, on/off ramp trades, and large notional trades with swift settlement, generating revenue through bid-ask spreads and fees on digital asset transactions.
Go-to-market motion3 records
Distribution channels5 records
Marketing channels8 records
HashKey Capital product offering
Product offeringCore offering
HashKey Capital is an institutional digital asset and blockchain fund manager operating three core lines: (1) venture capital funds (Flagship Funds I–IV) deploying capital into 600+ blockchain projects; (2) liquid funds including actively managed portfolios, passive index funds, and the HashKey 20 Index Fund tracking FTSE Russell digital asset indexes; (3) spot crypto ETFs (Bosera HashKey Bitcoin and Ether ETFs listed on HKEX with in-kind subscription) plus discretionary virtual asset account management for professional investors and OTC trading services.
Product overview
HashKey Capital is a global digital asset and blockchain investment leader managing over US$1 billion in client assets since inception. The firm operates through three main business lines: (1) Venture Investments managing a diversified portfolio of over 600 pioneering projects across infrastructure, data, AI, and consumer services; (2) Liquid Funds providing regulated portfolio management with products including spot crypto ETFs (Bosera HashKey Bitcoin/Ether ETFs listed on HKEX with in-kind subscription), actively managed funds, passive index funds (HashKey 20 Index Fund tracking FTSE Russell indexes), and VA discretionary account management for professional investors; (3) Wealth Management offering OTC trading, exchange services, staking (PoS/NFT/Web3), and asset management services. The firm also publishes research including the Digital Asset Valuation Framework and monthly market insights.
Differentiator
Problem solved
Functional benefit
Products and services
- Bosera HashKey Bitcoin Spot ETF Hong Kong-listed spot Bitcoin ETF (3008.HK HKD, 9008.HK USD) providing institutional-grade exposure to Bitcoin with in-kind subscription using BTC. HashKey Capital serves as Sub-Investment Manager.
- Bosera HashKey Ether Spot ETF Hong Kong-listed spot Ethereum ETF (3009.HK HKD, 9009.HK USD) providing institutional-grade exposure to Ether with in-kind subscription using ETH. HashKey Capital serves as Sub-Investment Manager.
- HashKey 20 Index Fund The first multi-token crypto index fund approved by the SFC, providing diversified exposure to the top 20 digital assets including Bitcoin, Ethereum, Solana, and Dogecoin, tracking the FTSE Custom Digital Asset Top 20 Index.
- Venture Capital Funds (Flagship Funds I–IV) Flagship cryptocurrency venture funds (Funds I–IV) deploying capital across infrastructure, data, AI, consumer services, and technology sectors, with 600+ portfolio companies and 15+ unicorns.
- Active Liquid Fund Professionally managed portfolio that strategically selects and trades diverse crypto assets across spot and derivatives to maximize returns, with high liquidity.
- Passive Crypto Index Funds Passive funds that track curated crypto indexes developed in collaboration with FTSE Russell, mirroring benchmark performance for diversified digital asset exposure.
- Virtual Asset Discretionary Account Management Bespoke discretionary virtual asset portfolio management for professional investors under SFC Type 9 licence, covering spot, OTC and derivatives mandates with multi-exchange execution and rebalancing.
- HashKey OTC Trading Services Regulated over-the-counter digital payment token trading services for accredited and institutional investors, including spot, on/off-ramp, and large-notional trades with swift settlement under the MAS Major Payment Institution licence.
Quantifiable outcome
- Bosera HashKey ETFs achieved over US$110M in combined AUM, with ETH ETF holding over 6,000 ETH and BTC ETF exceeding US$90M
- +2 more outcomes
Companies that use HashKey Capital
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
HashKey Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
HashKey Capital partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- OKX VenturescoreHashKey Capital and OKX Ventures co-invested in CAEX as strategic partners, sharing technical infrastructure, security, compliance, risk management, and liquidity connectivity responsibilities under Vietnam's regulatory framework. The co-investment highlights alignment between two leading Asian crypto platforms.
- FCC AnalyticsminorHashKey Digital Asset Group signed an MoU with FCC Analytics, Futu Securities, and livi Bank to establish the 'Regtech Innovation Lab' leveraging AWS cloud infrastructure, focused on AI-powered KYC and AML compliance solutions for the BFSI sector.
- Futu SecuritiesminorHashKey Digital Asset Group partnered with Futu Securities in the Regtech Innovation Lab (MoU signed at Hong Kong FinTech Week 2025) to develop AI-powered KYC and AML compliance solutions leveraging AWS infrastructure.
- livi BankminorHashKey Digital Asset Group partnered with livi Bank in the Regtech Innovation Lab (MoU signed at Hong Kong FinTech Week 2025) for AI-powered KYC/AML RegTech solutions for BFSI applications.
- FTSE Russell (LSEG)coreHashKey Capital launched three proprietary digital asset indexes with FTSE Russell (London Stock Exchange Group): FTSE Custom Digital Asset Top 20 Index, FTSE Custom Digital Asset Infrastructure Index, and FTSE Custom Digital Asset Application Index. The HashKey 20 Index Fund is the first fund product built on the Top 20 Index. The indexes serve as benchmarks for both active and passive fund products.
- DecryptcoreHashKey Capital and Decrypt co-launched Layer East Media — an alliance of 19 leading Web3 media outlets across Asia-Pacific (including Coinpost, CoinNess, Tokenpost, Coin68, PANews, Foresight News, Blockbeats, Odaily, Techflow, Chaincatcher, Blocktempo, Wu Blockchain, and others). The alliance aims to bridge western Web3 narratives to APAC markets, increase transparency, empower innovators and investors, and foster collaboration across the regional crypto media ecosystem.
- AethircoreHashKey Capital co-hosted Decode: Legacy — the world's first crypto-themed immersive theatre experience — with Aethir and CARV at Raffles Hotel Singapore during Token2049. Aethir contributed its decentralized GPU-as-a-Service technology through interactive experiences, demonstrating cloud compute infrastructure for AI, gaming, and virtualised compute operations.
- CARVcoreHashKey Capital co-hosted Decode: Legacy with Aethir and CARV at Token2049 Singapore. CARV led data ownership demonstrations through blockchain-based challenges, showcasing its modular data layer for gaming and AI. CARV Protocol integrates with 40+ chain ecosystems.
- HashKey Group Ecosystem (HashKey Exchange, HashKey Custody, HashKey OTC, HashKey Cloud)coreHashKey Capital operates within the HashKey Group ecosystem, leveraging HashKey Exchange (Hong Kong's first regulated VA trading platform) for ETF execution and liquidity, HashKey Custody for custody services, HashKey OTC for DPT trading services (via MAS-licensed HashKey Technology Services), and HashKey Cloud for infrastructure. The ecosystem integration is a key competitive differentiator enabling end-to-end digital asset management services.
- Bosera InternationalcoreHashKey Capital partnered with Bosera International to co-launch the world's first physical in-kind subscription Bosera HashKey Bitcoin and Ether spot ETFs on HKEX. Bosera International serves as Investment Manager, HashKey Capital as Sub-Investment Manager. The partnership combined Bosera's traditional asset management expertise with HashKey's crypto-native capabilities.
- Portfolio Companies (selected)coreHashKey Capital's portfolio includes over 400 companies, with selected logos displayed including Animoca Brands, B² Network, Berachain, Celestia, Chaos Labs, dYdX, Fhenix, Lava, Optimism, Pendle, Polkadot, Reap, and Xter.io. These represent investments across infrastructure, DeFi, data, AI, and consumer applications.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
HashKey Capital competitors and assessment
Company assessmentBroad incumbents
- 21Shares: 21Shares is one of the largest global crypto ETP issuers with a broad product range spanning single-asset, index, and thematic crypto ETPs across European and Asian exchanges. It overlaps with HashKey Capital on the digital asset index and ETP product side, though 21Shares is product-issuance-led rather than a multi-strategy asset manager.
- Grayscale Investments: Grayscale is the largest digital asset manager with a broad suite of spot crypto products and a recently converted Bitcoin ETF. It is broader in scale and product coverage than HashKey Capital but is highly comparable on the spot ETF / index product axis serving institutional and retail allocators.
- Coinbase Asset Management: Coinbase Asset Management is the asset management arm of Coinbase Global, offering index funds and yield products for institutional clients. As a major institutional crypto incumbent expanding into Asia, it represents a competitive threat and product peer to HashKey Capital's liquid fund and index offering.
Direct peers
- Pantera Capital: Pantera Capital is one of the largest US-based crypto-focused investment managers with venture funds, a multi-strategy hedge fund, and a Bitcoin fund. It is highly comparable to HashKey Capital as a multi-product digital asset manager serving institutional investors with active and venture strategies.
- Multicoin Capital: Multicoin Capital is a thesis-driven crypto investment firm managing venture funds and a liquid hedge fund focused on token investments. It is directly comparable to HashKey Capital's combined VC + liquid funds offering targeting institutional capital allocators.
- Bitwise Asset Management: Bitwise is a US-based crypto asset manager with a spot Bitcoin ETF, multi-asset funds, and separately managed accounts for advisors. It is comparable to HashKey Capital's product mix of spot ETFs, actively managed funds, and discretionary mandates targeting institutional and retail clients.
- Galaxy Digital: Galaxy Digital is a publicly-traded crypto-native financial services and investment management firm offering venture, trading, asset management, and mining services. It is one of the most direct global comparables for HashKey Capital given its multi-product crypto asset management platform spanning VC funds, liquid funds, and ETF sub-advisory relationships.
- CoinShares: CoinShares is a leading European digital asset investment manager listed on Nasdaq Stockholm offering ETPs, hedge fund strategies, and venture exposure. It is comparable to HashKey Capital as a regulated, publicly-accountable multi-product digital asset manager with ETP/ETF product lines.
- Spartan Group: Spartan Group is an Asia-headquartered crypto advisory, investment, and venture firm operating funds across DeFi, NFTs, and Web3. It is the most geographically overlapping direct peer to HashKey Capital given shared APAC focus, institutional LP base, and VC + liquid fund structure.
- Polychain Capital: Polychain Capital is a crypto-native investment firm managing venture and liquid token funds. It shares HashKey Capital's model of running both early-stage venture funds and actively managed liquid token portfolios for institutional LPs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
HashKey Capital social profiles
Digital presenceHashKey Capital compliance and trust
Trust signalCompliance7 records
HashKey Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
HashKey Capital leadership team
Management profileNumber of profiles
Profiles8 records
HashKey Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
HashKey Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HashKey Capital M&A and investment
M&A and investmentM&A
Investments139 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HashKey Capital
What does HashKey Capital do?
HashKey Capital is an institutional digital asset and blockchain fund manager operating three core lines: (1) venture capital funds (Flagship Funds I–IV) deploying capital into 600+ blockchain projects; (2) liquid funds including actively managed portfolios, passive index funds, and the HashKey 20 Index Fund tracking FTSE Russell digital asset indexes; (3) spot crypto ETFs (Bosera HashKey Bitcoin and Ether ETFs listed on HKEX with in-kind subscription) plus discretionary virtual asset account management for professional investors and OTC trading services.
Is HashKey Capital a public or private company?
HashKey Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was HashKey Capital founded?
HashKey Capital was founded in 2018. It employs 51 to 100 people.
Where is HashKey Capital based?
HashKey Capital is headquartered in Hong Kong, Hong Kong SAR China, in the Asia region.
How does HashKey Capital make money?
Six revenue lines are on record. Venture Fund Management is the primary driver. The others are liquid Funds / Actively Managed Digital Asset Fund, ETF Management (Sub-Investment Manager), index Fund Management, discretionary Account Management and OTC Trading Services.
Who are HashKey Capital's main competitors?
Broad incumbents on record are 21Shares, Grayscale Investments and Coinbase Asset Management. Direct peers are Pantera Capital, Multicoin Capital, Bitwise Asset Management, Galaxy Digital, CoinShares, Spartan Group and Polychain Capital.
Does HashKey Capital have an API?
No public API is recorded for HashKey Capital.
What industry is HashKey Capital in?
HashKey Capital's product category is Digital Asset Management. Its primary akta.pro industry code is FSADAHAA, Active Crypto Asset Managers (Discretionary), with a secondary code of FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity). Its NAICS code is 523940 and its SIC code is 6282.