Hong Kong-based crypto investment group HashKey Capital launched its first liquid crypto fund in September 2023, targeting liquid tokens and seeking returns that could outperform Bitcoin. The fund was designed to give investors exposure beyond the two largest cryptocurrencies.
Jupiter Zheng, portfolio manager at HashKey Capital, the group’s investment arm, told Reuters that less than half of the fund’s investments would be allocated to Bitcoin and Ethereum. The strategy instead placed greater emphasis on altcoins and their potential to deliver higher returns.
Zheng said the fund had already attracted interest from high-net-worth individuals and investment firms serving wealthy Asian families. According to Reuters, HashKey Capital aimed to raise $100 million within a year.
HashKey expands beyond venture investing
HashKey Capital had more than $1 billion in assets under management at the time and maintained a venture portfolio that included Aztec, Blockdaemon, dYdX, Animoca Brands, and Polkadot.
The move into liquid funds gave HashKey another way to serve investors. Unlike venture funds, which typically lock capital into private companies for years, liquid crypto funds can invest in assets that trade on public markets.
HashKey Capital has since expanded this business. The firm now describes its liquid-funds division as managing actively managed funds, index products and spot ETFs. In 2025, it launched the HashKey 20 Index Fund, giving institutional and accredited investors exposure to a basket of major crypto assets rather than requiring them to select individual tokens.
ALSO READ: HashKey, Shanghai Commercial Bank Launch Crypto Rewards Credit Card in Hong Kong
Hong Kong becomes a bigger part of the strategy
HashKey’s expansion also coincided with Hong Kong’s development of a regulated crypto market. In August 2023, HashKey Exchange became the first crypto exchange in Hong Kong to secure a licence under the city’s new virtual asset regime.
In April 2023, HashKey unveiled HashKey Wealth, a brokerage platform for investors and high-net-worth clients. The platform offers high-liquidity bulk trading options and was positioned as a compliant route for wealth management. It was described as the first compliant OPT service in Hong Kong after the introduction of the new virtual asset exchange framework.
HashKey’s fund business is no longer limited to the original altcoin-focused strategy. The September 2023 fund remains part of a wider liquid-products operation that now includes active funds, index products and Hong Kong-listed Bitcoin and Ether ETFs.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
