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August 5, 2023 | Alongside with its license upgrade, HashKey Capital will launch a liquidity digital asset fund reviewed by Hong Kong Securities and Futures Commission on 1 Sep. The fund will be managed by HashKey Capital Limited and plans to invest in a portfolio of 100% virtual assets. The fund is targeted to become the largest liquid crypto fund in Asia within one year.
Founded in 2017, HashKey Capital is one of the largest and most respected institutional asset managers globally focusing exclusively on digital assets and blockchain technology. As one of the earliest institutional investors in Ethereum, HashKey Capital has invested in more than 500 projects with total assets under management (AUM) exceeding $USD 1 billion.
Recently there has been positive momentum in the crypto industry, especially in Hong Kong. BlackRock’s filing for a spot Bitcoin exchange-traded fund, the emergence of Hong Kong's licensed virtual asset trading platform, and the establishment of Hong Kong Web3 Development Task Force, all indicating the government’s determination to build Hong Kong into a global Web3 Hub. In this context, HashKey Capital's launch of its first liquid crypto fund regulated by the SFC would help to accelerate the development of Hong Kong's Web3 industry and provide professional investors with more diversified crypto asset investment options.
In September of 2022, HashKey Capital Limited obtained approval from the Hong Kong Securities and Futures Commission (HK SFC) to uplift its license in Type 9 (asset management), which means that it can build an investment portfolio consisting entirely of digital assets, and it became one of the few compliant digital asset fund managers in Hong Kong.
As of July 2023, according to publicly available records from the Hong Kong Securities and Futures Commission, there are only nine active Type 9 asset management companies engaging in virtual asset-related activities, which includes HashKey Capital Limited. In addition, other entities within HashKey Group hold multiple licenses in the region, including Types 1, 4, 7 and 9 License in Hong Kong, as well as an in-principle approval for a CMS license for fund management in Singapore. From this perspective, HashKey Group is one of the largest and best regulated institutional providers of digital assets in Asia.
HashKey Capital has built up years of knowledge and industry insights in crypto and web3 venture investing, as well as resources and industry connections that differentiate it from other liquid crypto funds. The team comprises over ten senior crypto venture investment professionals with backgrounds in both crypto and traditional investment. These unique advantages will empower HashKey Capital’s liquid crypto fund.
HashKey Capital’s fund operations follows world-class institutional standards and transparency, and partners with tier-one service providers (such as KPMG, Coinbase). Regulatory Compliance is highly prioritised by HashKey Capital, as this is particularly important consideration and investment criterion for traditional institutions.
The lead portfolio manager of the new fund, Jupiter Zheng, has more than seven years of experience in research and investments in TMT and Financials space, and more than five years of experience in crypto and blockchain research. In addition, Jupiter has authored and published a best-selling book on blockchain called "Blockchain and Crypto Assets Investment Guide." Jupiter will integrate his deep understanding of both web 2 and web 3 industries to manage the liquid crypto fund product for investors, allowing them to have direct opportunities to participate in the exciting new fields of cryptos and blockchain.
The fund will officially accept investor subscriptions starting from September 1, 2023.
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