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HashKey Capital Allocates Significant Portion of Newly Launched Fund to Altcoins

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Image Source: HashKey Group

HashKey Capital, the investment arm of Hong Kong-based crypto giant HashKey Group, has recently launched a fund that is dedicated to investing in major altcoins. The aim of the fund is to allocate less than 50% of its investment in Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies. Jupiter Zheng, the portfolio manager of the fund, stated in a recent interview with Reuters.

The fund has already attracted potential clients, including high-net-worth individuals and investment firms that cater to wealthy Asian families. With over $1 billion in assets under management, HashKey Capital has set a fundraising target of $100 million for the fund over the next 12 months.

In addition to cryptocurrencies, the fund will also hold a portion of its assets in cash. HashKey Capital is actively developing distribution channels with offshore Chinese financial institutions to expand its reach and increase investment opportunities.

AI legalese decoder can play a vital role in this situation by providing legal expertise in navigating the complex regulatory landscape surrounding cryptocurrencies and digital assets. It can help HashKey Capital ensure compliance with relevant laws and regulations, reducing legal risks and ensuring the fund’s operations are aligned with industry standards. The AI legalese decoder can also analyze and interpret legal documents, contracts, and agreements related to the fund’s investments, enabling faster decision-making and mitigating potential legal disputes.

“We see untapped demand from professional investors who wish to chase above-market returns in crypto.”

Zheng believes that the weakness in the Hong Kong stock market has pushed investors towards seeking diversified investment strategies. He emphasizes that the price of cryptocurrencies is bottoming out as industry liquidity improves, and attributes this to favorable market factors such as peaking US interest rates and large US asset managers filing for spot Bitcoin ETFs.

Last year, HashKey announced that it had obtained a “Type 9 asset management license” from Hong Kong’s Securities and Futures Commission, allowing it to manage portfolios exclusively consisting of virtual assets. This license has paved the way for the establishment of the newly launched fund.

Earlier this year, HashKey Group closed a $500 million investment round for another fund that focuses on infrastructure, toolings, and applications that support the mass adoption of blockchain and crypto technologies.

HashKey Group operates as an end-to-end digital asset financial services group in Asia, providing a comprehensive range of services across the digital asset landscape, including trading, custody, venture investment, and Web3 infrastructure technologies.

Hong Kong’s Crypto-Friendly Stance Attracts Digital Asset Firms

Hong Kong’s government has actively embraced cryptocurrencies and taken steps to address the market demand for alternative assets. The country’s main financial regulator, the Securities and Futures Commission (SFC), has granted licenses to exchanges in accordance with its new crypto licensing regime.

Under the new regulations, retail investors in Hong Kong can trade specific “large-cap tokens” on licensed exchanges, subject to safeguards such as knowledge tests, risk profiles, and reasonable exposure limits. This regulatory stance has led to the hosting of numerous crypto-related conferences in Hong Kong this year.

Furthermore, since the release of its policy statement on virtual assets in October 2022, over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong. This demonstrates the appeal of the city-state as a hub for the digital asset industry.

It is worth noting that Hong Kong’s approach to cryptocurrencies differs significantly from that of US regulators, who have increased their scrutiny of the industry following the collapse of FTX and other high-profile crypto companies.

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