HashKey Capital has raised $250 million in the first close of a blockchain-focused fund targeting a total size of $500 million. The fund will invest across early- and growth-stage companies building blockchain infrastructure, Web3 applications, and digital asset services, with a focus on Asia and global markets. Backed by institutional investors, the fund reflects renewed confidence in blockchain technology despite market volatility. HashKey Capital said the capital will support projects spanning DeFi, tokenization, compliance-focused platforms, and enterprise blockchain adoption.