Shares of HashKey Holdings (3887.HK) rose 4.2% in Hong Kong trading on 24 Dec 2025 as the firm’s asset management arm secured the first closing of its new -focused vehicle. The stock reached an intraday high of HK$5.98 ($0.77) before closing at HK$5.73 ($0.74), shifting the narrative away from recent crypto price volatility and toward institutional capital deployment.

Fundraising targets and market valuation

The newly launched Fund IV reached an initial close of $250mn with a final target of 500mn.Positioned as a multi strategy vehicle, the fund will allocate capital across Blockchain infrastructure and application player projects. Despite the daily gain, HashKey's smart capitalization remains approximately HK15.8bn ($2.03bn), with shares still trading below the highs reached during its mid-December debut.

Investor focus on fee income

Markets are now monitoring how the fund’s deployment pace will translate into long-term fee income and earnings visibility for the group. As the first digital asset company to list on the Main Board of the HKEX, HashKey is widely viewed as a proxy for institutional sentiment toward regulated crypto infrastructure in Asia. The session saw a of 3.18mn shares, a slight uptick as investors weighed the firm's transition from an exchange operator to a diversified asset manager.