HashKey Group Secures Investment from Gaorong Ventures

Hong Kong-based HashKey Group has secured a $30 million investment from China’s Gaorong Ventures, as reported by Bloomberg on Friday, citing sources familiar with the matter.

HashKey Group is a regulated digital asset financial services provider that offers trading, asset management, custody, and blockchain ecosystem solutions.

Gaorong Ventures, based in Beijing, is a venture capital firm that invests in early and growth-stage tech, internet, and consumer startups. Its notable investments include Chinese companies like Xiaomi, Meituan, and Pinduoduo.

Previously, HashKey Group raised nearly $100 million in its Series A financing round, announced in January 2024, achieving unicorn status with a pre-money valuation exceeding $1.2 billion. However, the company did not disclose the names of its investors at that time. Gaorong’s investment was made at a similar pre-money valuation, reportedly closer to $1.5 billion after funding.

Crypto Venture Funding on the Rise

According to The Block Pro’s Funding Dashboard, crypto projects have raised nearly $14 billion over the past year, primarily led by investments in infrastructure firms like HashKey. Despite significant gains in 2023 and over $4 billion raised in Q4, venture funding remains down from its 2022 peak, which saw over $13 billion in the first quarter alone.

HashKey’s Expanding Crypto Presence

In collaboration with Bosera Asset Management, HashKey was among the issuers that launched Hong Kong-based spot Bitcoin and Ethereum exchange-traded funds (ETFs) in April 2024. HashKey’s spot Bitcoin ETF has generated over $71 million in net inflows and over $21 million for its Ethereum ETF, according to The Block.

Hong Kong is currently the only region in Asia to list spot crypto ETFs.

In December, HashKey Group launched its HashKey Chain on the mainnet, joining other firms like Coinbase and Kraken in creating their own Layer 2 networks with the OP Stack, featuring its native HSK token.

Last month, HashKey Group revealed 10 crypto predictions for 2025, including expectations for Bitcoin and Ether to surpass the $300,000 and $8,000 levels, respectively.