Hashed leads new private credit fund for digital assets, targeting $300 million in size.

Crypto venture capital firm Hashed has led a new private digital asset credit fund targeting $300 million. The fund was founded by Mohamed Hamdy, an Abu Dhabi-based investor and co-founder of Further Ventures, and is managed by Thoro Capital Management, where Hamdy also serves as managing partner. Thoro will directly provide U.S. dollar-denominated loans settled via stablecoins to digital asset institutions, with Hashed acting as the fund’s primary investor. Hashed noted that the credit fund aims to address a "critical financing bottleneck" in the institutional digital asset sector. Traditional banks are constrained by regulatory capital requirements, while existing crypto lending platforms typically demand asset collateral. Consequently, even profitable, audited market infrastructure firms have to rely on costly short-term collateralized loans instead of accessing credit financing based on their business fundamentals. The fund seeks to resolve this key financing challenge for institutional digital assets through a "covenant-based" underwriting approach.