Hashed, the global crypto venture firm, has agreed to serve as the anchor investor in a new private credit vehicle aimed at digital-asset institutions. The fund is targeting $300 million and will be managed by Thoro Capital Management, a platform set up by Abu Dhabi-based investor Mohamed Hamdy.
Hamdy, a co-founder of Further Ventures, is also Thoro’s managing partner.
The product is designed to extend US dollar loans that settle through stablecoins. Borrowers are expected to be companies and institutions tied to digital-asset markets rather than purely speculative trading desks.
Hashed has said it will not only commit capital but also help Thoro expand across regions and support the fund as it launches and scales.
The underwriting model is the main point of differentiation.
Most crypto lending still depends on pledged tokens or other digital collateral.
Thoro intends to underwrite the operating company itself.
That means reviewing financial statements, cash flow, operating metrics, and management quality, then attaching covenants that require borrowers to maintain agreed financial conditions for the life of the loan.
Collateral can still be used as extra protection, but it is not meant to replace credit analysis of the business.
Hashed and Thoro describe this as a response to a financing gap. Licensed banks remain limited by regulatory capital rules.
Existing crypto lenders typically price and structure loans around assets rather than enterprise cash generation.
As a result, even profitable, audited infrastructure firms often rely on expensive, short-duration, over-collateralized borrowing instead of credit that reflects their underlying operations.
The new fund is intended to give those businesses access to more conventional private credit style financing.
Hamdy has argued that today’s digital asset lenders often underwrite assets rather than companies.
Thoro’s pitch is the reverse: judge the borrower as a going concern first.
That approach resembles the specialized private-credit managers that grew after the 2008 financial crisis, when banks pulled back and non-bank lenders filled the space with covenant-driven corporate loans.
Thoro said the $300 million target reflects its view of market demand and the practicality of executing that strategy.
The broader market context is mixed.
Tokenized private credit is now the largest real-world-asset category by cumulative on-chain origination, with more than $14 billion in loans recorded.
That is still a small share of traditional private credit, a market worth more than $3 trillion.
The gap suggests room for growth if digital-asset firms can be underwritten more like operating companies and settled more efficiently through stablecoins.
Hashed’s involvement also fits its recent UAE push.
The firm obtained a financial-services permission from the Abu Dhabi Global Market and signed a memorandum of understanding with the Abu Dhabi Investment Office.
Those steps give Hashed a regulated foothold in a jurisdiction that has been courting digital asset and institutional capital.
Supporting a credit fund run by an Abu Dhabi-based manager extends that regional strategy from venture investing into private credit.
The test will be origination quality.
Covenant-based lending only works if financial reporting is reliable, covenants are enforced, and borrowers can service dollar obligations through cycles in crypto markets.
If those conditions hold, the fund could offer digital asset infrastructure companies a financing path closer to traditional credit markets. If they do not, the product may look little different from existing collateral-heavy lending, only with more paperwork.
