Finance News
By Pankaj K
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How Covenant-Based Underwriting Actually Works Here. Covenant-based underwriting is the core mechanism. Not a minor detail — it's basically the whole…
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A Gap That's Been There for Years. The financing bottleneck Hashed is going after isn't new.
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What the Fund Could Mean for Digital Asset Credit Markets. If it works, the implications are broader than just Hashed's returns.
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Hashed is putting $300 million to work. The firm just launched a private credit fund aimed squarely at the digital asset sector, built around a covenant-based underwriting model…
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The fund's pitch is pretty straightforward. Digital asset companies — exchanges, custodians, infrastructure providers — have long struggled to borrow from traditional banks.
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For a sector as volatile as digital assets, that matters a lot. Traditional credit products weren't built for an environment where collateral values can swing 30% in a week.
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And institutional comfort is exactly what Hashed needs to attract. The fund targets institutional participants — not retail, not small operators.
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The financing bottleneck Hashed is going after isn't new. It's been a known problem in crypto for years.
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So the environment Hashed is launching into is cautious. Burned once, twice in some cases. Covenant-based structures are partly a response to that history.
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See also: ECB Launches Pontes for Tokenized Asset Settlements Using Central Bank Money
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Whether that framing lands with potential borrowers is unclear yet. Covenant terms can be tight. Businesses that need flexible capital might find the conditions restrictive.
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No details on anchor investors either. It's a $300 million target — that's a real number — but how much is committed versus targeted isn't spelled out in what Hashed has shared…
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If it works, the implications are broader than just Hashed's returns. A successful covenant-based credit fund in digital assets could give other institutional lenders a template.
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The digital asset lending market has needed that. Not another undercollateralized lending platform with loose risk controls.
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More context: Logan and Jake Paul’s Anti Fund Invests in Polymarket, OpenAI, and Anduril
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