Crypto VC Hashed anchors $300M private credit fund managed by Thoro Capital Management, lending directly to institutional players the traditional banking system still keeps at arm's length.
The fund extends dollar-denominated loans, settled via stablecoins, straight to exchanges, custodians and infrastructure providers. Rather than the collateral-heavy structures most crypto lenders lean on, it runs on covenant-based underwriting: every loan carries financial and operational conditions the borrower must maintain, giving the lender early visibility and leverage before any default can spiral. Founded by Abu Dhabi-based investor Mohamed Hamdy, co-founder of Further Ventures, Thoro is positioning institutional-grade credit discipline for a market still wary after the 2022 lending collapses.
The $300M is a target, not a close: terms, borrower interest and deployment timelines remain undisclosed. But if the covenant model holds up, it hands other private-credit managers a working template for lending into digital assets without betting purely on collateral.
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