Hashed Anchors $300M Digital Asset Credit Fund

According to The Block, Hashed has anchored a new digital asset private credit fund with a target size of $300 million. Thoro Capital Management, under the leadership of Mohamed Hamdy, who is the managing partner, runs the fund.

The firm provides direct U.S. dollar loans, using stablecoins for settlement, to digital asset institutions. This "covenant-based" underwriting approach mirrors the post-2008 financial crisis growth in traditional private credit. Here, the operating entity of the borrower is assessed, not just the collateral provided.

Hashed’s press release noted that profitable, audited market infrastructure firms are consequently pushed toward costly, short-term collateralized borrowing instead of fundamental credit.

In setting the terms, Thoro examines financials, cash flow, and management to define conditions for the loan's term.

Thoro clarified that they evaluate the borrower as an operating business, considering its financials, cash flow and management, before agreeing on covenants—financial conditions the borrower must uphold during the loan’s life.

The $300 million target was established by Thoro based on market fit and execution feasibility. Hashed observed that tokenized private credit has exceeded $14 billion in cumulative onchain originations, a sum that is minor relative to the traditional private credit market, valued above $3 trillion.