Key Takeaways
- • Hashed, a global crypto venture firm, commits as anchor investor in a new $300 million private credit fund managed by Thoro Capital Management, providing both capital and regional expansion support.
- • Thoro Capital, founded by Abu Dhabi-based investor Mohamed Hamdy (co-founder of Further Ventures), introduces a differentiated underwriting model focused on enterprise cash flow analysis rather than pledged digital collateral.
- • The fund extends US dollar loans settling through stablecoins to digital-asset institutions, targeting profitable infrastructure firms that have historically relied on expensive, over-collateralized borrowing due to regulatory constraints on traditional lenders.
- • The underwriting approach emphasizes financial statement review, operating metrics, management quality, and financial covenants—standard private credit practices—while treating collateral as supplementary rather than primary credit support.
- • The fund addresses a financing gap where licensed banks face regulatory capital limitations and existing crypto lenders underprice credit by focusing on asset values rather than company fundamentals.
Summary
Hashed has committed to serve as anchor investor in a $300 million private credit vehicle designed to finance digital-asset institutions through a conventional enterprise-focused underwriting model. The fund is managed by Thoro Capital Management, a platform established by Mohamed Hamdy, an Abu Dhabi-based investor and co-founder of Further Ventures who serves as Thoro's managing partner. Beyond its capital commitment, Hashed will support Thoro's regional expansion and fund launch and scaling operations.
The fund's core product extends US dollar loans that settle via stablecoins to companies and institutions operating within digital-asset markets. Unlike speculative trading desks, borrowers are expected to be operating companies with genuine revenue streams. The fund's primary differentiation lies in its underwriting methodology. Rather than relying on pledged tokens or digital collateral as the primary credit mechanism—the dominant approach in crypto lending—Thoro intends to underwrite the operating company itself. This involves analyzing financial statements, cash flow generation, operating metrics, and management quality, then attaching financial covenants that require borrowers to maintain agreed conditions throughout the loan term. Digital collateral may still be employed as supplementary protection but is not positioned as a substitute for rigorous business credit analysis.
The fund targets a perceived financing gap in the digital-asset sector. Traditional licensed banks remain constrained by regulatory capital requirements that limit their ability to extend credit to crypto-adjacent firms. Concurrently, existing crypto lenders typically structure and price loans around asset values rather than enterprise cash generation, resulting in expensive, short-duration, over-collateralized borrowing arrangements even for profitable, audited infrastructure companies. By applying conventional private credit underwriting standards to digital-asset borrowers, Thoro and Hashed position the fund to offer these businesses access to more sustainable, operationally aligned financing that reflects underlying business fundamentals rather than collateral volatility.
The fund's core product extends US dollar loans that settle via stablecoins to companies and institutions operating within digital-asset markets. Unlike speculative trading desks, borrowers are expected to be operating companies with genuine revenue streams. The fund's primary differentiation lies in its underwriting methodology. Rather than relying on pledged tokens or digital collateral as the primary credit mechanism—the dominant approach in crypto lending—Thoro intends to underwrite the operating company itself. This involves analyzing financial statements, cash flow generation, operating metrics, and management quality, then attaching financial covenants that require borrowers to maintain agreed conditions throughout the loan term. Digital collateral may still be employed as supplementary protection but is not positioned as a substitute for rigorous business credit analysis.
The fund targets a perceived financing gap in the digital-asset sector. Traditional licensed banks remain constrained by regulatory capital requirements that limit their ability to extend credit to crypto-adjacent firms. Concurrently, existing crypto lenders typically structure and price loans around asset values rather than enterprise cash generation, resulting in expensive, short-duration, over-collateralized borrowing arrangements even for profitable, audited infrastructure companies. By applying conventional private credit underwriting standards to digital-asset borrowers, Thoro and Hashed position the fund to offer these businesses access to more sustainable, operationally aligned financing that reflects underlying business fundamentals rather than collateral volatility.
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