HashKey Group, which operates the Hong Kong-based crypto exchange, has “nearly” met its $100 million fundraising target, the firm said on Tuesday.

HashKey announced the fundraising round in August, shortly after it won a license from Hong Kong’s security regulator to offer retail crypto trading. The firm did not disclose the investors in the round and now has a valuation of $1.2 billion post-raise, giving it a “unicorn” status.

Unicorn is a term used to describe private companies with a valuation of $1 billion or more.

In October, CoinDesk reported that crypto fundraising in the third quarter of 2023 reached a three-year low of $2.1 billion across 297 deals, the smallest since Q4 2020, amid an industry downturn exacerbated by FTX’s collapse, with a shift in focus towards early-stage and infrastructure projects.

However, given the dynamic rally bitcoin and other major digital assets had in the fourth quarter of 2023, along with the recent approval of the bitcoin ETF, many funds are changing their tune and have a sense of optimism going into 2024.