HashKey Holdings, a prominent player in the cryptocurrency exchange landscape, has successfully navigated a significant listing hearing at the Hong Kong Stock Exchange (HKEX), marking a pivotal step toward its initial public offering (IPO) in Hong Kong. This achievement not only solidifies HashKey”s status as the largest licensed virtual asset exchange in the region but also underscores the growing institutional interest in digital assets amidst a backdrop of evolving regulatory frameworks.
In 2024, HashKey reported an impressive trading volume of approximately $81.9 billion, reflecting rapid growth in a challenging market environment. Despite facing losses of $99.3 million, the company showcased a robust revenue generation of about $92.6 million. HashKey”s liquidity position is notable, with around $212 million in cash and $76 million in digital assets, indicating its resilience and strategic management of crypto exposure.
Expanding Digital Asset Offerings
HashKey”s platform has diversified its offerings, providing access to 80 different digital assets as of September 30. This includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and popular stablecoins like Tether (USDT) and USDC. Furthermore, the exchange supports a variety of DeFi tokens and newer ecosystem coins, catering to a wide array of trader preferences.
In addition to its Hong Kong operations, HashKey has expanded its reach through its Bermuda platform, which supports an additional 72 assets. Over the years, the exchange has processed HK$1.3 trillion in spot trades, capitalizing on its robust over-the-counter (OTC) operations to generate revenue through market spreads.
Financial Trajectory and Market Context
HashKey”s financial trajectory has seen significant growth, with revenues escalating from HK$129 million in 2022 to HK$721 million in 2024. However, gross margins have contracted to 65% by mid-2025, largely due to market volatility and aggressive expansion strategies. By August 2025, the company reported holding HK$1,657 million in cash and HK$592 million in digital assets, illustrating both its rapid growth and the inherent risks associated with the cryptocurrency sector.
Market conditions in the region are shifting, with other exchanges like Bitkub contemplating a Hong Kong IPO to raise around $200 million amid a challenging Thai stock market. Liu Honglin from Man Kun Law Firm noted that Hong Kong”s regulatory landscape has become more defined, eliminating previous ambiguities surrounding stablecoin policies. The passage of the Stablecoins Bill in May 2025 mandates that companies secure approval from the Hong Kong Monetary Authority (HKMA), ensuring a secure framework for client funds and reserves.
HashKey”s recent approval by HKEX signals a growing institutional participation in Hong Kong”s dynamic crypto market. The emergence of clearer regulations is likely to motivate other exchanges, including Bitkub, to pursue listings, thereby influencing regional crypto activity and liquidity.
