HashKey is set to launch an initial public offering (IPO) in Hong Kong, seeking to secure up to HK$1.67 billion, approximately $215 million. This move positions HashKey to potentially become the first publicly listed cryptocurrency exchange in the city. The offering comes at a pivotal moment, aiming to assess public interest in regulated digital asset platforms amidst a fluctuating market environment.
The IPO plans involve the sale of approximately 240.6 million shares, with around 24.1 million shares allocated for local investors and the remainder for international purchasers. Share prices are projected to range between HK$5.95 and HK$6.95, which could elevate HashKey”s valuation to about HK$19 billion at the high end. The order books are set to open this week, with trading anticipated to commence on December 17, as indicated in the company”s prospectus.
In its prospectus, HashKey presents itself not merely as a trading platform but as a comprehensive digital asset ecosystem. This ecosystem integrates various services, including trading, custody, tokenization, and asset management, all operating under a regulated framework. HashKey claims to be the largest licensed cryptocurrency exchange in Hong Kong by trading volume and was among the first platforms authorized under the city”s specialized virtual asset regime launched in 2022.
Research included in the filing reveals that HashKey commands more than 75% of the onshore digital asset trading volume in Hong Kong. This substantial market share reflects the ongoing efforts by regulatory authorities to transition trading activities from offshore platforms to licensed local exchanges. Additionally, HashKey has established one of Asia”s leading on-chain services, providing staking, tokenization, and custodial solutions for various blockchain protocols while managing billions in client assets through diverse funds and structured financial products.
The company”s financial trajectory illustrates significant growth, with revenues increasing from about HK$129 million in 2022 to HK$208 million in 2023, and surging to approximately HK$721 million in 2024 as trading volumes and on-chain activities expanded. The first half of 2025 alone generated HK$284 million in revenue, although the prospectus also highlights considerable investments in research, development, and marketing to enhance its platform.
HashKey”s operational framework consists of three primary segments: transaction facilitation, on-chain services, and asset management. The transaction facilitation segment encompasses the core exchange, over-the-counter trading, fiat on and off ramps, custody solutions, foreign exchange services, and institutional offerings. On-chain services involve the provision of staking infrastructure, asset tokenization, and development of HashKey Chain, the firm”s proprietary network designed to support compliant real-world asset projects, stablecoins, and decentralized applications. Asset management includes venture investments in Web3 initiatives and secondary market products like exchange-traded funds and actively managed cryptocurrency funds.
Should the IPO reach its maximum pricing, HashKey anticipates net proceeds of approximately HK$1.43 billion after covering fees and expenses. A significant portion of these funds is slated for product innovation and the introduction of new offerings, which include regulated derivatives and yield products. The company also plans to enhance liquidity across trading venues and upgrade its custody systems to accommodate a broader array of blockchain networks and tokens.
Moreover, HashKey intends to invest in infrastructure and cloud services to ensure its trading platforms can manage spikes in trading activity without disruptions. Strengthening risk management and compliance systems to align with Hong Kong”s virtual asset regulatory framework is another vital focus area. The management team believes that this combination of scale, licensing, and robust infrastructure will enable the company to attract the next wave of institutional investment as market participants shift from less regulated offshore exchanges to compliant onshore platforms.
The timing of HashKey”s listing is particularly sensitive, as Hong Kong has recently approved licenses for 11 exchanges under its new regulatory framework but has yet to attract larger global entities like Binance or Coinbase. The city is working to position itself as a competitive hub for cryptocurrency firms alongside other prominent locations such as Singapore and Dubai.
