HashKey is on track to make history as Hong Kong”s first fully crypto-native initial public offering (IPO) by proposing the listing of 240.57 million shares under the city”s newly established virtual asset regulatory framework. This strategic move aims to position the exchange as a crucial player in the local financial landscape.
The offering is designed to attract both local and international investors, with a portion of shares allocated specifically for retail investors. The proposed share price ranges between 5.95 and 6.95 Hong Kong dollars, which could potentially raise around 1.67 billion HKD, equivalent to approximately $215 million. If fully subscribed, this could imply a multibillion-dollar valuation for HashKey.
Trading is scheduled to commence on December 17, under the stock code 3887, as anticipation builds around this significant milestone for the company and the broader crypto market in Hong Kong. HashKey already claims to operate the largest licensed platform in the region, offering a comprehensive suite of services that includes trading, custody, institutional staking, asset management, and tokenization.
According to the company, its platform manages tens of billions of Hong Kong dollars in staking assets, underscoring its robust position in the market. However, despite rapid revenue growth, HashKey continues to experience losses as it invests heavily in technology, compliance, and market expansion efforts.
The company reported a substantial increase in revenue, jumping from approximately 129 million HKD in 2022 to 721 million HKD in 2024. This impressive growth comes in tandem with rising trading volumes, which surged from 4.2 billion HKD to 638.4 billion HKD over the same period. Nonetheless, losses nearly doubled during this time, driven by elevated spending on technology, headcount, and compliance measures.
HashKey”s IPO is set against the backdrop of Hong Kong”s efforts to reestablish itself as a leading digital asset hub, following years of regulatory uncertainty. The city has implemented a dedicated licensing regime for both retail and institutional crypto platforms, which has created a more favorable environment for crypto businesses.
The outcome of HashKey”s IPO will serve as a critical indicator of market confidence in regulated crypto infrastructure, especially given the strict limitations imposed by mainland China on digital asset activities. Analysts view this IPO as a real-time evaluation of investment appetite for compliant crypto platforms.
As HashKey moves forward with this historic listing, industry observers will be closely watching its performance and the implications for future crypto ventures in Hong Kong. Success could pave the way for other exchanges and financial institutions to consider similar paths.
