HashKey has commenced subscriptions for its initial public offering (IPO) in Hong Kong, aiming to secure up to $215 million in a significant advancement for the city”s digital asset ambitions. This move is backed by notable financial institutions such as UBS and Fidelity, marking a pivotal moment in Hong Kong”s quest to become a leading hub for compliant cryptocurrency operations.
The exchange operator intends to raise approximately HK$1.67 billion, equivalent to about $215 million, through this IPO, which is anticipated to be one of the most scrutinized digital asset listings in the region. A report from Bloomberg on December 8 confirmed that the subscription process for the Hong Kong IPO has officially begun.
HashKey is offering slightly over 240 million shares, with a price range set between HK$5.95 and HK$6.95 per share. Should the offering hit the upper end of this range, the company”s market valuation could approach HK$19 billion upon its debut. The order books are set to remain open until Friday, with trading expected to commence on December 17.
This IPO coincides with an active period for Hong Kong”s IPO market, which is currently on track to achieve its highest total proceeds in four years. Furthermore, this offering underscores the city”s ongoing efforts to establish itself as a regional leader for regulated crypto firms.
HashKey was among the first companies to obtain a license under Hong Kong”s digital asset regulatory framework that was put in place in 2022. Since then, the firm has broadened its operations to include asset management, trading, on-chain services, and venture capital investments. As of September 30, HashKey reported platform assets exceeding HK$19.9 billion, supported over 80 tokens, and recorded a cumulative spot trading volume of HK$1.3 trillion.
Despite its scale, HashKey has faced challenges, reporting cumulative losses exceeding HK$2.3 billion over the past three years. However, losses in the first half of 2025 showed improvement, narrowing by more than a third compared to the previous year, primarily due to enhanced cost controls and revenue generation from trading activities, which accounted for nearly 70 percent of its income.
The IPO has garnered attention not only because of the firm”s size but also due to its cornerstone investors. UBS”s asset management division, along with Fidelity International and Infini Capital, have collectively committed $75 million to the offering, with lock-up periods of six months. This backing is seen as a significant endorsement during a time of ongoing volatility within digital asset markets, particularly with Bitcoin trading below its October highs.
Hong Kong has been selective in approving licensed crypto platforms, and the inflows into the city”s digital asset exchange-traded funds have been relatively modest compared to the United States. HashKey”s IPO could set a significant precedent for how web3 companies evolve under the city”s regulatory landscape. Additionally, it coincides with advancements in policies surrounding stablecoins, real-world assets, and tokenized securities, indicating a notable shift towards regulated adoption in the crypto space.
The deal is being jointly sponsored by JPMorgan Chase and Guotai Junan. Should the listing perform well, it may encourage other cryptocurrency firms in the region to reconsider their public market strategies and bolster Hong Kong”s reputation as a bridge between traditional finance and digital assets.
