HashKey, a prominent cryptocurrency exchange in Hong Kong, has officially unveiled its plans for an initial public offering (IPO) with a target of raising up to $215 million. The company intends to begin trading on December 17, with share prices set between HK$5.95 and HK$6.95, contingent on market demand.
The IPO will consist of a total of 240.57 million shares, of which 24.06 million are reserved for local investors in Hong Kong, while the remainder will be available to international buyers. Should the shares be priced at the upper limit, HashKey could generate approximately HK$1.67 billion (around $214.68 million). If priced at HK$6.45 per share, the estimated net proceeds would stand at about HK$1.43 billion ($183.82 million).
HashKey has outlined specific allocations for the funds raised through the IPO. A significant 40% will be directed towards product innovation and enhancing infrastructure. Another 40% will focus on expanding its market presence and establishing strategic partnerships within the ecosystem. The final 20% will be utilized for operational expenses, improving risk management, and covering general corporate needs.
Despite facing financial hurdles, HashKey continues to show resilience in the competitive crypto market. For the first half of 2025, the exchange reported a net loss of HK$506.7 million ($65 million), although this reflects an improvement compared to the previous year”s figures. Interestingly, the company experienced a 4% year-over-year increase in revenue, reaching HK$557.6 million ($71.7 million) during the first nine months of 2025.
This IPO comes at a pivotal moment as Hong Kong enhances its regulatory framework for the cryptocurrency sector. In 2023, the city implemented a licensing system for virtual asset service providers, aimed at creating a more robust regulatory environment. Recently, the Securities and Futures Commission has initiated measures that allow licensed platforms to share order books, which is expected to improve overall market liquidity.
HashKey”s IPO marks a significant step for the exchange and the broader Hong Kong cryptocurrency market, reflecting growing investor interest and regulatory support in the space.
