HashKey Opens Hong Kong IPO Seeking Up to $215 Million as City Intensifies Crypto Licensing Push
- HashKey opens its Hong Kong IPO as the city pushes to strengthen its regulated digital asset market position.
- Major global investors support the listing which signals confidence in Hong Kong’s licensed crypto framework.
- The IPO may guide other crypto firms as Hong Kong expands rules for tokens, stablecoins and digital asset platforms.
HashKey has opened subscriptions for its Hong Kong initial public offering. The company seeks to raise up to HK $1.67 billion or approximately $215 million. The sale covers over 240 million shares with a price of HK $5.95 to HK $6.95 shares.
The top price would place the firm’s valuation near HK$19 billion. Order books will remain open through Friday. Trading is expected to begin on December 17 on the Hong Kong Stock Exchange under code 3887. The listing marks the first public offering of a dedicated crypto exchange in the city.
Regulatory Setting and Business Footprint
The offering arrives during an active period for Hong Kong’s IPO market. On December 1, HashKey Holdings cleared the Hong Kong Stock Exchange listing hearing. Total proceeds in the city are tracking toward a four-year high. The deal also highlights Hong Kong’s effort to position itself as a regulated base for digital-asset companies.
HashKey was among the first firms to receive a license under the city’s 2022 digital-asset regime. The company now operates an ecosystem that covers trading, asset management, on-chain services, and venture investments.
Earlier this year, HashKey Group revealed plans to raise $500 million through a Hong Kong IPO as crypto listings gain momentum. As of September 30, HashKey reported platform assets of more than HK$19.9 billion.
The platform supported over 80 tokens and recorded HK$1.3 trillion in cumulative spot trading volume. The firm held HK$1.48 billion in cash and HK$570 million in digital assets. Most holdings were in major tokens such as BTC, ETH, and USDT.
Financial Performance and Use of Proceeds
The firm has been recording losses since 2022. The cumulative losses were more than HK $2.3 billion in the last 3 years. In the first half of 2025, the company reduced its losses because of cost measures and increased trading revenue. The company registered a net loss of $506.7 million in the first half of 2025. This was in comparison to HK$772.6 million loss in the previous year.
The 9 months ended September 30 saw an increase of revenue by 4% compared to the previous year to HK$557.6 million. An increase in asset-management services counterbalanced a fall in the volume of trading.
HashKey intends to use 40% of net proceeds to product development and infrastructure. The other 40% will fund market growth and ecosystem alliances. The rest will be used in operations, risk management and working capital.
Investor Interest and Regional Impact
Cornerstone investors include UBS Asset Management, Fidelity International, and Infini Capital. The total of their commitment is $75 million and lock-ups of six months. The observers in the industry see the support as an indicator of confidence in the unstable conditions of digital assets.
Hong Kong has authorized a few licensed crypto platforms. Local digital-asset exchange-traded funds inflows are relatively small when compared to the United States. The regulators keep moving towards policies of stablecoins, tokenized securities, and real-world assets. Analysts observe that the listing can affect other regional crypto companies that intend to go to the public.
