• HashKey Group plans to raise $500 million through a Hong Kong IPO as crypto listings gain momentum.
• The company expands globally with new approvals in Dubai, Bermuda, and Ireland for its crypto operations.
• Hong Kong leads in IPO filings as digital asset firms target public markets under clear regulations.

HashKey group has confidentially registered an initial public offering (IPO) on the Hong Kong Stock Exchange. The goal of the company is to raise $500 million. The listing may occur later this year, according to sources who are privy to the issue. Nevertheless, the valuation and the ultimate deadline are still being discussed. HashKey is the operator of Hong Kong’s largest licensed cryptocurrency exchange.

This move follows months of rapid growth and regulatory expansion for the firm. It comes as Hong Kong continues to intensify efforts to make it a digital asset hub in Asia. The city has implemented an effective regulatory environment, and this has gained the attention of regional investors. Even though China has outlawed cryptocurrency, Chinese organizations still transfer their capital to licensed exchanges such as HashKey.

Strong Global Expansion and Regulatory Wins

HashKey has expanded beyond Hong Kong in recent months. In January, it secured conditional approval from Dubai’s Virtual Asset Regulatory Authority. Soon after, it received licenses in Bermuda and Ireland. These approvals support HashKey’s strategy to serve institutional investors across multiple jurisdictions.

In February, the Hong Kong Securities and Futures Commission approved the firm for discretionary asset management. This allows HashKey to manage virtual assets on behalf of professional investors. It also launched the HashKey 20 Index Fund for high-net-worth clients. These efforts show the firm’s focus on long-term institutional engagement.

Token Developments and Market Movement

The company’s native token, HSK, gained 13% following reports of the IPO. It has increased to $0.46 following a decline to $0.41. The spike is indicative of more interest in the market, but there is mixed investor sentiment. Past issues related to token liquidity and buybacks have raised concerns.

Despite these issues, interest in the token continues to grow. A successful IPO could help legitimize HSK in the eyes of traditional investors. It may also expand its real-world use cases. HashKey’s recent launch of HashKey Chain, an Ethereum layer-2 network, adds to its on-chain presence. Moreover, HashKey Group partnered with Catizen to innovate in TON’s GameFi landscape. The firm has also entered real estate tokenization through a partnership with China New City Group. 

Hong Kong’s IPO Activity Accelerates

KPMG recently reported that Hong Kong had nearly 300 active IPO filings by the end of September. That number positions the city at the top of global IPO rankings for the year. Analysts view the crypto sector’s listing activity as a test of investor confidence.

Other companies, including Digital Currency Group, are also preparing for IPOs in Hong Kong. The surge in filings suggests growing faith in the region’s regulatory direction. With the digital asset space maturing, companies are racing to secure capital through public listings.