HashKey is approaching its initial public offering offers a rare look at how a regulated crypto business can transition into public equity markets under Hong Kong’s evolving virtual asset framework. The company has filed for an IPO that could make it the first fully crypto-native exchange group listed on the Hong Kong Stock Exchange, marking a significant milestone for the city’s digital asset ambitions.
HashKey plans to offer 240.57 million shares, with a portion reserved for local retail investors and the remainder allocated to international buyers. The shares are being marketed in a price range of 5.95 to 6.95 Hong Kong dollars, which could raise as much as 1.67 billion HKD, or roughly $215 million, if the offering is fully subscribed. Trading is expected to begin on Dec. 17, following final pricing scheduled for Dec. 16.
The listing comes as Hong Kong positions itself as a regulated digital asset hub after years of uncertainty. Over the past two years, the city has introduced licensing rules for crypto exchanges, expanded custody and staking oversight, and laid the groundwork for retail participation within a tightly controlled regulatory environment.
How HashKey fits into Hong Kong’s virtual asset strategy
HashKey is structured sets it apart from many crypto exchanges that rely primarily on trading fees. While the core of the business is HashKey Exchange, licensed by the Securities and Futures Commission under Type 1 and Type 7 licenses, the group operates a broader infrastructure stack that includes custody, institutional staking, asset management and tokenization.
The exchange supports spot trading, over-the-counter services and fiat on- and off-ramps in Hong Kong dollars and US dollars. HashKey describes itself as Hong Kong’s largest licensed crypto platform serving both retail and professional investors.
Beyond trading, HashKey Cloud provides institutional staking and node services. In its latest filings, the company reported managing around 29 billion HKD in staked assets as of the third quarter of 2025, including approved support for staking linked to Hong Kong’s spot Ether ETFs. This places HashKey among the larger staking providers in Asia.
The group also operates an asset management arm with approximately 7.8 billion HKD in assets under management as of Sept. 30, 2025. In parallel, HashKey Chain focuses on tokenization and real-world asset use cases, reporting about 1.7 billion HKD in onchain RWAs.
International expansion is another pillar of the strategy. HashKey has pursued licenses or operations in Singapore, Dubai, Japan, Bermuda and parts of Europe, suggesting the IPO is designed to fund a global, compliance-first crypto infrastructure business rather than a single-market exchange.
Revenue growth, losses and the long-term compliance bet
Financially, HashKey is developing follows a familiar growth-stage pattern. Revenue rose from about 129 million HKD in 2022 to 721 million HKD in 2024 as new platforms launched and trading volumes expanded. Over the same period, trading volume increased from 4.2 billion HKD to more than 638 billion HKD.
However, the company remains unprofitable. Net losses widened from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024, driven by spending on technology, compliance, staffing and market expansion. More recent figures show some improvement, with losses narrowing to 506.7 million HKD in the first half of 2025 compared with 772.6 million HKD a year earlier.
HashKey argues these losses reflect upfront investments needed to operate licensed platforms across multiple jurisdictions. The company positions itself as a long-term bet on regulated crypto markets, similar to early exchange operators that took years to reach profitability.
According to its prospectus, roughly 40% of IPO proceeds will be used for technology and infrastructure, including custody systems, security upgrades and HashKey Chain development. Another 40% is earmarked for international expansion and ecosystem partnerships, while the remaining funds will support operations, risk management and general working capital.
The IPO will be closely watched as a test of whether public investors are ready to back compliance-first crypto infrastructure. HashKey trades after listing may also influence whether other digital asset firms choose Hong Kong as a public market destination.
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