HashKey Clears HKEX Listing Hearing, Moves Closer to IPO
HashKey Holdings Limited has handed a key regulatory hurdle on its manner to turning into a public firm.
Key Takeaways:
- HashKey cleared the HKEX itemizing listening to, advancing into the ultimate levels of its Hong Kong IPO.
- The trade plans to use IPO proceeds to fund know-how upgrades, product rollout, and abroad progress.
- Despite narrowing losses, HashKey stays unprofitable because it invests closely in compliance and scale.
The firm has cleared the Hong Kong Stock Exchange’s itemizing listening to, shifting the operator of the town’s largest licensed crypto trade nearer to an preliminary public providing.
The firm disclosed the end result in its Post Hearing Information Pack printed Monday, confirming that the itemizing committee of the Hong Kong Stock Exchange has accomplished its evaluate of HashKey’s software.
HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase
The listening to is a crucial step in Hong Kong’s IPO course of, with the committee assessing eligibility, compliance requirements and disclosure practices earlier than granting approval to proceed.
With the listening to cleared, firms usually transfer to prospectus registration, adopted by investor advertising and marketing, book-building and pricing.
HashKey mentioned it plans to use proceeds from the providing to improve its know-how stack, develop new merchandise and strengthen safety programs, alongside supporting abroad growth and normal company wants.
The agency didn’t reveal the scale or timing of the providing and declined to touch upon valuation expectations.
Bloomberg reported in October that HashKey may be seeking to increase as a lot as $500 million by the flotation, although the corporate has not confirmed the determine.
In a separate submitting Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.
HashKey holds one in every of Hong Kong’s coveted licenses to run a digital asset buying and selling platform. As of the tip of September, its platforms supported 80 tokens, in accordance to the submitting.
Financial disclosures additionally present the enterprise continues to function at a loss because it builds scale.
In the primary half of 2025, HashKey posted a internet lack of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a 12 months earlier.
Management mentioned the purple ink displays heavy upfront spending to set up a compliant and scalable operation in a tightly regulated market.
“Our internet losses and working money outflows… primarily mirror the character of our enterprise growth cycle,” the corporate mentioned.
If accomplished, the float would place HashKey alongside native rival OSL as a publicly listed crypto trade operator.
OSL shares have been down 7.6% on Monday afternoon, in accordance to information from Yahoo Finance.
Crypto IPOs Gain Momentum
Last month, tZero Group, a New York–primarily based blockchain infrastructure agency targeted on tokenized securities and real-world property, announced that it is preparing to go public in 2026.
Before that, BitGo formally filed for an initial public offering, turning into the primary devoted crypto custodian to pursue a list on a US inventory trade.
BitGo’s IPO submitting got here amid renewed momentum for crypto-related public choices.
The digital asset house has seen a number of notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging greater than sevenfold since going public.
Online trading platform Etoro, which provides crypto buying and selling amongst its companies, debuted in May.
In addition, Galaxy Digital, led by Mike Novogratz, moved its itemizing from the Toronto Stock Exchange to Nasdaq earlier this 12 months.
Gemini, the trade based by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling sturdy market confidence in crypto exchanges going public.
More not too long ago, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.
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