Crypto Exchange HashKey Plans Hong Kong IPO, Targets $215M Capital Raise
HashKey is bidding to turn into Hong Kong’s first listed crypto trade, launching an initial public offering that may gauge how a lot public market urge for food stays for regulated digital asset platforms after the newest leg of the cycle.
The firm plans to promote about 240.6M shares in a world providing, with roughly 24.1M reserved for Hong Kong buyers and the remaining for worldwide consumers
The worth vary runs from HK$5.95 to HK$6.95 a share, which might increase as much as HK$1.67B, about $215M, and worth HashKey at round HK$19B on the high finish.
Books are open by Friday, with buying and selling scheduled to start out on Dec. 17, in line with a prospectus.
HashKey Holdings is making ready to open its order books subsequent week for a Hong Kong preliminary public providing that goals to boost $200 million.#HashKey #IPOhttps://t.co/9OczOnw5M5
— Cryptonews.com (@cryptonews) December 5, 2025
HashKey positions itself within the prospectus as a digital asset ecosystem moderately than a single trade, tying collectively buying and selling, custody, tokenisation and asset administration below a licensed, onshore construction.
The group operates what it describes as Hong Kong’s largest licensed crypto trade by buying and selling quantity and was among the many first platforms accepted below town’s devoted digital asset regime, which went stay in 2022.
According to analysis cited within the submitting, HashKey holds greater than 75% of Hong Kong’s onshore digital asset buying and selling quantity, giving it a dominant share of a market that regulators have been making an attempt to tug onshore after years of exercise on offshore venues.
The firm additionally runs one in every of Asia’s largest on-chain companies companies, providing staking, tokenization and custodial know-how for a variety of protocols, and manages billions in consumer property by funds and structured merchandise.
Strong Top Line Growth Reflects Expanding Exchange And Infrastructure Demand
The financials present how that growth has fed into the highest line. Revenue rose from about HK$129M in 2022 to about HK$208M in 2023, then jumped to roughly HK$721M in 2024 as buying and selling volumes and on-chain exercise scaled.
The first half of 2025 introduced an extra HK$284M in income, though the prospectus additionally flags heavy spending on analysis, improvement and advertising because the group builds out its platform.
HashKey’s enterprise mannequin splits into three most important pillars, transaction facilitation, on-chain companies and asset administration. Transaction facilitation covers the core trade, over-the-counter buying and selling, fiat on and off ramps, custody, international trade conversion and institutional companies.
On-chain companies embody staking infrastructure, tokenisation of property and HashKey Chain, the group’s personal community that goals to host compliant actual world asset tasks, stablecoins and decentralised functions.
Asset administration spans enterprise investing in Web3 tasks and secondary market merchandise resembling exchange-traded funds and actively managed crypto funds.
The firm expects to obtain internet proceeds of about HK$1.43B after charges and bills if the deal costs on the prime quality.
IPO Proceeds Target Product Innovation Custody Upgrades And Deeper Liquidity
It plans to spend a big share on product innovation and new choices, together with extra regulated derivatives and yield merchandise, and on constructing shared liquidity throughout venues and upgrading its custody methods to help extra chains and tokens.
Another portion is earmarked for on-chain innovation, resembling a crypto as a service platform for establishments and additional funding in staking infrastructure, in addition to hiring engineering and analysis expertise.
HashKey additionally intends to dedicate capital to infrastructure and cloud companies so its buying and selling platforms can deal with spikes in exercise with out outages, and to strengthening danger administration and compliance methods according to Hong Kong’s digital asset guidelines.
Management argues that this mixture of scale, licensing and infrastructure will assist the group seize the subsequent wave of institutional adoption as extra buyers rotate from loosely supervised exchanges into onshore, regulated venues.
The itemizing lands at a fragile time for each Hong Kong and the crypto market. The metropolis has accepted licences for 11 exchanges below its new framework however has not but introduced in international giants resembling Binance or Coinbase, even because it tries to place itself towards Singapore, Dubai and different centres competing for crypto companies.
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