HashKey Passes HKEX Listing Hearing, Moves Toward IPO

HashKey Passes HKEX Listing Hearing, Moves Toward IPO

HashKey Holdings Limited has successfully navigated an important regulatory step on its path to becoming a publicly traded company.

Key Takeaways:

HashKey cleared the HKEX listing hearing, moving closer to its Hong Kong IPO.
The company plans to utilize IPO funds for technology enhancements, product launches, and international expansion.
Despite reducing its losses, HashKey is still unprofitable due to significant investments in compliance and scaling its operations.

The company has officially passed the listing hearing conducted by the Hong Kong Stock Exchange (HKEX), bringing the operator of Hong Kong's largest licensed cryptocurrency exchange nearer to launching its anticipated initial public offering (IPO).

The outcome was revealed in HashKey’s Post Hearing Information Pack, which was published on Monday. It confirmed that the HKEX listing committee has completed its evaluation of HashKey's application.

HKEX Hearing Cleared: HashKey Enters IPO Marketing Phase

The listing hearing represents a crucial phase in Hong Kong’s IPO procedure, where the committee examines a firm’s eligibility, compliance measures, and disclosure practices before granting the go-ahead.

Once the hearing is cleared, companies usually proceed with prospectus registration, followed by investor marketing, book-building, and pricing phases.

HashKey indicated that it plans to allocate the proceeds from its offering towards upgrading its technological infrastructure, developing new products, enhancing security systems, and supporting international growth along with other corporate needs.

While the firm did not disclose the proposed size or timing of its offering, nor did it comment on valuation expectations, Bloomberg reported in October that HashKey might aim to raise around $500 million through its IPO, although this figure has not been officially confirmed by the company.

In a separate announcement made on Monday, HashKey appointed JPMorgan and Guotai Junan Securities as sponsors for the upcoming transaction.

HashKey holds one of the few coveted licenses in Hong Kong to operate a virtual asset trading platform. As of the end of September, its platforms support trading for 80 tokens as per the latest filing.

The financial disclosures indicate that the business continues to face losses as it expands. In the first half of 2025, HashKey recorded a net loss of HK$506.7 million (approximately $65 million), which is an improvement from the net loss of HK$772.6 million ($99.2 million) during the same period the previous year.

Management attributed these financial losses to heavy upfront expenditures aimed at establishing a compliant and scalable operation in a highly regulated environment.

“Our net losses and operating cash outflows primarily reflect the progression of our business development cycle,” the company reported.

If successful, the IPO would position HashKey alongside its local competitor OSL as one of the publicly listed cryptocurrency exchange operators in the region. Notably, OSL shares fell by 7.6% on Monday afternoon, as reported by Yahoo Finance.

Growing Momentum for Crypto IPOs

Last month, tZero Group, a blockchain infrastructure company based in New York that specializes in tokenized securities and real-world assets, indicated its intention to go public in 2026.

Additionally, BitGo has made headlines by filing for an initial public offering, marking it as the first dedicated cryptocurrency custodian to seek a listing on a U.S. stock exchange.

BitGo’s IPO filing came during a revitalized period for crypto-related public offerings.

The digital asset sector has witnessed several significant public listings in 2025. For instance, stablecoin issuer Circle made waves with its IPO in June, skyrocketing over seven times in value since going public.

Similarly, online trading platform Etoro, which also offers cryptocurrency trading, made its debut in May.

Moreover, Galaxy Digital, led by Mike Novogratz, transitioned its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Finally, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, indicating a robust market confidence in cryptocurrency exchanges going public.

Most recently, Figure Technology Solutions Inc., a blockchain-based lending platform, successfully raised $787.5 million in its initial public offering.