HashKey Set to Launch $200 Million IPO in Hong Kong Next Week

HashKey Set to Launch $200 Million IPO in Hong Kong Next Week

HashKey Holdings, a leading cryptocurrency exchange operator in Asia, is gearing up to open its order books for a Hong Kong initial public offering (IPO) next week, with the goal of raising a minimum of $200 million.

Key Takeaways:

HashKey intends to launch its order book next week for a Hong Kong IPO aiming for at least $200 million.
The exchange has established a presence across various global markets and secured a $30 million investment at a valuation exceeding $1 billion.
HashKey has successfully passed its listing hearing in Hong Kong and reported a spot trading volume of HK$1.3 trillion.

While the IPO is likely to happen before the month concludes, the exact details regarding the deal size and timing are still evolving, as reported by Bloomberg sources.

HashKey’s Growth Driven by Ethereum Foundations

Founded in 2018, HashKey emerged from the involvement of chairman Xiao Feng with Ethereum through Wanxiang Group, where he became one of the first corporate investors in the protocol.

The company has since broadened its scope to include trading, venture capital investments, and digital asset management in various locations such as Hong Kong, Singapore, Bermuda, Japan, the UAE, and Ireland.

This year, Gaorong Ventures, recognized for supporting major Chinese tech companies like Meituan and PDD, invested $30 million in HashKey, further raising its valuation to over $1 billion.

Despite its expansive operations, HashKey has been under financial strain. In the first half of 2025, the company reported a loss of HK$506 million ($65 million), although this was an improvement compared to the previous year. Revenue decreased by 26%, totaling HK$384 million, according to its IPO documents.

Nevertheless, trading activity on HashKey’s platform has remained strong, with a cumulative spot-market volume of HK$1.3 trillion recorded by September.

The upcoming IPO is a vital step in Hong Kong’s efforts to establish itself as a hub for digital assets. The city has introduced a new licensing framework and is considering additional measures to boost overall participation, addressing previously lower than expected crypto activities.

This strategic positioning has attracted interest from investors in mainland China, despite the ongoing cryptocurrency trading bans enforced by Beijing.

Successful Hearing Moves HashKey Closer to IPO

Just last week, HashKey passed the listing hearing conducted by the Hong Kong Stock Exchange, moving the operator of the largest licensed crypto exchange in the city closer to its IPO milestone.

The company shared this outcome in its Post Hearing Information Pack released on Monday, confirming that the listing committee has completed the review of HashKey's application.

The Rising Trend of Crypto IPOs

In recent developments, tZero Group, a New York-based blockchain firm specializing in tokenized securities and real-world assets, announced intentions to go public in 2026. Additionally, BitGo made headlines by filing for an initial public offering, becoming the first dedicated crypto custodian to aim for a listing on a U.S. stock exchange.

The recent surge in crypto-related public offerings has reinvigorated interest in the digital asset sector. Notable listings this year include Circle, a stablecoin issuer that saw its IPO in June, skyrocketing more than sevenfold since its public debut.

The online trading platform Etoro, which provides crypto trading among other services, successfully listed in May. Meanwhile, Galaxy Digital has transitioned its listing from the Toronto Stock Exchange to Nasdaq earlier in the year, and Gemini, co-founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, indicating strong market confidence in crypto exchanges.

Most recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, reported raising $787.5 million in its IPO, highlighting the ongoing momentum in the cryptocurrency market.