HashKey's Ambition to Become Hong Kong’s First Crypto IPO

HashKey is on a mission to become the first fully crypto-native IPO in Hong Kong, offering 240.57 million shares under the city's new virtual asset regulations. The company's broader offerings, which include trading, custody, staking, asset management, and tokenization, provide a comprehensive platform for investors despite current financial losses. With the IPO proceeds aimed at supporting infrastructure and global expansion, HashKey seeks to position itself as a long-term player in the regulated digital asset industry.

Key Takeaways

HashKey aims to launch Hong Kong's first fully crypto-native IPO by listing 240.57 million shares within the virtual asset framework.
The company combines diverse services, including trading, custody, staking, asset management, and tokenization, into one regulated platform.
While revenue is increasing, HashKey is currently facing losses owing to significant investments in technology and market growth.
The majority of IPO funds are intended for infrastructure development and international expansion, positioning HashKey as a long-term investment in the digital asset market.

HashKey is striving to become the first crypto exchange available for investment by Hong Kong residents on the local stock market. The company has officially submitted an application for an initial public offering (IPO) that could potentially make it the city’s first publicly listed venue specifically tailored for cryptocurrency, under the new virtual asset regulations. They plan to offer 240.57 million shares, with a portion set aside for local retail investors.

The shares are being offered at a price range of 5.95-6.95 Hong Kong dollars, which could lead to a total raise of approximately 1.67 billion HKD (around $215 million), suggesting a multibillion-dollar valuation if the offering meets full subscription. Share trading is anticipated to commence on December 17 on the Hong Kong Stock Exchange.

HashKey claims to operate Hong Kong's "largest licensed platform," expanding its services beyond basic trading to include custody, institutional staking, and tokenization. In its latest disclosure, the company reported significant assets, amounting to tens of billions of Hong Kong dollars in staked and platform assets under its management.

In the following sections, we will explore HashKey's business model, its financial situation, what the IPO proceeds will fund, and the significance of this listing for Hong Kong's digital asset aspirations. _Did you know?_Analysts view HashKey’s IPO as a real-time scenario for assessing public market interest in heavily regulated crypto infrastructure.

HashKey's Ambition to Become Hong Kong’s First Crypto IPO

Significance of HashKey’s IPO for Hong Kong

HashKey represents one of the first significant attempts to present Hong Kong’s latest virtual asset regulations to public equity investors. The exchange intends to issue a total of 240.57 million shares, with 24.06 million allocated for local investors and the remaining shares for international buyers, priced at a maximum of 6.95 HKD each.

Final pricing is expected to be announced on December 16, 2025, with trading to begin the following day under the stock code 3887. If fully subscribed at the highest price point, HashKey could raise up to 1.67 billion HKD (approximately $215 million), potentially positioning it as a leading listed crypto-focused entity in Asia.

This IPO represents a crucial milestone in Hong Kong’s initiative to regain its status as a digital asset hub following a period of regulatory fallout. Over the past two years, the city has implemented a dedicated licensing framework for retail and institutional cryptocurrency platforms, introduced limited staking services, and enhanced custody guidelines and stablecoin regulations.

HashKey’s offering provides a comprehensive insight into what a fully regulated, multi-faceted crypto business can look like in this framework. The IPO could also act as a real-time gauge of investor interest in compliance-focused crypto infrastructure amid China’s stringent limitations on many digital asset operations.

The trading performance of HashKey post-IPO may shed light on the viability of a successful publicly listed crypto exchange within the confines of existing regulatory challenges. _Did you know?_HashKey Group has secured backing from established institutional investors, including ties to Wanxiang, resulting in a more traditional finance-oriented profile compared to many offshore exchanges.

Overview of HashKey’s Business

While on the surface, HashKey Holdings appears to be launching an exchange IPO, what is really being offered is a comprehensive crypto infrastructure that has already received regulatory approval under Hong Kong’s framework.

At its core, HashKey Exchange is a licensed trading venue operating under the oversight of the Securities and Futures Commission (SFC), holding Type 1 and Type 7 licenses for virtual asset trading. The exchange facilitates spot trading and over-the-counter services, supporting fiat transactions in both HKD and USD. The company emphasizes its position as Hong Kong's largest licensed platform serving retail and institutional clients alike.

Connected to this main exchange is a broader ecosystem. HashKey Cloud offers institutional staking and node services and has received permission to support staking for HKD-based exchange-traded funds (ETFs) on the spot Ether. According to its reports, HashKey manages approximately 29 billion HKD in staked assets, establishing itself as one of Asia's leading staking service providers.

The company also has an asset management division that provides crypto funds and venture strategies, having reported about 7.8 billion HKD in assets under management as of September 30, 2025. Moreover, HashKey is involved in tokenization through HashKey Chain, which focuses on real-world assets (RWAs), stablecoins, and institutional applications, with around 1.7 billion HKD in tokenized RWAs on its network.

Finally, HashKey is expanding its crypto-as-a-service tools and pursuing licensing in various markets, including Singapore, Dubai, Japan, Bermuda, and parts of Europe. This strategy suggests that the IPO aims to facilitate international growth and a service model that allows clients like banks and fintech companies to seamlessly connect to HashKey’s platforms without having to build the entire infrastructure themselves. _Did you know?_HashKey’s disclosures reveal that it has tokenized over 1 billion HKD worth of real-world assets on its network, including structured notes and private credit products.

Analyzing Revenue and Losses

HashKey exemplifies a typical growth-stage company trajectory where revenue has surged, yet it continues to operate at a loss due to heavy investments in expansion, licensing, and compliance efforts. The company's revenue rose from roughly 129 million HKD in 2022 to 721 million HKD in 2024, a staggering increase of over 4.5 times within two years, as it expanded its operations across Hong Kong and Bermuda alongside heightened trading activities.

However, this growth has not yet translated into profitability. A review of the financials indicates that net losses nearly doubled during this same period, escalating from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024, largely attributed to increased spending on technology, personnel, compliance, and marketing efforts.

Trading volumes saw a substantial growth from 4.2 billion HKD in 2022 to 638.4 billion HKD in 2024; however, a strategy focusing on low fees, combined with the operational costs associated with maintaining licensed venues across different jurisdictions, kept the company in the red.

More recent figures suggest a positive trend moving forward. In the first half of 2025, HashKey reported a net loss of 506.7 million HKD, an improvement on the 772.6 million HKD loss reported during the same timeframe the previous year. The company views these losses as necessary investments in establishing a compliant, scalable digital asset platform ahead of the market cycle, arguing their situation parallels the development phases of successful exchanges before achieving profitability.

Planned Use of IPO Proceeds

HashKey has clearly outlined its intentions for utilizing the funds raised through the IPO:

Approximately 40% of the net proceeds will be allocated towards technology and infrastructure enhancements over the next three to five years. This investment includes scaling HashKey Chain, upgrading the exchange’s matching engine, and improving custody, security, and back office operations. The company has indicated that derivatives, yield products, and enhanced institutional tools are also targets for this development phase, seeking to offer a product range that rivals larger international venues.
Another 40% is intended for market expansion and establishing ecosystem partnerships. This means a more aggressive pursuit of new markets and enhancing crypto as a service, where banks, brokers, and fintechs can connect with HashKey’s suite of custody and trading services via APIs, rather than having to develop full in-house infrastructure. The discussions around overseas licensing and institutional relationships indicate a strategy to stand apart from exchanges primarily focused on retail.
The last 20% will be split between operations and risk management (10%) and working capital and other corporate purposes (10%). This will encompass hiring initiatives, boosting compliance and internal controls, and ensuring financial flexibility to handle market fluctuations.

Upcoming Considerations

As December progresses, there are several key aspects to monitor:

The final pricing of the IPO and subsequent share trading patterns.
HashKey’s ability to convert its comprehensive suite of services, including exchange, custody, staking, and tokenization, into sustainable, diversified revenue streams.
The consistency with which Hong Kong maintains its open yet licensed approach towards digital assets.

If HashKey successfully navigates these challenges, it may pave the way for other exchanges, banks, and tokenization projects to consider going public in the city. Conversely, if it faces difficulties, the outcome could reveal the practical limitations of Hong Kong's virtual asset experimentation.