Crypto Exchange HashKey Aims for Hong Kong IPO, Seeks to Raise $215M

HashKey is planning to become the first publicly listed cryptocurrency exchange in Hong Kong. The company is set to launch an initial public offering (IPO) that aims to raise approximately $215 million by selling around 240.6 million shares. This move will test ongoing public interest in regulated digital asset platforms despite recent market fluctuations.

Key Takeaways

HashKey is targeting a $215 million capital raise in its IPO, planned for mid-December.
The company claims to control over 75% of Hong Kong’s onshore digital asset trading volume.
HashKey's revenues surged significantly, from HK$129 million in 2022 to an estimated HK$721 million in 2024.
Funds raised will focus on product innovation, strengthening liquidity, and enhancing custody systems.

HashKey

HashKey's Ambitious IPO Plans

HashKey is positioning itself to become Hong Kong's first publicly listed cryptocurrency exchange, initiating an initial public offering (IPO). This move will provide insight into public market interest in regulated digital asset platforms in the current economic climate.

The company plans to offer approximately 240.6 million shares globally, with around 24.1 million shares designated for Hong Kong investors and the remaining shares available to international participants.

Share prices are expected to range from HK$5.95 to HK$6.95, potentially raising up to HK$1.67 billion (around $215 million) and giving HashKey an estimated valuation of HK$19 billion at the highest price point. The subscription period is open until Friday, with trading slated to begin on December 17, as outlined in the prospectus.

Dominance in the Hong Kong Market

In its prospectus, HashKey describes itself as a comprehensive digital asset ecosystem rather than just an exchange, integrating trading, custody, tokenization, and asset management within a licensed onshore structure.

The company touts itself as Hong Kong’s largest licensed crypto exchange by trading volume and was one of the first platforms accredited under the city's dedicated virtual asset framework, which was established in 2022.

Research cited in the filing reveals that HashKey commands over 75% of Hong Kong's onshore digital asset trading volume, signifying its leading position in a market that regulators are pushing to bring onshore after years of offshore trading.

Additionally, HashKey operates one of Asia's largest on-chain services, which includes staking, tokenization, and custodial technology across various protocols. The company also manages billions in client assets through various funds and structured investment products.

Financial Growth and Future Prospects

HashKey's financial records reflect rapid growth in line with an increasing demand for exchange and infrastructure services. Revenue jumped from approximately HK$129 million in 2022 to HK$208 million in 2023, and further skyrocketed to about HK$721 million in 2024, driven by heightened trading volumes and on-chain activities.

In the first half of 2025, HashKey reported an additional HK$284 million in revenue; however, the prospectus notes significant investments in research, development, and marketing as the company expands its platform.

HashKey's operational model focuses on three primary areas: transaction facilitation, on-chain services, and asset management. Transaction facilitation includes the core exchange, over-the-counter trading, fiat transactions, custodial services, foreign exchange, and institutional offerings.

On-chain services encompass staking infrastructure, asset tokenization, and HashKey Chain—the group’s proprietary network designed to support compliant real-world asset initiatives, stablecoins, and decentralized applications.

The asset management segment includes venture capital investment in Web3 projects and secondary market products like exchange-traded funds and actively managed crypto funds.

If the IPO pricing aligns with the top of the proposed range, HashKey anticipates net proceeds of about HK$1.43 billion after deducting fees and expenses.

Investment Focus From IPO Proceeds

HashKey plans to allocate a significant portion of the raised funds towards product innovation and the development of regulated derivatives and yield products. Investments will also support building shared liquidity across trading venues and upgrading custody systems to accommodate additional blockchains and tokens.

Additionally, funds will be used for on-chain innovations, like a crypto-as-a-service platform for institutions and further investment in staking infrastructures, alongside hiring engineering and research professionals.

The company aims to enhance its trading infrastructure and cloud services to manage increased activity without disruptions and to reinforce risk management and compliance systems in accordance with Hong Kong’s virtual asset regulations.

Management is confident that the combination of operational scale, proper licensing, and robust infrastructure will position HashKey to seize the next wave of institutional interest as investors gravitate towards regulated, onshore exchanges amid ongoing market evolution.

As HashKey sets its sights on this IPO, it does so during a critical juncture for both Hong Kong and the broader cryptocurrency market. The city has issued licenses to 11 exchanges within its new regulatory framework but has yet to attract major global players like Binance or Coinbase, even while competing with other cryptocurrency hubs such as Singapore and Dubai.