HashKey Plans $500M Hong Kong IPO to Dominate Asia’s Crypto Market
HashKey Group, the largest licensed crypto exchange in Hong Kong, is reportedly gearing up for a $500 million IPO...
Quick overview
- HashKey Group, Hong Kong's largest licensed crypto exchange, is preparing for a $500 million IPO, potentially solidifying the city's status as Asia's digital asset hub.
- The IPO filing has been made confidentially to the Hong Kong Stock Exchange, with discussions on valuation and timing still ongoing.
- Founded in 2018, HashKey has raised $30 million and is valued at over $1 billion, offering various crypto services in Hong Kong and Singapore.
- Hong Kong's regulatory framework aims to attract crypto companies and restore investor confidence, with HashKey's IPO serving as a key indicator of market appetite.
HashKey Group, the largest licensed crypto exchange in Hong Kong, is reportedly gearing up for a $500 million IPO. This could cement Hong Kong’s position as Asia’s digital asset hub, according to a Bloomberg report on October 10.
The IPO filing was made confidentially to the Hong Kong Stock Exchange and could happen by the end of this year, but valuation and timing discussions are still ongoing. A HashKey spokesperson declined to comment on the listing process, saying there was no official information to disclose at this stage.
Founded in 2018, HashKey offers asset management, venture investments and licensed crypto exchange services in Hong Kong and Singapore. It previously raised $30 million from Gaorong Ventures and is valued at over $1 billion.
Hong Kong’s Hashkey Group reportedly plans IPO to raise $500 million
Operator of Hong Kong’s top crypto exchange HashKey is reportedly preparing a $500M IPO, marking a major step for Asia’s digital asset market.
— crypto.news (@cryptodotnews) October 10, 2025
Hong Kong Bolsters Digital Asset Framework
Hong Kong has accelerated its push to attract crypto and blockchain companies by introducing a comprehensive virtual asset regulatory framework. This aims to restore investor confidence and position the city as a global crypto hub as China bans cryptocurrency activities.
If successful, HashKey’s IPO will be a key indicator of regional investor appetite for regulated digital asset companies. Industry comparisons point to Circle Internet Group, a US stablecoin issuer that raised nearly $1.1 billion in June and has since surged over 380% – a sign of growing mainstream acceptance of blockchain finance.
Key drivers for Hong Kong’s growing crypto market:
- Government-backed exchange licensing regime.
- Institutional demand for compliant crypto products.
- Mainland Chinese investors participating through regulated channels.
🚨 BREAKING: HashKey Exchange is reportedly planning a Hong Kong IPO, aiming to raise up to $500M – positioning it as a potential "Asian Coinbase" moment! 💵
While Coinbase raised $8.9B back in 2021, HashKey is doubling down on #RWA, leveraging Hong Kong’s progressive regulatory…— Starbase (@starbaseacc) October 10, 2025
HashKey Goes Global in 2025
In 2025, HashKey made significant regulatory and strategic progress. It got conditional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate in the Middle East and later expanded into Bermuda and Ireland.
In February, the company received approval from Hong Kong’s SFC to offer virtual asset discretionary management for professional investors. It also launched the HashKey 20 Index Fund for institutional and high-net-worth clients.
HashKey deepened its Web3 ecosystem by introducing HashKey Chain, an Ethereum Layer-2 solution, and partnered with China New City Group on tokenized real estate projects. Its OTC trading volume has grown significantly, indicating rising institutional adoption.HSK up 13% after IPO news. Still wary.
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