HashKey Eyes $500M Funding After Listing Clearance to Expand Global Reach
Hashkey Holdings, the people running Hong Kong's biggest licensed digital asset platform, managed to get the tick of approval...
Quick overview
- HashKey Holdings has received regulatory approval from Hong Kong authorities to operate its digital asset platform, aiming to raise around USD 500 million.
- The funds will be used to enhance technology infrastructure, improve internal operations, and expand into international markets.
- HashKey is one of only 11 licensed virtual asset platforms in Hong Kong, catering to both retail and institutional clients amidst a competitive market.
- Despite capturing over 75% of Hong Kong's onshore digital asset trading, the company reported a loss of HK$506 million in the first half of 2025.
Hashkey Holdings, the people running Hong Kong’s biggest licensed digital asset platform, managed to get the tick of approval from the relevant authorities without any major issues, apparently, local reports said on December 1st. They’ve been tight-lipped about just how much cash they’re looking to raise off the deal, but earlier signs pointed to them aiming to rake in around USD 500 million. The project’s joint sponsors are JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.
A big chunk of the cash raised is expected to go towards improving their technology infrastructure, so they can launch new products and services – and also expand their customer base. The company is also planning to make its internal operations more efficient, strengthen its risk management systems, and expand into even more international markets.
Market Position and Licensing Overview
HashKey’s got a good spot because they’re one of the first to get regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to do business with both retail and institutional clients. They’re licensed to deal with securities – including tokenised assets that fall under that category – and to run automated trading platforms too. Their asset management division has received the go-ahead to deal only with virtual assets.
- One of 11 licensed virtual asset platforms in Hong Kong
- They offer their services to both retail and institutional clients
- Compared to China’s tough stance on cryptos.
🚨JUST IN: 🇭🇰HK's largest crypto exchange, HashKey, just passed the HKEX’s listing hearing for its IPO.
The public listing is expected to raise around $500M this month. pic.twitter.com/Etm4nn03Wz
— Coin Bureau (@coinbureau) December 1, 2025
Of course, all this regulatory clarity doesn’t necessarily mean it’s smooth sailing for HashKey – the market in Hong Kong is pretty fierce and highly unpredictable, which is affecting the company’s bottom line.
Revenue Challenges and Global Expansion
HashKey managed to snag over 75% of Hong Kong’s onshore digital asset trading in 2024 and, at one point, had HK$20 billion (roughly USD 2.56 billion) in client funds under management. But the firm is still running at a loss, posting HK$506 million in the first half of 2025, down from HK$777 million a year earlier.
As part of a plan to diversify its income and give blockchain a bit more stability, HashKey launched a USD 500 million perpetual fund aimed at institutional investors in digital asset treasury projects. This is meant to back long-term treasury strategies for core blockchain protocols like Ethereum, as well as to provide cash to support capital flows in these networks.
Also in 2025, the company has expanded its presence into international markets like Dubai, Bermuda, and Ireland:
- Got conditional approval to do business in Dubai
- Got a licence to operate a platform in Bermuda and Ireland
It’s a big win for Hong Kong as a regulated crypto hub, but it’s also letting HashKey tap into the global market despite its volatility.
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