HashKey Opens Hong Kong IPO Books, Eyes $215 Million Raise
HashKey Holdings opened subscriptions Tuesday for what could be Hong Kong's first publicly traded crypto exchange.
Quick overview
- HashKey Holdings has opened subscriptions for what may be Hong Kong's first publicly traded crypto exchange, aiming to raise up to HK$1.67 billion.
- The company is backed by major institutional investors like UBS and Fidelity, indicating confidence in Hong Kong's regulated crypto framework.
- Despite rapid revenue growth, HashKey has faced significant losses exceeding HK$2.3 billion over the past three years.
- The IPO proceeds will be used for product innovation, market expansion, and operational needs, as HashKey seeks to capitalize on the trend toward regulated crypto venues.
HashKey Holdings opened subscriptions Tuesday for what could be Hong Kong’s first publicly traded crypto exchange. The company is offering 240.6 million shares at HK$5.95 to HK$6.95 each, aiming to raise up to HK$1.67 billion, or about $215 million.
Books stay open through Friday. Trading starts December 17, assuming everything goes smoothly. At the top of the price range, HashKey would debut with a valuation around HK$19 billion.
The timing is interesting. Hong Kong has been pushing hard to become a regulated crypto hub since launching its virtual asset framework in 2022. HashKey was one of the first exchanges to get licensed under that regime. Now it’s testing whether investors actually want exposure to a regulated Asian crypto exchange, especially given how rough markets have been lately.
Major institutional players are backing the deal. UBS Asset Management, Fidelity International, and Infini Capital committed a combined $75 million as cornerstone investors with six-month lockups. That signals at least some confidence from traditional finance that Hong Kong’s regulated approach has legs.
HashKey’s business stretches beyond just running an exchange. The company operates trading, custody, staking, and tokenization services. It also runs HashKey Chain, a layer-2 network focused on real-world assets, stablecoins, and institutional applications. According to the prospectus, HashKey controls over 75% of Hong Kong’s onshore digital asset trading volume.
The financials show rapid growth but also serious losses. Revenue jumped from HK$129 million in 2022 to HK$721 million in 2024 as trading volumes picked up. First half 2025 brought in another HK$284 million. But cumulative losses over the past three years exceeded HK$2.3 billion. The company narrowed its H1 2025 loss by more than a third versus the prior year through cost controls, but it’s still deeply in the red.
Assets under management tell a more positive story. HashKey reported HK$7.8 billion ($998 million) in AUM since inception, HK$29 billion ($3.71 billion) in staking assets, and HK$1.7 billion ($218 million) in real-world asset value. That makes it the largest staking provider in Asia and eighth globally.
The IPO proceeds are earmarked for expansion. About 40% goes toward product innovation and infrastructure, including derivatives, yield products, and custody upgrades. Another 40% targets market expansion and ecosystem partnerships. The remaining 20% covers operations, risk management, and general corporate needs.
JPMorgan and Guotai Junan are joint sponsors, which adds some establishment credibility to the deal. But there’s a lot riding on this. Hong Kong has licensed 11 exchanges under its new framework but hasn’t attracted global giants like Binance or Coinbase yet. The city is competing with Singapore, Dubai, and others for crypto firms, and results have been mixed.
HashKey positions itself as the beneficiary of a trend toward regulated, onshore venues as institutions rotate away from offshore exchanges with looser oversight. Whether that thesis holds depends on whether traditional finance really does move into crypto through licensed channels, or if the bulk of activity stays offshore where regulations are lighter.
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