HashKey Group, the operator of one of Hong Kong’s licensed cryptocurrency exchanges, has opened subscriptions for its initial public offering (IPO). The company is preparing for an expected listing next week.
HashKey aims to raise up to 1.67 billion Hong Kong dollars, equivalent to $214.7 million, in an IPO scheduled to debut on December 17. This information is according to a prospectus filed with the Hong Kong Stock Exchange (HKEX) on Tuesday.
The company is offering 240.6 million shares at a price range of $0.76 to $0.89 each. At the higher end of this range, HashKey’s valuation would reach $2.46 billion.
With the subscription period commencing on Tuesday, investors have the opportunity to apply for HashKey shares. Applications can be submitted online through the HK eIPO White Form or via an electronic application using HKEX’s digital IPO settlement platform, FINI. The subscription period will conclude on Friday.
HashKey's Rapid Ascent to IPO After Three Years of Operation
Established in 2018, HashKey has rapidly become Hong Kong’s largest crypto exchange. The company reportedly holds a 75% market share, which is more than triple that of its closest competitor.
Following the commencement of its operations and the acquisition of key regulatory approvals in Hong Kong in 2022, HashKey transitioned to full-scale operations in 2023.
As of September 30, HashKey had facilitated a cumulative spot trading volume of $167 billion, according to its prospectus.
HashKey provides a comprehensive suite of digital asset services catering to both institutional and retail investors. These services include spot exchange, over-the-counter (OTC) trades, staking, and tokenization. The company also operates HashKey Chain, an Ethereum layer-2 network specifically designed for real-world assets (RWAs), stablecoins, and decentralized applications.
In 2024, HashKey emerged as the leading asset management provider based in Hong Kong and Asia. As of September 30, the company reported $1 billion in assets under management, as stated in the prospectus.
HashKey’s IPO is supported by prominent sponsors, including the major U.S. investment bank JPMorgan and local financial institutions such as Guotai Junan.
The proceeds from the IPO are intended for several strategic initiatives. These include scaling HashKey’s ecosystem and infrastructure, strengthening its risk management capabilities, and expanding its talent pool, according to the filing.
HashKey’s public offering is occurring within the context of a continued IPO boom in Hong Kong. The HKEX has reported a significant year-on-year increase of 209% in funds raised through IPOs in 2025, reaching a total of $27.8 billion in the initial months of the year.