HashKey Launches Hong Kong IPO, Targeting $215M in Major Crypto Listing

Quick Breakdown

• •
  HashKey has opened its Hong Kong initial public offering (IPO), aiming to raise HK$1.67 billion ($215 million), with support from UBS and Fidelity.
• •
  The shares are priced between HK$5.95 and HK$6.95, potentially valuing the firm at HK$18.9 billion if fully subscribed.
• •
  HashKey Chain, in collaboration with GF Securities, has launched the first fully on-chain tokenized security in Hong Kong.

HashKey, a licensed digital-asset exchange operating in Hong Kong, has commenced subscriptions for its initial public offering (IPO), with the goal of raising HK$1.67 billion, equivalent to $215 million.

Hong Kong IPO Opens Amid Growing Crypto Ecosystem

The offering, which has secured backing from UBS and Fidelity, represents one of the most significant crypto listings in Hong Kong to date. The shares are being offered at a price point ranging from HK$5.95 to HK$6.95. If the offering is fully subscribed at the higher end of this range, it could result in a market valuation of HK$19 billion for the company. The subscription period for the IPO is scheduled to conclude on Friday, with trading anticipated to commence on December 17.

This IPO occurs during a particularly active period for Hong Kong’s capital markets, with total proceeds from listings approaching a four-year high. It also underscores Hong Kong's persistent efforts to position itself as a leading center for regulated digital-asset firms. HashKey was among the pioneering companies to obtain a license under Hong Kong's digital-asset regulatory framework, which was implemented in 2022. Since then, the company's ecosystem has seen expansion across various domains, including asset management, trading, on-chain services, and venture investments.

Strong Platform Metrics and Blockchain Innovation

HashKey has reported that its platform assets currently exceed HK$19.9 billion, and it supports a portfolio of over 80 different tokens. As of September 30, the cumulative spot trading volume reached HK$1.3 trillion. The company also maintains cash holdings of HK$1.48 billion and digital assets valued at HK$570 million, with its primary holdings consisting of BTC, ETH, and USDT.

In a significant development, HashKey Chain has entered into a partnership with GF Securities to introduce Hong Kong’s inaugural fully on-chain tokenized security. This initiative represents a major advancement in the tokenization of real-world assets (RWA) and highlights innovation driven by blockchain technology in Asia. The collaboration signifies a growing trend towards institutional-grade digital finance and positions HashKey at the forefront of blockchain adoption within regulated financial markets.

The IPO and these recent innovative steps further emphasize Hong Kong's strategic push to attract compliant cryptocurrency businesses, thereby reinforcing the city's position as a key regional hub for digital finance.