HashKey Group has opened subscriptions for its initial public offering ahead of a planned December 17 listing on the Hong Kong Stock Exchange. The operator of one of Hong Kong’s licensed crypto exchanges is looking to raise up to 1.67 billion Hong Kong dollars ($214.7 million), according to its prospectus filed Tuesday. The company is offering 240.6 million shares priced between HK$0.76 and HK$0.89. At the top of the range, HashKey would enter the public market with a valuation of roughly HK$19.23 billion ($2.46 billion). Investors can apply through the HK eIPO White Form or HKEX’s FINI settlement platform until Friday, marking one of the fastest subscription cycles for a crypto-linked listing in the region. The IPO arrives during a busy year for Hong Kong listings. HKEX reported a 209% jump in funds raised through IPOs in 2025, with $27.8 billion secured in the early months of the year as firms move to tap renewed investor appetite.
Investor Takeaway
HashKey’s float gives public-market investors rare access to a licensed digital asset operator in Asia at a time when Hong Kong is pushing to rebuild its position as a crypto hub.
HashKey's Rapid Ascent to IPO Stage
HashKey’s ascent has been rapid. Founded in 2018, the company scaled into Hong Kong’s largest crypto exchange within three years of regulated operations, reportedly holding a 75% market share — more than triple its nearest competitor. Its full-scale exchange launch followed key regulatory approvals in 2022 and a wider rollout in 2023. By September 30, the exchange had processed $167 billion in cumulative spot trading volume, according to the prospectus. HashKey has positioned itself as a multi-service platform serving both retail and institutional clients. Its offerings include spot trading, OTC services, staking and tokenization, reflecting a diversified approach aligned with Hong Kong’s broader push into compliant digital-asset infrastructure. The group also operates HashKey Chain, an Ethereum layer-2 network built for tokenized real-world assets, stablecoins and decentralized applications. That infrastructure play separates HashKey from many regional competitors by pairing regulated exchange activity with on-chain rails tailored for institutions.
Prospectus Insights into HashKey's Market Position
HashKey has expanded beyond exchange services into asset management. The prospectus notes the firm became the largest Hong Kong-based digital asset management provider in Asia in 2024, overseeing $1 billion in assets under management as of September 30. JPMorgan and Guotai Junan are among the sponsors backing the offering, adding heavyweight support at a moment when Hong Kong regulators are keen to establish higher-quality standards in the region’s crypto market. The structure aligns with Hong Kong’s licensing regime for virtual asset trading platforms, which requires strict custody, audit and capital safeguards. The company’s fast path to IPO also reflects a regulatory environment aimed at bringing more crypto activity onshore rather than pushing it toward offshore exchanges. With licensed operators subject to tighter oversight, the public listings of firms like HashKey are seen as part of Hong Kong’s strategy to rebuild investor trust and attract institutional flows.
Investor Takeaway
HashKey blends exchange operations, asset management and a purpose-built L2 — a mix that could appeal to investors looking for diversified exposure rather than a single-revenue crypto exchange model.
Allocation of IPO Proceeds
According to the filing, the funds will support several priorities. These include scaling HashKey’s ecosystem, expanding infrastructure tied to HashKey Chain, strengthening risk management systems and increasing headcount. Growth in the Asia-Pacific region and new product development are also highlighted as areas where capital will be deployed. The company’s timing aligns with Hong Kong’s broader digital-asset recovery. While crypto markets remain volatile, regulated venues have gained traction as investment banks, asset managers and fintechs look for compliant channels to enter the sector. HashKey’s IPO gives the exchange additional visibility and capital at a stage where Hong Kong seeks to distinguish itself from competing jurisdictions.
Future Outlook for HashKey and Regional Crypto Listings
If market conditions hold, HashKey is expected to list next Tuesday. The offering represents one of the largest crypto-related IPOs in Hong Kong since the city introduced new virtual asset licensing requirements. As other exchanges in Asia — including Thailand’s Bitkub — explore similar listings, HashKey’s performance could influence how quickly the region’s regulated crypto firms enter public markets. For now, HashKey’s debut serves as a test of investor appetite for licensed crypto infrastructure in a market looking to reassert itself as a global listing venue.