If the offering proceeds before the end of December, it would give Hong Kong its most prominent crypto listing to date — a symbolic milestone for a jurisdiction trying to reassert itself after years of mainland regulatory pressure drained the industry.
Key Takeaways
- •HashKey is close to launching Hong Kong’s largest-ever crypto IPO, seeking about $200 million.
- •The firm grew from a regional startup into a multi-jurisdiction player with major trading volumes.
- •Hong Kong sees the deal as evidence its regulated-crypto strategy is attracting industry leaders.
Company Background and Growth
The company traces its roots back to 2018, when founder Xiao Feng launched the business long before crypto-friendly licensing existed in the city. What began as a small Asia-focused venture has expanded into a network spanning Singapore, the UAE, Japan, Ireland, and Bermuda, offering brokerage, venture financing and asset-management services.
HashKey’s valuation once topped $1 billion when Gaorong Ventures injected $30 million in early backing. Despite reporting losses in the first half of 2025 — roughly $65 million — its latest disclosures show operational improvement and deepening transaction activity. As of September, the exchange recorded about $167 billion in spot trading volume, signalling strong institutional usage even in a challenging market cycle.
Hong Kong Positions Listing as Proof of Its Crypto Reset
Local policymakers have taken a clearer stance on digital assets since Beijing’s restrictions hit the mainland. Rather than follow suit, Hong Kong rolled out a licensing regime and pushed through legislation such as the Stablecoin Bill, part of a wider message that the city wants regulated growth rather than prohibition.
That stance is now being tested. Regulators this week formally allowed HashKey to move ahead after the Hong Kong Stock Exchange’s listing committee published a lengthy post-hearing document — effectively giving the green light for the deal to enter the final stages.
Crypto Companies Rush Toward Public Markets
While HashKey’s listing may dominate local headlines, it is part of a global trend. Gemini recently completed a heavily oversubscribed share offering, and U.S. custodian BitGo is now setting the stage for an IPO after reportedly quadrupling revenue earlier in 2025.
Together, these filings mark an industry shift — from private venture capital funding to public-market exposure — suggesting that the crypto sector’s appetite for mainstream legitimacy is far from fading.
If Hong Kong succeeds in bringing HashKey to market before year-end, analysts say it could become a reference point for other Asian crypto firms evaluating where to list, and a confidence test for how receptive investors have become to digital-asset businesses after a volatile two-year cycle.