HashKey Holdings, Hong Kong’s first fully regulated crypto exchange, has cleared its listing hearing with the Hong Kong Stock Exchange (HKEX). This major approval, announced on December 1, positions HashKey to become the city’s largest licensed virtual asset exchange. The listing is backed by significant financial institutions including JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.
A Growing Crypto Leader in Asia
HashKey has established itself as one of Asia’s most robust digital asset companies, demonstrating a rapidly expanding global presence. According to Frost & Sullivan, the company held the position of the largest onshore crypto trading platform in Asia in 2024 and was the region’s leading provider of on-chain services and digital asset management.
The company’s comprehensive ecosystem encompasses trading, asset management, tokenization, custody, and staking services. It also features its own Ethereum Layer-2 network, HashKey Chain, which is specifically designed for regulated on-chain activities and the tokenization of real-world assets.
Broad Market Access and Institutional Services
HashKey’s Hong Kong exchange provides support for over 80 cryptocurrencies, including major assets such as BTC, ETH, USDT, USDC, SOL, XRP, DOGE, and AVAX. The platform offers 24/7 deposit and withdrawal services, robust liquidity, over-the-counter (OTC) trading capabilities, and secure custody solutions tailored for institutional clients. Furthermore, its Bermuda platform enhances its global reach by offering access to an additional 72 digital asset categories.
Since obtaining approval in August 2023 to serve both retail and professional investors, HashKey has experienced a significant surge in trading volume, increasing from HK$4.2 billion in 2022 to HK$638.4 billion in 2024. Although trading activity saw a slight decrease in early 2025 due to prevailing market weakness, the exchange continues to be recognized as one of Asia’s premier regulated platforms.
Expanding Blockchain and Asset Management Services
HashKey is currently the largest staking provider in Asia, managing HK$29 billion in staked assets. The HashKey Chain network has already facilitated the onboarding of HK$1.7 billion in tokenized real-world assets, indicating a growing institutional interest in compliant blockchain networks.
In the realm of asset management, the company oversees HK$7.8 billion for its clients and has been involved in more than 400 blockchain-related investments. Its flagship fund has achieved a return of over 10x, which is more than double the industry average.
Financial Snapshot and IPO Plans
HashKey’s revenue reached HK$721 million in 2024. However, the company continues to report losses, primarily attributed to substantial investments in expansion initiatives. As of August 2025, the company held HK$1.657 billion in cash reserves and HK$592 million in crypto assets, including BTC, ETH, USDC, USDT, and SOL.
High Trading Volume, Low Profits Raise Questions
The crypto community has observed with some surprise that HashKey processed US$81.9 billion in trading volume while simultaneously reporting a US$99 million loss. Some observers believe that the upcoming IPO will provide the necessary capital for the company's growth. Conversely, others express concern that the persistent losses may indicate a less robust business model and that the listing might primarily benefit early investors.
FAQs
HashKey aims to raise capital, expand services, and strengthen trust by becoming one of the first major regulated crypto firms to list on a global exchange.
High expansion costs, technology development, and regulatory compliance spending outweigh revenue, leading to losses despite strong trading volume.
HashKey operates under strict Hong Kong regulations, offering licensed trading, custody, and compliance checks designed to protect users.