HashKey has opened investor orders for one of the most closely watched listings in Asia’s digital-asset sector, launching its initial public offering on the Hong Kong Stock Exchange with the goal of raising up to HK$1.67 billion (approximately $215 million).
The subscription window runs from December 9 through Friday, with shares scheduled to begin trading on December 17, 2025. The HashKey IPO marks a pivotal moment not only for the company but for Hong Kong’s effort to establish itself as a regulated gateway for institutional crypto participation.
A Listing Designed to Attract Institutional Capital
HashKey is offering 240.6 million shares at a price range of HK$5.95 to HK$6.95. Should demand push pricing to the top of the range, the company would debut with a market capitalization near HK$19 billion (about $2.47 billion). The listing will trade under stock code 03887, guided by a syndicate including JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.
Strong institutional interest is already visible. Nine cornerstone investors, among them UBS Asset Management Singapore, Fidelity International, and Infini Capital, have committed roughly $75 million in advance orders. Their participation provides early validation for Hong Kong’s regulated digital-asset framework and lends credibility to HashKey’s long-term ambitions.
Strengthening Infrastructure While Scaling a Regulated Exchange
Although HashKey reported a net loss of HK$506.7 million in the first half of 2025, the company attributes the downturn to heavy investment in compliance systems, infrastructure, and talent, all necessary to meet Hong Kong’s strict licensing requirements. Those efforts have positioned HashKey as the city’s largest licensed crypto exchange, with cumulative spot trading volume already reaching HK$1.3 trillion as of September.
The funds raised from the IPO will be deployed primarily toward technology upgrades, further risk-management enhancements, talent expansion, and continued market development. HashKey’s broader business ecosystem, which spans trading, asset management, and venture investment, is expected to benefit from the capital injection as the firm competes for regional leadership.
A Milestone for Hong Kong’s Digital-Asset Strategy
For Hong Kong regulators, this listing represents a milestone in their strategy to attract global crypto firms under a clear, tightly controlled rulebook. By offering investors a publicly traded, fully licensed exchange operator, the city aims to distinguish itself from regional competitors and reassert its status as a financial hub embracing digital assets under strict oversight.
As HashKey heads toward its December 17 debut, the IPO serves as a real-time gauge of investor appetite for regulated crypto exposure, and a test of how far Hong Kong’s digital-asset vision has come.