HashKey has officially opened subscriptions for its Hong Kong IPO, aiming to raise up to $215 million — a major step for both the company and Hong Kong’s push to become a leader in regulated crypto.
The IPO opened this week, and according to a Bloomberg report on Dec. 8, HashKey is offering over 240 million shares, priced between HK$5.95 and HK$6.95. If shares sell at the top of the range, HashKey would launch with a valuation close to HK$19 billion. Subscriptions stay open until Friday, and trading is set to begin on December 17.
A big moment for Hong Kong’s crypto plans
This IPO comes at a busy time for Hong Kong’s markets. IPO activity is picking up again, and the city is working hard to position itself as a safe, regulated home for digital-asset companies. HashKey is one of the first exchanges licensed under Hong Kong’s 2022 crypto framework and has since expanded into asset management, on-chain services, and venture investments.
The company isn’t small either. As of Sept. 30, HashKey reported:
- Over HK$19.9 billion in platform assets
- Support for more than 80 tokens
- HK$1.3 trillion in cumulative trading volume
- Cash holdings of HK$1.48 billion
- HK$570 million in digital assets, mostly BTC, ETH, and USDT
UBS and Fidelity sign on as major backers
One of the biggest signals of confidence comes from its cornerstone investors. UBS Asset Management, Fidelity International, and Infini Capital have committed a combined $75 million, with a six-month lock-up. Their involvement stands out, especially during a period when crypto markets are still volatile and Bitcoin has yet to reclaim its October highs.
Losses shrinking, but still large
HashKey has recorded more than HK$2.3 billion in losses over the last three years. But the company says losses narrowed sharply in the first half of 2025 thanks to tighter spending and stronger trading revenue, which made up nearly 70% of its income.
The company insists its cautious approach, ISO-certified platform, and growing list of licenses in places like Japan and Bermuda will help it handle the challenges facing other exchanges in the region.
Why this IPO matters
Hong Kong has only approved a small number of licensed crypto trading platforms, and inflows into its crypto ETFs are still modest compared to the U.S. Because of that, HashKey’s IPO is being seen as a key test of the city’s long-term digital-asset strategy.
If the listing performs well, it could:
- Encourage more web3 companies to go public
- Boost confidence in Hong Kong’s regulatory model
- Strengthen the city’s position as a bridge between traditional finance and digital assets
JPMorgan and Guotai Junan are acting as joint sponsors for the offering.
HashKey’s listing could mark a turning point — not just for the company, but for how the entire region approaches regulated crypto growth.
