HashKey Holdings, the company behind Hong Kong’s biggest licensed crypto exchange, has just cleared a major hurdle: the Hong Kong Stock Exchange has approved its listing hearing. This means HashKey can now move ahead with plans for an initial public offering.
The company didn’t reveal how much it plans to raise or exactly when the IPO will happen. But earlier reports from October suggested HashKey might aim for as much as $500 million. According to its filing, JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors for the deal.
HashKey said it plans to use the money from the IPO to upgrade its tech systems, improve its infrastructure, and build new products. The company also wants to strengthen operations, improve risk management, and enter new global markets.
A licensed leader in Hong Kong’s crypto ecosystem
HashKey is one of Hong Kong’s fully licensed digital asset trading platforms under the city’s new regulatory framework. It holds licenses that allow it to deal in tokenized securities, run an automated trading platform, and manage portfolios made up entirely of virtual assets. It’s also one of only 11 platforms allowed to provide services to retail investors.
Even while mainland China maintains a strict ban on crypto, Hong Kong has taken a very different path by building itself into a regulated digital asset hub.
But the company is still losing money
Despite its strong market position, HashKey is not yet profitable. The company reported a net loss of HK$506 million in the first half of 2025 — though that’s slightly better than the HK$777 million loss from the same period in 2024.
HashKey said its results will continue to swing up and down because the crypto market is highly volatile. Still, the company held almost HK$20 billion (US$2.56 billion) in client assets and accounted for more than three-quarters of Hong Kong’s onshore digital asset trading volume in 2024.
Expansion continues
HashKey recently launched a $500 million perpetual fund aimed at institutional investment in digital asset treasury projects, especially within ecosystems like Ethereum. The company is also expanding internationally — it received conditional approval in Dubai and regulatory clearance to operate licensed platforms in Bermuda and Ireland.
