Crypto Reporter
Shalini Nagarajan
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HashKey is bidding to become Hong Kong’s first listed crypto exchange, launching an initial public offering that will gauge how much public market appetite remains for regulated digital asset platforms after the latest leg of the cycle.
The company plans to sell about 240.6M shares in a global offering, with roughly 24.1M reserved for Hong Kong investors and the rest for international buyers
The price range runs from HK$5.95 to HK$6.95 a share, which would raise up to HK$1.67B, about $215M, and value HashKey at around HK$19B at the top end.
Books are open through Friday, with trading scheduled to start on Dec. 17, according to a prospectus.
HashKey positions itself in the prospectus as a digital asset ecosystem rather than a single exchange, tying together trading, custody, tokenisation and asset management under a licensed, onshore structure.
The group operates what it describes as Hong Kong’s largest licensed crypto exchange by trading volume and was among the first platforms approved under the city’s dedicated virtual asset regime, which went live in 2022.
According to research cited in the filing, HashKey holds more than 75% of Hong Kong’s onshore digital asset trading volume, giving it a dominant share of a market that regulators have been trying to pull onshore after years of activity on offshore venues.
The company also runs one of Asia’s biggest on-chain services businesses, offering staking, tokenization and custodial technology for a range of protocols, and manages billions in client assets through funds and structured products.
Strong Top Line Growth Reflects Expanding Exchange And Infrastructure Demand
The financials show how that expansion has fed into the top line. Revenue rose from about HK$129M in 2022 to about HK$208M in 2023, then jumped to roughly HK$721M in 2024 as trading volumes and on-chain activity scaled.
The first half of 2025 brought a further HK$284M in revenue, although the prospectus also flags heavy spending on research, development and marketing as the group builds out its platform.
HashKey’s business model splits into three main pillars, transaction facilitation, on-chain services and asset management. Transaction facilitation covers the core exchange, over the counter trading, fiat on and off ramps, custody, foreign exchange conversion and institutional services.
On-chain services include staking infrastructure, tokenisation of assets and HashKey Chain, the group’s own network that aims to host compliant real world asset projects, stablecoins and decentralised applications.
Asset management spans venture investing in Web3 projects and secondary market products such as exchange-traded funds and actively managed crypto funds.
The company expects to receive net proceeds of about HK$1.43B after fees and expenses if the deal prices at the top of the range.
IPO Proceeds Target Product Innovation Custody Upgrades And Deeper Liquidity
It plans to spend a large share on product innovation and new offerings, including more regulated derivatives and yield products, and on building shared liquidity across venues and upgrading its custody systems to support more chains and tokens.
Another portion is earmarked for on-chain innovation, such as a crypto as a service platform for institutions and further investment in staking infrastructure, as well as hiring engineering and research talent.
HashKey also intends to devote capital to infrastructure and cloud services so its trading platforms can handle spikes in activity without outages, and to strengthening risk management and compliance systems in line with Hong Kong’s virtual asset rules.
Management argues that this combination of scale, licensing and infrastructure will help the group capture the next wave of institutional adoption as more investors rotate from loosely supervised exchanges into onshore, regulated venues.
The listing lands at a delicate time for both Hong Kong and the crypto market. The city has approved licences for 11 exchanges under its new framework but has not yet brought in global giants such as Binance or Coinbase, even as it tries to position itself against Singapore, Dubai and other centres competing for crypto firms.
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