The company plans to use the IPO funds to roll out new products, improve multi-chain custody services, build stronger on-chain infrastructure, and grow its engineering team.
HashKey is aiming to become the first crypto exchange to go public in Hong Kong, launching an initial public offering that will test how much investor interest remains for regulated digital asset platforms as the market enters a new phase of the cycle.
The company plans to offer about 240.6 million shares globally, with roughly 24.1 million set aside for Hong Kong investors and the rest available to international buyers.
The shares are priced between HK$5.95 and HK$6.95, which would allow HashKey to raise up to HK$1.67 billion — about US$215 million — and give the company a valuation of roughly HK$19 billion at the top of the range.
The IPO book will stay open through Friday, and trading is expected to begin on December 17, according to the prospectus.
HashKey Touts Market Leadership in Hong Kong’s Regulated Crypto Sector
In its prospectus, HashKey describes itself as a full digital asset ecosystem rather than just a trading platform. It combines exchange services, custody, tokenization and asset management under a licensed, onshore framework.
The company says it operates Hong Kong’s largest regulated crypto exchange by trading volume and was among the first to be approved under the city’s virtual asset licensing regime, launched in 2022.
Research cited in the filing shows HashKey controls more than 75% of Hong Kong’s onshore digital asset trading volume — a dominant position in a market where regulators have spent years trying to bring activity onshore after widespread use of offshore exchanges.
HashKey also runs one of Asia’s biggest on-chain services businesses, offering staking, tokenization and custodial tech for multiple protocols. It manages billions of dollars in client assets through various funds and structured investment products.
Strong Revenue Growth Driven by Exchange and On-Chain Expansion
HashKey’s financials reflect its rapid expansion. Revenue climbed from about HK$129 million in 2022 to HK$208 million in 2023, before surging to roughly HK$721 million in 2024 as trading activity and on-chain usage increased.
In the first half of 2025, revenue reached HK$284 million. However, the prospectus notes that the company is also spending heavily on research, development and marketing as it scales its platform.
HashKey’s business spans three core areas:
1. Transaction facilitation — exchange operations, OTC trading, fiat on/off ramps, custody, FX conversion and services for institutions.
2. On-chain services — staking infrastructure, asset tokenization and its own network, HashKey Chain, which is designed to host compliant real-world asset projects, stablecoins and decentralized apps.
3. Asset management — venture investments in Web3 companies and secondary market products like ETFs and actively managed crypto funds.
If the IPO prices at the high end of the range, HashKey expects to receive about HK$1.43 billion in net proceeds after fees.
IPO Funds to Fuel Product Innovation, Custody Upgrades and Liquidity Growth
The company plans to invest heavily in developing new products, including more regulated derivatives and yield offerings. It also intends to build shared liquidity across venues and enhance its custody systems to handle more chains and tokens.
Another portion will go toward on-chain innovation — such as a “crypto-as-a-service” platform for institutions and increased investment in staking infrastructure — alongside expanded hiring for engineering and research roles.
HashKey also plans to upgrade its cloud and backend systems so the platform can handle surges in trading volume, and to further strengthen its risk-management and compliance frameworks to meet Hong Kong’s regulatory standards.
Management believes that HashKey’s combination of scale, licensing and infrastructure positions it well to capture the next wave of institutional demand as investors shift from offshore exchanges to regulated, onshore platforms.
A Critical Moment for Hong Kong’s Crypto Ambitions
The listing arrives at a pivotal time for both Hong Kong and the broader crypto industry. While the city has issued licenses to 11 exchanges under its new regime, it has yet to attract global heavyweights like Binance or Coinbase — despite its push to compete with Singapore, Dubai and other major crypto hubs.
