HashKey Set to Price Hong Kong IPO Near the Top as Investor Demand Holds Up
HashKey, the operator of Hong Kong’s largest licensed crypto exchange, is set to price its initial public offering near the top end of its marketed range, raising about HK$1.6 billion ($206 million) in what is shaping up to be a key test of investor appetite for regulated crypto platforms.
The company sold 240.6 million shares at HK$6.68 each, Bloomberg reported on Monday, toward the upper end of a range marketed between HK$5.95 and HK$6.95. HashKey chose not to increase the size of the deal, even as demand came in strongly.
Investor interest was concentrated among large institutions. The top 20 buyers in the institutional tranche took roughly 80% of available shares, excluding stock allocated to cornerstone investors. Overall demand exceeded the number of shares on offer by several times, according to the report.
A First for Hong Kong’s Crypto Market
If successful, the listing would make HashKey Hong Kong’s first publicly traded crypto exchange, offering a snapshot of how much enthusiasm remains for compliant digital-asset businesses after the latest market cycle.
The IPO also lands during a strong year for Hong Kong listings, with total fundraising in the city on track for a four-year high.
HashKey had earlier said it planned to sell about 240.6 million shares, with roughly 24 million reserved for Hong Kong retail investors and the remainder offered internationally. At the top of the pricing range, the deal would have raised up to HK$1.67 billion and valued the company at around HK$19 billion, according to its prospectus.
The shares are scheduled to begin trading in Hong Kong on Wednesday, with JPMorgan Chase and Guotai Junan acting as joint sponsors.
A Bet on Regulated Crypto in Hong Kong
HashKey was among the first exchanges to secure a licence under Hong Kong’s dedicated crypto regime introduced in 2022, as the city moved to bring digital-asset trading back onshore.
According to research cited in its IPO filing, HashKey accounts for more than 75% of onshore digital-asset trading volume in Hong Kong, giving it a dominant position in the regulated segment.
Beyond spot trading, the company operates a broad on-chain services platform, offering staking, tokenisation, custody technology, and investment products for institutional and high-net-worth clients. It also manages billions of dollars in client assets through funds and structured products.
Proceeds from the IPO will be used to expand technology infrastructure, hire additional staff, and strengthen risk management — investments aimed at positioning HashKey as a major beneficiary if Hong Kong succeeds in becoming a regional digital-asset hub.
A Timely but Testing Debut
The debut comes amid a more cautious market backdrop. Bitcoin has fallen about 30% from its October record high, and global investors have become more selective as enthusiasm for growth and AI-related stories cools.
For crypto-focused investors, HashKey’s first days of trading will serve as an early signal of whether public market buyers are willing to back regulated crypto exchanges — and pay premium valuations — in the next phase of the digital-asset market.
