- HashKey’s historic IPO could raise $214 million in Hong Kong.
- Hong Kong’s largest crypto exchange targets growth through public offering.
- IPO proceeds to fuel product innovation and global market expansion.
HashKey Holdings, the operator of Hong Kong’s largest cryptocurrency exchange, has officially filed for a public listing, aiming to raise up to HK$1.67 billion (approximately $214 million). This marks the first time a dedicated crypto exchange has sought a public offering in Hong Kong, highlighting a major milestone for the local cryptocurrency sector. Unlike previous listings such as OSL Group, which went public before entering the crypto space, HashKey’s IPO represents the first foray of a fully crypto-focused exchange into the public market.
The company plans to offer 240.57 million shares, with 24.06 million reserved for Hong Kong investors and the remainder for international buyers. Shares are priced between HK$5.95 and HK$6.95, and at the top end, the offering could raise a substantial HK$1.67 billion ($214 million). With an offer price set at HK$6.45 per share, HashKey expects to generate net proceeds of approximately HK$1.43 billion ($183.82 million).
The IPO opened on Tuesday at 9 a.m. HKT and will close on December 12 at noon. The final offer price is set to be announced on December 16, with trading on the Hong Kong Stock Exchange slated to begin the following day under the ticker 3887.
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Proceeds Will Drive Growth and Market Expansion
HashKey has outlined its strategic use for the IPO proceeds. The company plans to invest about 40% of the net proceeds into product innovation and infrastructure upgrades, aiming to strengthen its competitive position in the crypto market. Another 40% will be dedicated to market expansion and forging new partnerships within the cryptocurrency ecosystem. Additionally, 10% of the funds will be allocated to enhance operations and risk management, while the remaining 10% will be used for general corporate purposes.
Despite facing net losses since 2022, HashKey has made significant strides in its financial performance. In the first half of 2025, the company reported a reduced net loss of HK$506.7 million ($65 million), compared to HK$772.6 million ($99.2 million) during the same period in 2024. Revenue for the nine months ending September 30, 2025, saw a 4% year-on-year increase to HK$557.6 million ($71.7 million), driven mainly by growth in asset management services, despite a 24% decline in trading volume.
HashKey’s IPO Amid Strengthening Crypto Regulations in Hong Kong
HashKey’s IPO comes at a time when Hong Kong is refining its regulatory approach to cryptocurrency. In 2023, the region introduced a licensing regime for virtual asset service providers, which has bolstered oversight of the sector. Earlier this year, Hong Kong also launched regulations for stablecoins and their issuers. Recently, the Securities and Futures Commission announced that licensed crypto trading platforms could tap into global liquidity through shared order books, improving market depth and broadening product offerings.
This IPO reflects both the growing regulatory clarity in Hong Kong’s crypto sector and the region’s emergence as a key hub for digital asset growth.
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