Key takeaways
HashKey aims to establish itself as Hong Kong’s first fully crypto-native IPO by offering 240.57 million shares under the city’s virtual asset regulatory framework.
The business model extends beyond a standard exchange, integrating trading, custody, institutional staking, asset management, and tokenization into a unified regulated platform.
While revenue is increasing, the company continues to face losses due to substantial investments in technology, compliance, and market expansion.
Most of the IPO proceeds are expected to be directed towards infrastructure and international growth, positioning this listing as a long-term investment in regulated digital asset markets.
HashKey aspires to be the first crypto exchange accessible to Hong Kong investors via the local stock market. The company has submitted an application for an initial public offering (IPO) that could mark the city’s inaugural fully crypto-native listing under the new virtual asset regulations. It is offering 240.57 million shares, with a segment allocated for local retail investors.
The shares are being priced between 5.95-6.95 Hong Kong dollars, potentially raising 1.67 billion HKD, roughly $215 million, and suggesting a multibillion-dollar valuation upon full subscription.
Trading is projected to commence on Dec. 17 on the Hong Kong Stock Exchange.
HashKey is already described as Hong Kong’s “largest licensed platform,” comprising a comprehensive suite that includes custody, institutional staking, and tokenization. In its recent filing, it reported managing tens of billions of Hong Kong dollars in staking and platform assets.
In the following sections, we will examine the business model, financial comparisons, the intended use of IPO funds, and the significance of this listing in the context of Hong Kong’s broader ambitions in virtual assets.
Did you know? Some analysts consider HashKey’s IPO a real-time test of whether public markets are ready to support highly regulated crypto infrastructure.
Why HashKey’s IPO could be a key step for Hong Kong
HashKey is one of the first significant efforts to present Hong Kong’s new virtual asset regulatory framework to public equity investors. The exchange intends to offer a total of 240.57 million shares, with 24.06 million designated for local investors and the remainder for international purchasers, at a maximum price of 6.95 HKD per share.
Final pricing will be announced on Dec. 16, 2025, with trading set to begin the following day under the proposed stock code 3887. If the offering is fully subscribed at the maximum price, it could generate 1.67 billion HKD, about $215 million, potentially positioning HashKey as a leading crypto-focused firm in Asia.
The listing represents a significant milestone in Hong Kong’s revival as a digital asset hub following years of regulatory ambiguity. Over the last two years, the city has implemented a dedicated licensing regime for both retail and institutional crypto platforms, facilitated controlled staking services, and enhanced custody and stablecoin oversight.
HashKey provides a preliminary, comprehensive perspective on what a fully regulated, multi-faceted crypto business could resemble under this framework.
The IPO could serve as a practical measure of investor interest in compliance-focused crypto infrastructure, especially as mainland China maintains stringent limitations on various digital asset functionalities. Authorities in Beijing have already curtailed several major tech-supported stablecoin projects: Hong Kong’s experimentation with virtual assets does have political boundaries.
How HashKey performs post-debut may offer early insights into whether the existing constraints allow sufficient opportunities for a thriving, publicly listed crypto exchange.
Did you know? HashKey Group is supported by prominent institutional investors, including those associated with Wanxiang, which presents a more traditional financial backdrop than many overseas exchanges.
What business is actually going public?
Officially, HashKey Holdings is an exchange IPO. In practice, investors are presented with a comprehensive crypto infrastructure offering that has already been vetted and licensed within Hong Kong’s regulatory landscape.
At its core is HashKey Exchange, a Hong Kong-based trading platform licensed by the Securities and Futures Commission (SFC) under Type 1 and Type 7 licenses for the operation of virtual asset trading. It facilitates spot trading, over-the-counter services, and fiat on- and off-ramps in HKD and USD. The company claims to be Hong Kong’s largest licensed site catering to both retail and professional clients.
Surrounding it is a broader ecosystem. HashKey Cloud provides institutional staking and node services, and the company has secured approval to support staking for Hong Kong’s spot Ether exchange-traded funds (ETFs). In its filings, HashKey reported managing approximately 29 billion HKD in staked assets as of the end of Q3 2025, establishing itself among Asia’s largest staking providers.
Additionally, the group has an asset management division offering crypto funds and venture strategies. Per its filings, it had around 7.8 billion HKD in assets under management as of Sept. 30, 2025. It has also ventured into tokenization via HashKey Chain, a network centered on real-world assets (RWAs), stablecoins, and institutional applications. The company noted roughly 1.7 billion HKD in on-chain RWAs.
Ultimately, HashKey is developing crypto-as-a-service tools and pursuing licenses across multiple jurisdictions, including Singapore, Dubai, Japan, Bermuda, and parts of Europe. This indicates that the IPO aims to facilitate international growth and a white-label infrastructure model, rather than focusing solely on the Hong Kong market.
Did you know? According to HashKey’s disclosures, its RWA network has already tokenized more than 1 billion HKD worth of real-world assets on-chain, including products such as structured notes and private credit.
Revenue, losses, and the “compliance-first” position
HashKey exemplifies a typical growth-phase pattern: Revenue has surged, yet the business remains cash-draining as it invests in growth, licensing, and compliance. Total revenue rose from approximately 129 million HKD in 2022 to 721 million HKD in 2024, representing over a 4.5 times increase in just two years, as the Hong Kong and Bermuda exchanges launched and trading activity escalated.
However, this growth has not yet translated into profitability. A review of the filing indicates that net losses nearly doubled during the same timeframe, from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024, driven by increased expenditures on technology, staffing, compliance, and marketing.
Trading volumes soared from 4.2 billion HKD in 2022 to 638.4 billion HKD in 2024, but a low-fee approach and the costs of running licensed venues across different jurisdictions kept the bottom line significantly negative.
Recent figures suggest that the trend may be improving. In the first half of 2025, HashKey reported a net loss of 506.7 million HKD, narrower than the 772.6 million HKD loss experienced in the same period the previous year.
The company presents these losses as the necessary expense of constructing a licensed, compliant, and scalable digital asset platform ahead of market cycles. It claims that the prolonged and costly build-out reflects the path taken by previous exchange leaders prior to achieving profitability.
How HashKey plans to allocate the IPO proceeds
HashKey has outlined a clear strategy for deploying the new capital.
Approximately 40% of the net proceeds are designated for technology and infrastructure enhancements over the next three to five years. This encompasses scaling HashKey Chain and the exchange’s matching engine, as well as improving custody, security, and back-office systems. Company summaries also highlight derivatives, yield products, and advanced institutional tools as specific focus areas for development, moving HashKey towards the comprehensive product offerings seen in larger international venues.
Another 40% is allocated for market expansion and ecosystem collaborations. In practice, this means more aggressive entry into new markets and scaling crypto-as-a-service arrangements where banks, brokers, and fintechs access HashKey’s custody and trading stack via APIs instead of building complete infrastructure in-house. The company’s discussions surrounding international licensing and institutional alliances indicate its intention to stand out from exchanges primarily focused on retail trading.
The remaining 20% is divided between operations and risk management (10%) and working capital as well as general corporate purposes (10%). This encompasses hiring, bolstering compliance and internal controls, and maintaining financial flexibility to manage market fluctuations.
What’s next?
As December approaches, three critical aspects will be closely monitored:
The pricing of the deal and the performance of shares post-listing
Whether HashKey can successfully transform its complete stack, comprising exchange, custody, staking, and tokenization, into a consistent, diversified revenue stream
The firmness with which Hong Kong upholds its licensed yet open stance toward digital assets.
If HashKey performs effectively, it could pave the way for other exchanges, banks, and tokenization ventures to pursue public listings in the city. Conversely, if it encounters difficulties, the outcome may reveal the practical limitations of Hong Kong’s virtual asset experiments.
