Key takeaways
HashKey aims to be Hong Kong’s first fully crypto-native IPO, proposing to list 240.57 million shares under the city’s virtual asset regulatory framework.
The business model extends beyond just a spot exchange, integrating trading, custody, institutional staking, asset management, and tokenization into a single regulated platform.
While revenue is on the rise, the company continues to experience losses as it heavily invests in technology, compliance, and market expansion.
Most of the proceeds from the IPO are expected to support infrastructure and international growth, marking the listing as a long-term investment in regulated digital asset markets.
HashKey seeks to be the first crypto exchange available for purchase by Hong Kong investors on their local stock market. The company has submitted an initial public offering (IPO) that could establish it as the city’s first publicly listed, fully crypto-native entity under the new virtual asset guidelines. It is offering 240.57 million shares, with part reserved for local retail investors.
Shares are being marketed within a range of 5.95-6.95 Hong Kong dollars, potentially raising up to 1.67 billion HKD, about $215 million, and suggesting a multibillion-dollar valuation if fully subscribed.
Trading is anticipated to commence on Dec. 17 on the Hong Kong Stock Exchange.
HashKey currently operates what it describes as Hong Kong’s “largest licensed platform,” which encompasses custody, institutional staking, and tokenization. In its latest filing, the group reported tens of billions of Hong Kong dollars in staking assets and platform assets under management.
In the following sections, we will explore the company’s operations, financial comparisons, intended use of the IPO proceeds, and the significance of this listing for Hong Kong’s broader virtual asset ambitions.
Did you know? Some analysts interpret HashKey’s IPO as a real-time assessment of public market enthusiasm for heavily regulated crypto infrastructure.
Why HashKey’s IPO could be a key step for Hong Kong
HashKey represents one of the first major 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 allocated to local investors and the rest to international buyers, at a peak offer price of 6.95 HKD per share.
Final pricing is set for Dec. 16, 2025, with trading expected to begin the following day under the proposed stock code 3887. If fully subscribed at the highest range, it could yield up to 1.67 billion HKD, about $215 million, potentially positioning HashKey as one of Asia’s leading listed crypto-focused companies.
The listing also represents a milestone in Hong Kong’s initiative to restore its status as a digital asset hub following years of regulatory ambiguity. Over the last two years, the city has established a dedicated licensing framework for both retail and institutional crypto platforms, introduced closely regulated staking services, and enhanced custody and stablecoin oversight.
HashKey provides an initial, detailed overview of what a fully regulated, multi-faceted crypto business may look like within this framework.
The IPO could serve as a real-time gauge of investor interest in compliance-oriented crypto infrastructure, especially as mainland China continues to impose stringent restrictions on many digital asset activities. Beijing has already intervened to stop some major tech-backed stablecoin initiatives within the city: Hong Kong’s experiment does face political constraints.
How HashKey performs post-debut could be seen as an early signal of whether these constraints allow for the feasible success of a profitable listed crypto exchange.
Did you know? HashKey Group is supported by established institutional investors, including entities connected to Wanxiang, providing it with a more traditional finance profile compared to many offshore exchanges.
What business is actually going public?
On paper, HashKey Holdings is an exchange IPO. In reality, investors are presented with a comprehensive crypto infrastructure offering that has already undergone review and licensing under Hong Kong’s regulatory structure.
At its core is HashKey Exchange, a trading venue based in Hong Kong and licensed by the Securities and Futures Commission (SFC) with Type 1 and Type 7 licenses for virtual asset trading. It enables spot trading, over-the-counter services, and fiat on- and off-ramps in both HKD and USD. The company claims to be Hong Kong’s largest licensed venue catering to retail and professional clients.
Surrounding this is an extensive ecosystem. HashKey Cloud provides institutional staking and node services, and the company asserts it has received authorization to facilitate staking for Hong Kong’s spot Ether exchange-traded funds (ETFs). In its filings, HashKey noted managing around 29 billion HKD in staked assets as of the end of Q3 2025, positioning it as one of Asia’s top staking providers and one of the larger global players.
Additionally, the group operates an asset management division that offers crypto funds and venture strategies. According to its filings, it held approximately 7.8 billion HKD in assets under management as of Sept. 30, 2025. It has also ventured into tokenization via HashKey Chain, a network focused on real-world assets (RWAs), stablecoins, and institutional applications. The company reported around 1.7 billion HKD in on-chain RWAs on the network.
Finally, HashKey has been developing crypto-as-a-service solutions and seeking licenses across various jurisdictions, including Singapore, Dubai, Japan, Bermuda, and parts of Europe. This indicates that the IPO is aimed at supporting international expansion and a white-label infrastructure model rather than being confined to just a Hong Kong exchange.
Did you know? HashKey’s disclosures reveal that its RWA network has already tokenized over 1 billion HKD worth of real-world assets on-chain, encompassing products like structured notes and private credit.
Revenue, losses and the “compliance-first” bet
HashKey exemplifies a typical growth-stage trajectory: Revenue has surged, yet the company remains cash-negative as it invests in expansion, licensing, and compliance. Total revenue grew from approximately 129 million HKD in 2022 to 721 million HKD in 2024, representing a more than 4.5x increase over two years, coinciding with the launch of its Hong Kong and Bermuda exchanges and increased trading activity.
This growth, however, has not yet resulted in profitability. An analysis of the filing indicates net losses nearly doubled during this period, climbing from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024, driven by escalated investments in technology, workforce, compliance, and marketing.
Trading volumes increased from 4.2 billion HKD in 2022 to 638.4 billion HKD in 2024, but a low-fee strategy alongside the expenses of operating licensed venues across multiple jurisdictions has kept the bottom line deeply in the red.
Recent figures suggest an improving trajectory. In the first half of 2025, HashKey reported a net loss of 506.7 million HKD, a reduction from the 772.6 million HKD loss recorded during the same timeframe the prior year.
The company characterizes these losses as the necessary investments for constructing a licensed, compliant, and scalable digital asset platform ahead of market cycles. It suggests that the lengthy, costly development mirrors the early stages of previous exchange leaders before they became profitable.
How HashKey plans to use the IPO proceeds
HashKey clearly outlines its intentions for the new capital.
Approximately 40% of the net proceeds are designated for technology and infrastructure enhancements over the next three to five years. This includes scaling HashKey Chain and the exchange’s matching engine, alongside reinforcing custody, security, and back-office systems. Company summaries also highlight derivatives, yield products, and enhanced institutional tools as areas for expansion, which would bring HashKey closer to the complete product suite offered by larger international platforms.
Another 40% will be dedicated to market expansion and ecosystem collaborations. Practically, this entails more aggressive entry into new markets and scaling crypto-as-a-service arrangements where banks, brokers, and fintechs connect to HashKey’s custody and trading services via APIs instead of developing complete infrastructure in-house. The company’s discussions about overseas licensing and institutional partnerships suggest it aims to set itself apart from exchanges that focus primarily on retail activity.
The final 20% is divided equally between operational and risk management (10%) and working capital and general corporate purposes (10%). This encompasses hiring efforts, enhancing compliance and internal controls, and maintaining financial flexibility to navigate market fluctuations.
What’s next?
As December unfolds, three key aspects will be monitored:
The pricing of the deal and how the shares perform post-listing
Whether HashKey can convert its full suite, including exchange, custody, staking, and tokenization, into a consistent and diversified revenue stream
The strength of Hong Kong’s commitment to its licensed yet open approach to digital assets.
If HashKey successfully executes, it could pave the way for other exchanges, banks, and tokenization projects to pursue public listings in the city. Conversely, if it faces challenges, the outcome may reveal the practical limitations of Hong Kong’s virtual asset experiment.
