Key takeaways
HashKey seeks to become Hong Kong’s inaugural fully crypto-native IPO by offering 240.57 million shares within the city’s virtual asset regulatory framework.
The business transcends a mere exchange by integrating trading, custody, institutional staking, asset management, and tokenization into a unified regulated platform.
Although revenue is increasing, the company continues to face losses due to significant investments in technology, compliance, and market growth.
Most of the IPO proceeds are expected to finance infrastructure and international expansion, making this listing a long-term investment in regulated digital asset markets.
HashKey aims to be the first crypto exchange accessible to Hong Kong investors via the local stock market. The company has applied for an initial public offering (IPO) that could establish it as the city’s first publicly listed, fully crypto-native venue under the new virtual asset guidelines. It is offering 240.57 million shares, with a segment reserved for local retail investors.
Shares are being marketed between 5.95-6.95 Hong Kong dollars, potentially raising 1.67 billion HKD, approximately $215 million, and suggesting a multibillion-dollar valuation if fully subscribed.
Trading is anticipated to start on Dec. 17 on the Hong Kong Stock Exchange.
HashKey claims to operate Hong Kong’s “largest licensed platform,” encompassing 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 upcoming sections, we will examine what the business entails, how its financials stack up, how it intends to utilize the IPO funds, and why the outcome of this listing is significant for understanding Hong Kong’s broader virtual asset ambitions.
Did you know? Some analysts view HashKey’s IPO as a real-time test of public market support for heavily regulated crypto infrastructure.
Why HashKey’s IPO could be a key step for Hong Kong
HashKey is among the initial major attempts to present Hong Kong’s new virtual asset regulations to public equity investors. The exchange plans to offer a total of 240.57 million shares, with 24.06 million earmarked for local investors and the remainder for international buyers, at a maximum offer price of 6.95 HKD per share.
Final pricing is expected on Dec. 16, 2025, with trading scheduled to commence the following day under the proposed stock code 3887. If the offering is fully subscribed at the highest end of the range, it could reach 1.67 billion HKD, or about $215 million, potentially positioning HashKey as one of the leading publicly listed crypto-focused companies in Asia.
This listing also represents a significant milestone in Hong Kong’s efforts to reestablish itself as a digital asset hub following years of regulatory uncertainty. The city has introduced a dedicated licensing regime for both retail and institutional crypto platforms, permitted tightly controlled staking services, and enhanced custody requirements along with stablecoin oversight over the past two years.
HashKey provides an early comprehensive view of what a fully regulated, multi-faceted crypto business can resemble under this framework.
The IPO may act as a real-time indicator of investor interest in compliance-driven crypto infrastructure, especially given that mainland China maintains strict regulations on numerous digital asset activities. Beijing has already intervened to halt several large tech-backed stablecoin initiatives in the city, indicating political limits for Hong Kong’s project.
HashKey’s performance post-debut may serve as an early signal of whether the existing constraints allow for a successful, profitable listed crypto exchange.
Did you know? HashKey Group is backed by notable institutional investors, including entities affiliated with Wanxiang, giving it a traditional finance profile compared to several offshore exchanges.
What business is actually going public?
On the surface, HashKey Holdings represents an exchange IPO. However, investors are being offered a more extensive crypto infrastructure framework that has already been reviewed and licensed under Hong Kong’s regulatory conditions.
At its core is HashKey Exchange, a Hong Kong-based trading venue licensed by the Securities and Futures Commission (SFC) with Type 1 and Type 7 licenses for operating a virtual asset trading platform. It facilitates spot trading, over-the-counter services, and fiat on- and off-ramps in HKD and USD. The company identifies itself as Hong Kong’s largest licensed venue serving retail and professional clients alike.
Surrounding this is a broader ecosystem. HashKey Cloud offers institutional staking and node services, and the company claims to have received approval to back staking for Hong Kong’s spot Ether exchange-traded funds (ETFs). Its filings reveal approximately 29 billion HKD in managed staked assets as of Q3 2025, positioning it within Asia’s largest staking providers and among the significant players globally.
Additionally, the group operates an asset management division offering crypto funds and venture strategies. As of Sept. 30, 2025, it managed around 7.8 billion HKD in assets. Furthermore, it has ventured into tokenization via HashKey Chain, a network centered on real-world assets (RWAs), stablecoins, and institutional applications. The company disclosed about 1.7 billion HKD in on-chain RWAs present in the network.
Lastly, HashKey has been enhancing crypto-as-a-service tools and pursuing licenses in various markets, including Singapore, Dubai, Japan, Bermuda, and parts of Europe. This indicates that the IPO aims to facilitate international expansion and a white-label infrastructure model rather than solely operating a Hong Kong exchange.
Did you know? HashKey’s disclosures show that its RWA network has already tokenized over 1 billion HKD worth of real-world assets on-chain, including instruments 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 business remains cash-negative due to ongoing investments in expansion, licensing, and compliance. Total revenue escalated from approximately 129 million HKD in 2022 to 721 million HKD in 2024, representing over a 4.5x increase within two years as its Hong Kong and Bermuda platforms launched and trading activity intensified.
Despite this growth, it has not translated into profitability. A review of the filing shows net losses nearly doubled during that same period, soaring from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024, driven by elevated expenditures in technology, workforce, compliance, and marketing.
Trading volumes surged from 4.2 billion HKD in 2022 to 638.4 billion HKD in 2024, yet a low-fee strategy along with the costs of managing licensed platforms across multiple jurisdictions kept the bottom line deeply negative.
Recent figures indicate an improving trajectory. In the first half of 2025, HashKey reported a net loss of 506.7 million HKD, which is narrower than the 772.6 million HKD loss during the same period a year prior.
The company regards these losses as essential investments in developing a licensed, compliant, and scalable digital asset platform ahead of the market cycle, suggesting that this lengthy and costly build-out mirrors the early stages of prior exchange leaders before achieving profitability.
How HashKey plans to use the IPO proceeds
HashKey has clearly outlined its plans for using 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 bolstering custody, security, and back-office systems. Company summaries also highlight derivatives, yield products, and enhanced institutional tools as key development areas, moving HashKey closer to a comprehensive suite of offerings comparable to larger international platforms.
Another 40% is set aside for market expansion and ecosystem collaborations. In practice, this entails a more aggressive approach to entering new jurisdictions and scaling crypto-as-a-service arrangements where banks, brokers, and fintechs connect to HashKey’s custody and trading systems through APIs rather than constructing complete infrastructures in-house. The company’s emphasis on international licensing and institutional partnerships indicates a desire to stand out from exchanges focusing primarily on retail activities.
The remaining 20% is allocated between operational and risk management (10%) and working capital and general corporate purposes (10%). This portion encompasses hiring, reinforcing compliance and internal controls, and retaining balance sheet flexibility to navigate market cycles.
What’s next?
Three key elements to monitor as December approaches:
The pricing of the deal and subsequent trading performance post-listing
Whether HashKey can convert its comprehensive stack, encompassing exchange, custody, staking, and tokenization, into stable, diversified revenue
The firmness of Hong Kong’s commitment to its licensed but open digital asset strategy.
If HashKey excels, it could pave the way for other exchanges, banks, and tokenization ventures to pursue public offerings in the city. Conversely, if it encounters difficulties, the outcome may reveal the practical limitations of Hong Kong’s virtual asset initiative.
