HashKey launches Hong Kong IPO to raise up to $215M

HashKey has opened subscriptions for its Hong Kong initial public offering, targeting up to $215M with backing from UBS and Fidelity in a key moment for the city’s crypto ambitions.

The exchange operator is seeking to raise as much as HK$1.67 billion, or about $215 million, in what may become one of the city’s most closely watched digital-asset listings.

A Dec. 8 Bloomberg report confirmed that the company’s subscriptions for its Hong Kong IPO are now open.

IPO opens as Hong Kong pushes for digital-asset leadership

HashKey is offering just over 240 million shares priced between HK$5.95 and HK$6.95. At the top of that range, the firm would debut with a valuation near HK$19 billion. Order books will stay open through Friday, with trading expected to begin on Dec. 17.

The offering arrives during an active stretch for Hong Kong’s IPO market, where total proceeds are tracking toward a four-year high. It also reflects the city’s continued push to position itself as a regional home for compliant crypto firms.

The exchange was one of the first companies to receive a license under Hong Kong’s digital-asset framework introduced in 2022. Since then, its activities have expanded into a larger ecosystem that includes asset management, trading, on-chain services, and venture investments.

HashKey reported platform assets of over HK$19.9 billion, support for more than 80 tokens, and cumulative spot trading volume of HK$1.3 trillion as of Sept. 30. It also held HK$1.48 billion in cash and HK$570 million in digital assets, with most of the latter in major tokens such as BTC, ETH, and USDT.

A test of confidence for Hong Kong’s crypto sector

Despite this scale, the company reported more than HK$2.3 billion in cumulative losses over the past three years. Losses in the first half of 2025 narrowed by more than a third compared with the prior year thanks to tighter cost controls and revenue tied to trading, which made up nearly seventy percent of income.

HashKey argues its ISO-certified platform, conservative risk architecture, and expanding licenses in markets such as Japan and Bermuda can help mitigate pressures facing other regional exchanges.

The IPO is also drawing attention because of its cornerstone investors. UBS’s asset-management arm, Fidelity International, and Infini Capital have each agreed to take part, committing a combined $75 million with lock-ups lasting six months. Their backing is viewed as a vote of confidence at a time when digital-asset markets remain volatile and Bitcoin is still trading below its October record.

Hong Kong has approved only a limited number of licensed crypto platforms, and inflows into the city’s digital-asset exchange-traded funds are modest compared with the U.S. HashKey’s listing may set a precedent for how web3 companies mature under the city’s rules.

It also lands as authorities advance policies on stablecoins, real-world assets, and tokenized securities, indicating a major shift toward regulated adoption. JPMorgan Chase and Guotai Junan are serving as joint sponsors for the deal.

If the listing performs well, it may encourage other crypto firms in the region to revisit public-market plans and strengthen Hong Kong’s case as Asia’s regulatory bridge between traditional finance and digital assets.