HashKey Pushes Forward With Public Listing
HashKey Holdings plans to raise up to 215 million dollars through an upcoming IPO on the Hong Kong Stock Exchange. The crypto exchange operator aims to sell about 240.6 million shares at a price range of HK$5.95 to HK$6.95. If the sale reaches the top of that range, the company could secure roughly HK$1.67 billion and achieve a valuation close to HK$19 billion. Trading may begin as early as December 17, which would make HashKey the first fully regulated crypto exchange in Hong Kong to go public.
A Growing Ecosystem Facing Rising Costs
HashKey markets itself as more than a trading platform. It also offers custody services, tokenization tools, on-chain products, and asset management. The company says it captures over 75 percent of Hong Kong’s regulated crypto trading activity. Revenue growth has been strong in recent years, rising from HK$129 million in 2022 to HK$721 million in 2024. Higher trading volume and increased interest in blockchain services helped drive this expansion.
However, the company still operates at a loss. HashKey’s prospectus highlights heavy spending on research, development, marketing, and compliance. The filing also warns that the firm burns millions each month to maintain operations. That financial pressure adds urgency to the IPO, since the fresh capital may be needed to support ongoing growth plans.
Hong Kong continues to position itself as a major hub for regulated digital asset services. HashKey’s IPO will likely serve as a test of investor confidence in the city’s long term crypto strategy. The main question now is whether HashKey can transform its strong market presence into sustainable profits. Investors will watch the coming quarters closely, because the company’s ability to control spending while scaling its ecosystem could influence both its future and the broader regulated crypto market across Asia.
