HashKey Launches IPO To Expand Hong Kong Crypto Empire

HashKey Group, operator of certainly one of Hong Kong’s licensed crypto exchanges, has opened subscriptions for its preliminary public providing (IPO) forward of an anticipated itemizing subsequent week.

HashKey is searching for to lift as much as 1.67 billion Hong Kong {dollars} ($214.7 million) in an IPO that’s scheduled to debut on Dec. 17, in line with a prospectus filed with the Hong Kong Inventory Alternate (HKEX) on Tuesday.

The corporate is providing 240.6 million shares at $0.76–$0.89 every, which might carry HashKey’s valuation to $2.46 billion on the top quality.

With the subscription interval starting Tuesday, traders can apply for HashKey shares on-line via the HK eIPO White Type or utilizing an digital utility by way of HKEX’s digital IPO settlement platform FINI till Friday.

HashKey’s fast path to IPO after three years of operation

Based in 2018, HashKey has grown into Hong Kong’s greatest crypto alternate, reportedly capturing a 75% market share, or greater than thrice that of its nearest competitor.

After commencing operations and acquiring key regulatory approvals in Hong Kong in 2022, HashKey entered full-scale operations in 2023.

In response to its prospectus, HashKey had facilitated $167 billion in cumulative spot buying and selling quantity as of Sept. 30.

HashKey provides a variety of digital asset companies to each institutional and retail traders, together with spot alternate, over-the-counter (OTC) trades, staking and tokenization. It additionally operates HashKey Chain, an Ethereum layer-2 community designed for real-world property (RWAs), stablecoins and decentralized purposes.

The corporate emerged as the most important Asian, Hong Kong-based asset administration supplier in 2024, with $1 billion in property beneath administration as of Sept. 30, the prospectus stated.

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HashKey’s IPO is backed by high-profile sponsors, together with main US funding financial institution JPMorgan and native monetary establishments akin to Guotai Junan.

The IPO proceeds are deliberate to go towards scaling its ecosystem and infrastructure, bolstering danger administration and hiring expertise, the submitting stated.

HashKey’s public providing comes amid a continued IPO increase in Hong Kong, with HKEX reporting a 209% year-on-year enhance in funds raised via IPOs in 2025, totaling $27.8 billion within the first months of the yr.