HashKey Holdings Files for Hong Kong IPO as City's First Publicly-Listed Crypto Exchange
HashKey Holdings Limited has filed for an initial public offering (IPO) in Hong Kong to become the city's first publicly-listed cryptocurrency exchange. The company plans to offer 240.57 million shares with a maximum price of HK$6.95 per share. Pricing is expected by December 16, with trading set to begin the following day under the stock code 3887.
Of the shares offered, Hong Kong investors will be allocated 24.06 million shares, while 216.51 million shares are targeted towards international buyers. The IPO prospectus describes HashKey's "digital asset ecosystem," which includes services such as trading, custody, staking, and tokenization, catering to both retail and institutional clients.
HashKey positions itself as the largest licensed platform in Hong Kong, emphasizing its regulatory credibility, extensive ecosystem, and technical expertise amid the city’s evolving crypto regulatory framework. Recent regulatory developments in Hong Kong have included approvals in April for staking by SFC-supervised firms, tighter custody requirements, and increased stablecoin oversight. Additionally, in October, Beijing's mainland authorities intensified crackdowns on stablecoins linked to two major tech companies.
The company reports significant figures, including HK$29.0 billion in assets under staking, HK$7.8 billion in assets under management since inception, and HK$1.7 billion in real-world asset value. These metrics position HashKey as the largest staking provider in Asia and the eighth largest globally.
Despite witnessing revenue growth, HashKey's net losses have widened from HK$585.2 million in 2022 to a projected HK$1.19 billion in 2024. The first half of 2025 showed some improvement with a net loss of HK$506.7 million, attributed to lower general and administrative expenses. The company intends to monetize its platform further through gas fees on HashKey Chain, a layer-2 solution designed for real-world assets and institutional applications.
The IPO is anticipated to serve as a barometer for market demand for licensed digital asset platforms in Hong Kong and aligns with the city's objectives to attract institutional players by establishing itself as a regulated crypto hub.
