HashKey Plans Hong Kong IPO Targeting $215 Million Capital Raise
HashKey is planning a Hong Kong initial public offering (IPO) aiming to raise up to HK$1.67 billion, approximately $215 million. The company intends to sell about 240.6 million shares priced between HK$5.95 and HK$6.95 each, valuing the company at up to around HK$19 billion. Of these, approximately 24.1 million shares are reserved for Hong Kong investors, while the remainder will be available to international buyers. The books are open through Friday, with trading scheduled to commence on December 17.
HashKey positions itself as a digital asset ecosystem operating under a licensed onshore structure in Hong Kong, focusing on trading, custody, tokenisation, and asset management. It markets itself as Hong Kong's largest licensed crypto exchange by onshore trading volume, accounting for over 75%. Historical revenue figures for HashKey include HK$129 million in 2022, HK$208 million in 2023, HK$721 million projected in 2024, and HK$284 million in the first half of 2025. The company has invested significantly in research and development as well as marketing.
Proceeds from the IPO will be directed towards product innovation such as regulated derivatives and yield products, enhancing cross-venue liquidity, upgrading custody services across more chains and tokens, and supporting on-chain initiatives including a crypto-as-a-service platform and staking infrastructure. Additionally, funds will support hiring engineers and researchers. HashKey plans to intensify investments in infrastructure and cloud services to accommodate increased activity and strengthen risk management and compliance in alignment with Hong Kong's virtual asset regulations.
Regarding the regulatory environment, Hong Kong has licensed 11 exchanges under its virtual asset regime launched in 2022 but has yet to attract major global firms like Binance or Coinbase. The city continues to compete with Singapore and Dubai in attracting crypto businesses. HashKey's core operations focus on transaction facilitation, on-chain services, and asset management, with its own HashKey Chain network supporting compliant real-world asset projects, tokenization, stablecoins, and decentralized finance applications.
