HashKey Prices IPO at Upper End, Raising About HK$1.6 Billion
HashKey, operator of Hong Kong's largest licensed crypto exchange, has priced its initial public offering (IPO) toward the high end at HK$6.68 per share, raising approximately HK$1.6 billion (around $206 million). The total deal size comprises 240.6 million shares globally, with about 24.1 million shares reserved for Hong Kong investors and the remainder allocated internationally. At the top end, the offer could have raised up to HK$1.67 billion and valued HashKey at about HK$19 billion.
HashKey's shares are scheduled to begin trading on the Hong Kong stock exchange on Wednesday, with JPMorgan Chase and Guotai Junan serving as joint sponsors. The company holds more than 75% of onshore digital asset trading volume in Hong Kong and provides on-chain services such as staking, tokenization, and custodial technology. Additionally, it manages billions in client assets via funds and structured products catering to institutional and high-net-worth investors.
The IPO serves as a gauge of public market appetite for compliant digital asset venues in Hong Kong amid active IPO activity and regulatory efforts to treat crypto as a regulated market. Proceeds from the offering will be used to scale HashKey's technology stack and infrastructure, hire additional personnel, and strengthen risk management to support Hong Kong's ambitions as a digital asset hub.
The market backdrop includes Bitcoin being down about 30% from its October high and a softer overall risk appetite. Nonetheless, the IPO observed strong institutional demand, with the top 20 buyers taking approximately 80% of the institutional tranche.
