HashKey Seeks $215 Million in Hong Kong IPO Amid Rapid User Growth and Cash Burn
HashKey is pursuing an initial public offering in Hong Kong, seeking to raise approximately HK$1.67 billion (about $215 million). The company's prospectus reveals a rapid expansion in its user base, anticipated to reach 1.44 million registered accounts by mid-2025, up from fewer than 200 in 2022.
Despite this growth, HashKey reports cumulative net losses totaling HK$3.0 billion from 2022 through mid-2025. The first half of 2025 alone saw a loss of HK$506.7 million, and the third quarter of 2025 has an average monthly cash burn of HK$40.9 million (around $5.2 million). In response, the company projects it has over 70 months of liquidity, drawing from cash, digital assets, and anticipated IPO proceeds.
The filing highlights a strategic pivot toward licensed onshore Hong Kong platforms to attract institutional flows and provide on-ramp and off-ramp channels. To support this, upfront investment is essential to establish the licensing, custody, and on-chain services necessary for a licensed exchange.
HashKey notes that costs associated with licensing, custody, and risk infrastructure do not increase linearly with activity, while revenues from trading, staking, and management fees have the potential to scale alongside client adoption. Previously, HashKey Global — a Bermuda-registered entity targeting retail clients — was scaled back due to the absence of an on-ramp. The company's current focus is now on its onshore platform linked to ETF flows and traditional financial institutions.
HashKey is positioned as a competitor to Bullish, which is the parent company of CoinDesk.
