TLDR
- HashKey seeks up to $215M through its Hong Kong IPO with 240.6M shares on offer.
- The exchange holds an estimated 75% crypto market share in Hong Kong.
- HashKey recorded $167B in cumulative spot trading volume by Sept. 2024.
- IPO funds will support ecosystem growth, riskpublic systems and team expansion.
HashKey Group has opened subscriptions for its initial offering in Hong Kong as the company aims to raise up to HKD 1.67 billion, or about $214.7 million. The subscription period runs through the week using the HK eIPO White Form and FINI digital platform. The company is offering 240.6 million shares with a price range of HKD 0.76 to HKD 0.89.
The share sale places HashKey at a potential valuation of about $2.46 billion at the top end of the range. The group plans to list on the Hong Kong Stock Exchange on December 17 according to the prospectus filed with the exchange. JPMorgan and other local institutions are serving as sponsors.
Rapid Growth Since Launch and Licensing
HashKey was founded in 2018 and has become one of the most notable licensed crypto exchanges in Hong Kong. The company moved into full operations after securing important regulatory approvals in 2022, which allowed it to serve both institutional and retail clients under local digital asset rules.
The group states in its prospectus that it has captured an estimated 75% of the regulated crypto exchange market in Hong Kong. It also reports handling $167 billion in cumulative spot trading volume as of September 30. The exchange offers spot trading, OTC services, staking products and tokenization solutions. HashKey also operates HashKey Chain, an Ethereum layer-2 network designed for stablecoins, real-world assets and decentralized applications.
Ecosystem Expansion and Planned Use of Funds
The prospectus explains that funds raised through the IPO will support the expansion of HashKey’s broader digital asset ecosystem. The group plans to invest in technical infrastructure to support higher trading activity and improve service stability as its user base grows.
The firm also intends to increase investment in risk management systems. These systems are important for licensed platforms operating in Hong Kong, where regulators require strong controls for custody, trading and compliance. HashKey also expects to use part of the funds to hire staff in technology, operations and compliance.
Public Listing Amid Hong Kong’s Busy IPO Market
The company is moving forward with its listing during a period of heightened activity in the city’s IPO market. HKEX reports a sharp rise in funds raised during 2025, with a 209% increase year-on-year in the early months of the year. This trend has supported companies in finance, technology and digital assets as they seek access to public markets.
HashKey’s listing is expected to draw attention due to its position as a licensed crypto exchange and because of strong sponsor participation. The group’s growing role in institutional digital assets in Asia has made the offering one of the more notable crypto-related listings in the region.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
