The company submitted its prospectus Monday, detailing operations across trading, custody, and tokenization services.
Crypto News
HashKey Holdings has filed for an initial public offering in Hong Kong, positioning itself to become the city's first publicly-listed cryptocurrency exchange. The company submitted its prospectus Monday, detailing operations across trading, custody, and tokenization services.
The IPO includes 240.57 million shares in the global offering, with 24.06 million allocated for Hong Kong investors and 216.51 million for international buyers. The maximum price stands at HK$6.95 per share, according to the filing.
HashKey describes itself as creating a digital asset ecosystem that delivers products and services tailored to retail investors, institutional clients, and stakeholders across the blockchain value chain. Final pricing will be determined by Dec. 16, with trading set to commence Dec. 17 under stock code 3887.
The filing provides detailed insight into how HashKey operates under Hong Kong's regulatory regime for retail and institutional crypto markets. The city has spent two years refining its regulatory framework to position itself as a licensed hub for digital asset activity.
Hong Kong regulators approved new permissions for staking services in April, allowing Securities and Futures Commission-supervised firms to offer staking under controlled conditions. The regulator later imposed stricter custody requirements for licensed platforms and advanced stablecoin oversight with rules reinforcing U.S. dollar dominance in local issuance.
Mainland regulators moved in October to halt stablecoin ventures from two of China's largest tech firms. The result creates a regime welcoming regulated digital asset activity while imposing higher compliance expectations, a model designed to attract institutional players and distinguish Hong Kong from unregulated offshore exchanges.
HashKey reported HK$29.0 billion ($3.71 billion) in assets under staking and HK$1.7 billion ($218 million) in real-world asset value. The company positions itself as the largest staking provider in Asia and eighth globally, with HK$7.8 billion ($998 million) in assets under management since inception.
The group frames its advantages around regulatory credibility, ecosystem reach, and technical depth. It highlights its status as an early licensed digital assets operator in Asia, emphasizing security, compliance posture, and a product stack designed to reinforce network effects across trading, custody, staking, and tokenization.
Revenue grew between 2022 and 2024, but operating costs expanded further. Losses nearly doubled from HK$585.2 million ($74.9 million) in 2022 to HK$1.19 billion ($152.3 million) in 2024. Rising spending on research, marketing, administrative functions, and equity-settled share-based payment expenses drove the widening gap.
Adjusted losses narrowed in 2023 before rising again in 2024 and the first half of 2025, reflecting higher costs tied to exchange operations and a downturn in transaction-facilitation revenue. Net loss improved to HK$506.7 million ($64.9 million) in the first half of 2025, mainly due to declining general and administrative expenses.
The IPO debut could gauge market demand for licensed digital asset platforms as Hong Kong deepens its push into regulating the crypto sector.
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