HashKey’s $215 Million IPO Launch: Trading Begins December 17

HashKey's public debut is locked and loaded—a $215 million play that hits the market December 17.

Why This IPO Matters

It's not just another listing. The size of this offering signals institutional confidence at a scale that demands attention. The date is set, the target is clear, and the countdown is on.

The Market's Next Big Test

All eyes will be on how this capital raise performs out of the gate. Does it validate the current appetite for crypto-adjacent equities, or expose a gap between hype and hard numbers? The opening bell will tell the tale—and maybe deliver a gentle reminder that in finance, optimism is often priced in before the first trade.

Hong Kong-based crypto exchange HashKey is set to go public under the city’s updated digital-asset rules. The exchange will sell shares in an IPO expected to raise $215 million, with trading scheduled to begin on December 17. HashKey will become the first fully crypto-native exchange listed in Hong Kong, testing investor demand for regulated crypto platforms.

Targeting $215 Million in Capital

HashKey plans to sell more than 240 million shares in a global offering, with roughly 24 million shares reserved for Hong Kong investors. The proposed price range is HK$5.95 to HK$6.95 per share. At the upper end, the company could raise to HK$1.67 billion (around $215 million). After fees and expenses, HashKey expects to net approximately HK$1.43 billion, depending on the final offer price, which will be confirmed on December 16.

The IPO will test public confidence in regulated crypto platforms as the market evolves. With Hong Kong positioning itself as a global crypto hub, HashKey’s debut also signals the city’s ambition to attract compliant digital-asset businesses.

A Clear Plan for Growth and Stability

HashKey has outlined a strategic plan for deploying the funds from the IPO. Around 40% will be used for technology upgrades, infrastructure improvements, and new product development, critical steps to maintain competitiveness. Another 40% will support market expansion and new partnerships, thereby strengthening the company’s global presence.

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The remaining funds will go toward operational costs, risk management enhancements, and general corporate needs, reflecting a focus on long-term stability within a tightly regulated environment.

While HashKey has been growing rapidly, it remains in a heavy-investment phase. The company has reported losses since 2022, including HK$506.7 million in the first half of 2025. However, revenue continues to rise, largely driven by asset-management services, indicating steady demand for regulated crypto solutions despite fluctuating trading volumes.

Industry Perspective

Analyst Danny Kunwoong Park noted that HashKey’s IPO involves 240.57 million shares, priced between HK$5.95 and HK$6.95. He highlighted that the company expects net proceeds of around $184 million and intends to allocate most of those funds to technology, infrastructure, market expansion, and partnerships. Final pricing will be announced on December 16, with trading under the code 3887 starting December 17.

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FAQs

Trading of HashKey Exchange shares is scheduled to begin on December 17, 2025, on the Hong Kong Stock Exchange under the ticker code .

HashKey shares are set to begin trading on December 17, 2025, following the completion of its IPO pricing on December 16.

Funds will be used mainly for technology upgrades, market expansion, partnerships, and operational stability to ensure long-term growth.

HashKey has reported losses since 2022 but revenue is rising from asset-management services, showing steady demand for regulated crypto platforms.