HashKey Passes HKEX Listing Hearing - IPO Launch Imminent

Hong Kong's crypto landscape just got a major legitimacy boost—HashKey Exchange cleared its listing committee hearing at the Hong Kong Stock Exchange. This isn't just another regulatory checkbox; it's a watershed moment for institutional crypto adoption in Asia.

The Gateway Opens

Forget the speculative frenzy. This move signals a tectonic shift—a licensed, major crypto player is now knocking on the door of a traditional public market. The HKEX hearing was the final major hurdle before HashKey can set its IPO price and start trading. It transforms the exchange from a niche digital asset platform into a contender for mainstream capital.

Why This IPO Isn't Just Noise

This listing does more than raise capital for HashKey. It builds a bridge. It offers traditional finance a regulated, audited vehicle to gain exposure to the crypto economy's infrastructure layer. Think of it as a publicly-traded key to the digital asset vault. For skeptics in suits, it's a chance to bet on the house rather than the gamblers.

The Ripple Effect

The approval sends a clear signal to global asset managers and hedge funds: Hong Kong is serious about building a structured digital asset ecosystem. Expect competing exchanges to fast-track their own compliance and listing plans. Liquidity begets liquidity, and legitimacy begets more institutional interest. It's a virtuous cycle that could reposition the city as a crypto hub rivaling traditional financial centers.

The Bottom Line

HashKey's near-IPO status is a masterclass in regulatory navigation. It proves that crypto businesses can not only survive but thrive within established financial frameworks. For an industry often accused of operating in the shadows, this is a very public step into the spotlight—and onto the stock ticker. One cynical take? The real 'moon landing' for crypto was never a meme coin's price; it was getting a seat at the table with the very institutions it once sought to disrupt.

HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase

The hearing is a critical step in Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices before granting approval to proceed.

With the hearing cleared, companies typically MOVE to prospectus registration, followed by investor marketing, book-building and pricing.

HashKey said it plans to use proceeds from the offering to upgrade its technology stack, develop new products and strengthen security systems, alongside supporting overseas expansion and general corporate needs.

The firm did not reveal the size or timing of the offering and declined to comment on valuation expectations.

Bloomberg reported in October that HashKey may be seeking to raise as much as $500 million through the flotation, though the company has not confirmed the figure.

In a separate filing Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.

HashKey holds one of Hong Kong’s coveted licenses to run a VIRTUAL asset trading platform. As of the end of September, its platforms supported 80 tokens, according to the filing.

HashKey Holdings Passes HKEX Hearing, Advances Toward Hong Kong IPO

According to a disclosure from the @HKEXGroup on December 1, HashKey Holdings Limited (@HashKeyGroup) has passed its HKEX listing hearing.@jpmorgan, Guotai Haitong, and Guotai Junan International are acting as… pic.twitter.com/iDbym6kfFJ

Financial disclosures also show the business continues to operate at a loss as it builds scale.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a year earlier.

Management said the red ink reflects heavy upfront spending to establish a compliant and scalable operation in a tightly regulated market.

“Our net losses and operating cash outflows… primarily reflect the nature of our business development cycle,” the company said.

If completed, the float would place HashKey alongside local rival OSL as a publicly listed crypto exchange operator.

OSL shares were down 7.6% on Monday afternoon, according to data from Yahoo Finance.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.