HashKey’s $200M Hong Kong IPO Opens for Orders Next Week—Here’s Why It Matters
Hong Kong's crypto scene braces for a seismic shift as HashKey prepares to launch its $200 million IPO. The exchange—one of only two licensed to serve retail investors in the city—could set the tone for Asia's institutional crypto adoption in 2026.
Why now? The timing aligns with Hong Kong's push to cement itself as a Web3 hub, though skeptics note regulators still treat crypto like a high-risk casino. Either way, HashKey's move signals big money sees legitimacy in digital assets—even if traditional finance still can't decide whether to embrace or fear them.
Watch for ripple effects: A successful listing could lure more exchanges to go public, while a flop might spook regulators already wary of crypto volatility. Either way, the market's about to get a reality check.
HashKey’s Ethereum-Era Roots Propel It Into Global Crypto Expansion
Founded in 2018, HashKey grew out of chairman Xiao Feng’s early involvement in ethereum through Wanxiang Group, where he was among the protocol’s first corporate investors.
The firm has since expanded into trading, venture investments and digital-asset management, operating across Hong Kong, Singapore, Bermuda, Japan, the UAE and Ireland.
Earlier this year, Gaorong Ventures, known for backing Chinese tech groups such as Meituan and PDD, invested $30 million at a valuation exceeding $1 billion, sources said.
Despite its regional footprint, HashKey has faced financial pressures. The company posted a HK$506 million ($65 million) loss in the first half of 2025, though the deficit narrowed from a year earlier.
Revenue dropped 26% to HK$384 million, according to its listing documents.
Even so, trading activity on the platform has been substantial, with HK$1.3 trillion in cumulative spot-market volume recorded by September.
A platform with HK$1.3T FLOW + 99.9% retention still burn HK$23.5B—you sure you want this IPO?
reading this HashKey IPO filing.
How the hell do you push HK$1.3 trillion in spot flow, lock 290B in staking, run 199B AUA, onboard 1.44M users(from literally 18 people in 2022
),… pic.twitter.com/76jl13sDWq
The planned IPO represents a significant test for Hong Kong’s push to cement itself as a digital-asset hub. Authorities rolled out a new licensing regime last year and are preparing additional measures to encourage broader participation after crypto activity lagged behind expectations.
The city’s positioning has drawn interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on crypto trading.
Last week, HashKey cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.
The company disclosed the outcome in its Post Hearing Information Pack published on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.
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.
