HashKey Targets $200 Million Hong Kong IPO Amid Crypto Hub Push
HashKey Holdings Ltd. prepares to launch investor orders for its Hong Kong IPO as early as next week, targeting at least $200 million in what would be a landmark listing for Asia's cryptocurrency sector. The exchange operator aims to debut on the Hong Kong Stock Exchange before December's end, capitalizing on the city's regulatory push to become a digital asset hub.
Despite posting a $65 million loss in the first half of 2025, HashKey shows improved financials year-over-year. The firm's operational footprint spans Hong Kong, Singapore, and the UAE since its 2018 founding, with spot trading volumes reaching $167 billion as of September.
The offering arrives as Hong Kong courts crypto firms with progressive regulations, seeking to revitalize capital markets and position itself as Asia's answer to traditional crypto hubs. Market observers note the listing could test investor appetite for crypto-native businesses in regulated exchanges.