HashKey Holdings is aiming to make history as Hong Kong's first publicly listed cryptocurrency exchange. The company has filed for an initial public offering (IPO) that could significantly influence the city's burgeoning regulated crypto market. Their plan involves listing 240.57 million shares globally, with 24.06 million reserved for Hong Kong investors and 216.51 million for international buyers. The maximum share price is set at HK$6.95, with the final pricing scheduled for December 16, followed by the commencement of trading the next day under stock code 3887.
In its IPO prospectus, HashKey outlines its ambition to create a comprehensive digital asset ecosystem. This ecosystem is designed to offer tailored products and services for a wide range of clients, including retail investors and institutional stakeholders, all integrated into the blockchain value chain. HashKey is already recognized as the largest licensed platform in Hong Kong, and this move could solidify its position further as the city enhances its regulatory framework for both retail and institutional crypto markets.
Over the past two years, Hong Kong has made significant strides in tightening and clarifying its regulatory stance on digital assets. The city has introduced new permissions for staking services, allowing firms supervised by the Securities and Futures Commission (SFC) to offer these services under regulated conditions. Additionally, stricter custody requirements for licensed platforms have been established. Hong Kong has also advanced its regulation of stablecoins, reinforcing the dominance of the U.S. dollar in local issuance and setting stringent capital, disclosure, and governance thresholds for potential issuers. These developments occur amidst Beijing's cautious scrutiny, especially after mainland regulators halted stablecoin ventures by major Chinese tech firms in October.
HashKey emphasizes its regulatory advantages, extensive ecosystem, and technical expertise. It highlights its role as an early, licensed digital asset operator in Asia, showcasing its strong security and compliance framework. The company has reported HK$29.0 billion (US$3.71 billion) in staking assets and HK$1.7 billion (US$218 million) in real-world asset value, making it the largest staking provider in Asia and the eighth-largest globally. Although revenue is still in its nascent stages, HashKey is transitioning towards real-world financial assets, aiming to generate income through gas fees on its HashKey Chain—a layer-2 network designed for real-world assets, stablecoins, and institutional applications.
Since its inception, HashKey has managed HK$7.8 billion (US$998 million) in assets, bolstered by its venture and secondary fund businesses, positioning it as a leader in Asia's digital asset investment sector. Despite a sharp increase in revenue from 2022 to 2024, the company's operating costs have risen even more steeply, leading to significantly increased losses. From HK$585.2 million (US$74.9 million) in 2022, losses nearly doubled to HK$1.19 billion (US$152.3 million) in 2024. HashKey attributes these losses to increased spending on research, marketing, administrative functions, and significant equity-settled share-based payment expenses. Adjusted losses saw a temporary decrease in 2023 but rose again in 2024 and into the first half of 2025, mainly due to higher exchange business costs and a decrease in transaction-facilitation revenue.
Despite these financial challenges, the company's net loss improved to HK$506.7 million (US$64.9 million) in the first half of 2025, primarily due to a reduction in general and administrative expenses. Decrypt has approached HashKey for comments, but a response has not yet been received.