Hashkey Holdings Limited filed for an initial public offering on Monday, outlining the scale of its trading, custody and tokenization operations in Hong Kong, which has emerged as one of Asia's most active regulatory hubs for digital assets and is set to become Hong Kong's first publicly traded cryptocurrency exchange.
The IPO will sell 240.57 million shares worldwide, of which 24.06 million will go to Hong Kong investors and 216.51 million to overseas buyers, with a maximum price of HK$6.95 per share, the people said. prospectus.
HashKey is building a “digital asset ecosystem” that offers products and services “tailored to meet the evolving and distinct needs of individual investors, institutional investors, and other stakeholders along the blockchain value chain,” the document said.
The final price will be determined by December 16th, and the shares, which will be listed under stock code 3887, will begin trading the next day.
Disclosure: HashKey Holdings Limited, through HashKey Capital, is one of 22 editorially independent investors in Decrypt.
hong kong hub
The document also details for the first time how HashKey, already Hong Kong's largest licensed platform, positions its business under the city's regulations. new system For retail and institutional cryptocurrency markets.
Over the past two years, Hong Kong has strengthened and clarified its regulatory structure to establish itself as a licensed hub for digital asset activities.
Regulators have approved the following new permits staking service In April, companies supervised by the SFC were able to offer staking under controlled conditions. later imposed stricter custody requirements For licensed platforms.
City too Advanced stablecoin monitoringclarifying rules that will strengthen the US dollar's dominance in local issuance, while setting capital, disclosure, and governance standards for prospective issuers.
However, these movements have also been shaped by the Chinese government. Mainland regulators took the following action in October: Just a stablecoin venture Two of the country's largest technology companies are partnering in this city.
The result is a regime that welcomes regulated digital asset activity while imposing higher compliance expectations, a model that is central to Hong Kong's efforts to attract institutional investors and differentiate itself from unregulated offshore exchanges.
under the hood
Still, HashKey frames its advantages around regulatory credibility, ecosystem reach, and technical depth.
We also highlight our position as the first licensed digital asset operator in Asia, our security and compliance posture, and our product stack designed to strengthen network effects across trading, custody, staking, and tokenization.
The company reports assets under staking of HK$29 billion (US$3.71 billion) and real-world asset value of HK$1.7 billion (US$218 million), ranking it as the largest staking provider in Asia and the eighth largest staking provider globally.
While the revenue is still in its early stages, the company said it is moving toward real-world financial assets and plans to monetize it through gas fees generated on HashKey Chain, a Layer 2 network of RWAs, stablecoins, and institutional applications.
The group also reported assets under management of HK$7.8 billion (US$998 million) since its inception, alongside its venture and secondary fund businesses, which it claims reflects its early leadership in Asia's digital asset investment sector.
Although HashKey's revenue increased sharply from 2022 to 2024, operating costs widened further, with losses nearly doubling from HK$585.2 million (US$74.9 million) in 2022 to HK$1.19 billion (US$152.3 million) in 2024.
The company cited increased spending on research, marketing and administrative functions, as well as higher share-based payment costs through equity settlement, as the main factors contributing to the widening gap.
Adjusted losses narrowed in 2023, but increased again in 2024 and the first half of 2025, reflecting higher costs related to our exchange business and lower trade facilitation revenues.
Net loss improved to HK$506.7 million (US$64.9 million) in the first half of 2025 “mainly due to lower general and administrative expenses”.
decryption has reached out to HashKey for comment, but has not yet received a response.
