Key Highlights
- HashKey clears HKEX listing hurdle, aiming to expand digital asset services amid growing institutional interest and clearer Hong Kong regulations.
- With $81.9B trading volume in 2024, HashKey shows rapid growth while managing liquidity, crypto exposure, and regulatory compliance.
- Hong Kong’s Stablecoins Bill offers a clear path for issuers, encouraging exchanges like HashKey and Bitkub to expand in the region.
HashKey Holdings, Hong Kong’s first listed cryptocurrency exchange, has cleared a critical listing hearing at the Hong Kong Stock Exchange (HKEX). With this, HashKey has become the largest licensed virtual asset exchange in Hong Kong.
HKEX disclosed that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are joint sponsors for HashKey’s listing. The company’s growth shows rapid expansion while operating in a volatile crypto market.
As confirmed by Unicorn Early News, in 2024, HashKey reported a trading volume of approximately $81.9 billion. Revenue reached about $92.6 million, while losses stood at $99.3 million. The firm held roughly $212 million in cash and $76 million in digital assets, exhibiting both liquidity and substantial exposure to digital currencies.
Beyond its core trading function, HashKey has grown into a full-service digital asset firm with transaction facilitation, on-chain solutions, and asset management across Asia and the rest of the world.
Expanding digital asset offerings
As of September 30, this year, HashKey offered 80 different digital assets on its platform. This includes major cryptocurrencies like Bitcoin and Ethereum, popular stablecoins, DeFi tokens, and newer ecosystem coins. In Hong Kong, it supports Tether (USDT), Bitcoin (BTC), Ethereum (ETH), USDC, Solana (SOL), LINK, AVAX, DOGE, UNI, and XRP.
Its Bermuda platform adds support for 72 additional assets. In addition to that, the exchange has processed HK$1.3 trillion worth of spot trades, and over-the-counter (OTC) operations continue to contribute revenue via market spreads.
HashKey provides institutional services such as staking, asset tokenization, and blockchain development support. By September 2025, total commitments reached HK$29 billion, with HK$1.7 billion in tokenized real-world assets on its Layer-2 HashKey Chain.
It also manages HK$7.8 billion in funds from institutional clients across venture and secondary market investments. Its flagship funds have completed more than 400 investments, with the company one of the leading Asian players involved in blockchain investment.
Financial trajectory and market context
HashKey’s revenue grew from HK$129 million in 2022 to HK$721 million in 2024. Gross margins fell to 65% by mid-2025. Losses were mainly due to market fluctuations and rapid business expansion. By August 2025, the company held HK$1,657 million in cash and HK$592 million in digital assets, highlighting both fast growth and the risks of operating in crypto.
Meanwhile, regional market conditions continue to change. Thai crypto exchange Bitkub recently said it is considering a Hong Kong IPO to raise about $200 million, amid underperformance by the Thai stock market. The SET Index has fallen nearly 10% this year.
Liu Honglin of Man Kun Law Firm stated, “Regulators have drawn a concrete red line on what used to be a vague borderline.” He added, “The statement has erased any ambiguity, speculation and illusions about China’s stablecoin policies.”
Hong Kong offers clearer rules for stablecoins. In May 2025, the city passed the Stablecoins Bill, requiring companies to get HKMA approval, keep client funds separate, manage reserves carefully, and let customers redeem funds easily.
Meanwhile, HashKey’s approval by HKEX shows growing institutional participation in Hong Kong’s crypto market. Clearer regulations and digital asset services may encourage other exchanges, like Bitkub, to consider listing, affecting regional crypto activity and liquidity.
