Key Highlights
- HashKey plans to start investor orders for its Hong Kong IPO as early as next week.
- The company aims to raise at least $200 million, with listing expected later this month.
- The IPO could boost Hong Kong’s position as a regulated hub for digital assets and influence regional crypto investments.
Cryptocurrency exchange HashKey Holdings Ltd. is planning to open investor orders for its initial public offering (IPO) in Hong Kong as early as next week, according to people familiar with the matter.
The company is aiming to raise at least $200 million, with a listing possible later this month. Sources caution that both the IPO size and timing could change depending on market conditions and regulatory review.
Company background
HashKey was founded in 2018 by Xiao Feng, who spun it off from China’s Wanxiang Group, a conglomerate active in cars and energy. The company was an early corporate investor in Ethereum and has positioned itself as a significant player in the crypto industry.
Earlier this year, Gaorong Ventures, which has invested in Chinese tech firms such as Meituan and PDD Holdings, put $30 million into HashKey at a valuation above $1 billion. The investment helped the company expand across Asia and other regions.
Business and financials
HashKey runs its business in Hong Kong, Singapore, Bermuda, Japan, the United Arab Emirates, and Ireland. It offers services such as crypto trading, managing assets, and funding new ventures.
The company’s listing documents show it lost HK$506 million ($65 million) in the first half of 2025, but that was less than it lost in the same period last year. Revenue fell 26% to HK$384 million, and as of September, the firm had facilitated HK$1.3 trillion in spot trading volume.
Hong Kong’s digital asset plans
The IPO comes as Hong Kong seeks to become a regulated hub for digital assets. The city introduced a virtual-asset regulatory framework last year and plans to ease rules to encourage crypto trading.
Even though China banned cryptocurrencies in 2021, investors in Hong Kong and mainland China continue to show interest in regulated platforms.
Experts say the IPO could become a benchmark for future cryptocurrency exchange listings in the city and a reference point for investors seeking regulated exposure to the crypto market.
Market context
Bitcoin and other cryptocurrencies have recently fallen from the record levels they reached in October. Prices have steadied somewhat, as investors hope the U.S. Federal Reserve might lower interest rates soon. The upcoming HashKey IPO will be closely watched to see how much demand there is for a regulated digital-asset company.
If the IPO is successful, it could spark more crypto-related investment activity in Hong Kong and the wider region, and may shape how other exchanges plan their fundraising in the future.
With investor orders expected to open next week and a minimum target of $200 million, HashKey’s listing is set to be an important moment for both the company and Hong Kong’s efforts to establish itself as a hub for digital assets.
Also Read: HashKey Clears HKEX Hearing, Paving Way for Hong Kong IPO
