USDHashKey Targets Up to $215M in Hong Kong’s First Crypto-Native IPO
IPO Launch Highlights Expanding Ambition and Mounting Pressure
TL;DR
- HashKey opened subscriptions for its Hong Kong IPO on Dec. 9, targeting up to US$215 million at a valuation near US$2.46 billion.
- The exchange reports US$167 billion in cumulative spot volume and US$1 billion AUM, but continues to operate at steep losses.
- The listing marks Hong Kong’s first crypto-native IPO and a key test of institutional appetite for regulated digital-asset platforms.
We’ve just launched the all-new COIN360 Perp DEX, built for traders who move fast!
Trade 130+ assets with up to 100× leverage, enjoy instant order placement and low-slippage swaps, and earn USDC passive yield while climbing the leaderboard. Your trades deserve more than speed — they deserve mastery.
HashKey launched subscriptions for its Hong Kong initial public offering on December 9, setting a fundraising target of up to HK$1.67 billion (about US$214.7–$215 million) after months of anticipation around the city’s first crypto-native listing. The company priced 240.6 million shares between HK$5.95 and HK$6.95, a range that implies a potential valuation of roughly US$2.46 billion should demand push the deal to its upper limit. Public trading is scheduled to begin on December 17, giving investors their first opportunity to evaluate how a fully regulated digital-asset exchange performs under public-market scrutiny.
Momentum behind the IPO reflects HashKey’s rapid expansion inside Hong Kong’s tightly licensed digital-asset framework. The exchange has positioned itself as the city’s largest compliant crypto platform under rules introduced in 2022, and its filings highlight US$167 billion in cumulative spot trading volume and US$1 billion in assets under management as of September 30, 2025. Its ecosystem now spans spot markets, OTC trading, staking, tokenization services, asset management and a proprietary layer-2 blockchain designed for real-world assets and stablecoin infrastructure. Reporting around the listing also framed the IPO as “the city’s first fully on-chain tokenized security listing,” a detail that underscores Hong Kong’s ambition to merge traditional financial structures with blockchain-based issuance.
Institutional support has played a role in the offering’s structure. Cornerstone investors — including well-known global asset managers — have reportedly committed around US$75 million, providing a baseline of demand during a period when volatility continues to shape digital-asset markets. The syndicate includes major international and regional banks, signaling that interest in regulated crypto infrastructure is broader than the retail trading segment that dominated earlier market cycles. Even so, the final subscription levels will test whether investors believe Hong Kong can sustain a domestically licensed exchange with global ambitions.
The financials presented to prospective investors reveal both impressive scale and deep challenges. HashKey continues to operate at substantial losses, reporting a HK$506 million net deficit for the first half of 2025. Full-year filings from prior periods show a widening trend, with HK$1.19 billion in losses for 2024, nearly double the previous year’s figure. Company disclosures attribute the deficit to heavy investment in compliance, technology, and institutional-grade infrastructure — a cost profile that mirrors the early growth stages of many regulated digital-asset firms. Despite the losses, HashKey estimates it controls more than 75% of Hong Kong’s on-shore crypto trading volume, a dominant position that offers scale advantages few competitors currently match.
Policy dynamics add further weight to the IPO’s outcome. Hong Kong has placed digital-asset regulation at the center of its financial-innovation strategy, contrasting sharply with mainland China’s restrictive stance. That contradiction heightens the significance of the offering: a strong debut could validate Hong Kong’s regulatory model, while a muted response may raise questions about the depth of investor appetite for licensed Web3 platforms. Previous expectations suggested HashKey might seek up to US$500 million, making the final US$215 million target appear more conservative as market conditions evolved through the year.
Capital raised from the IPO will support technology upgrades, ecosystem expansion, risk-management enhancements and staffing growth, according to the company’s filings. The exchange aims to use the funds to scale its infrastructure as demand for regulated digital-asset services accelerates in Asia. For Hong Kong, the listing arrives as a symbolic test of its role in shaping the next phase of institutional crypto adoption. For HashKey, the debut represents a turning point — a shift from a fast-scaling private exchange to a publicly accountable firm competing at the intersection of traditional finance and blockchain-driven markets.
This article has been refined and enhanced by ChatGPT.
