How HashKey plans to become Hong Kong’s first crypto IPO
HashKey has filed for an IPO on the Hong Kong Stock Exchange, aiming to become the city's first publicly listed crypto-native company. The exchange plans to offer 240.57 million shares, targeting up to $215 million, with trading expected to begin on December 17, 2025.
HashKey operates a licensed platform offering trading, custody, staking, asset management, and tokenization services. It reported significant growth, with revenue rising from 129 million HKD in 2022 to 721 million HKD in 2024. However, the company remains unprofitable due to heavy investments in technology, compliance, and expansion.
The IPO is seen as a test of investor appetite for regulated crypto infrastructure and Hong Kong’s ambition to become a digital asset hub. Proceeds will fund technology upgrades (40%), international expansion (40%), and operational costs (20%). The outcome may influence future crypto listings and the broader adoption of regulated digital asset services in the region.
cointelegraph12/14 12:06