HashKey Holdings Secures HKEX Approval for IPO, Aiming to Raise $500 Million

HashKey Holdings has passed its hearing at the Hong Kong Stock Exchange (HKEX). The company has received approval to proceed with a planned initial public offering (IPO) that could raise up to $500 million.

With the decision of the HKEX Exchange Committee, the company enters the marketing phase and tests investors’ appetite for regulated companies with digital assets in Asia.

HKEX Greenlight paves the way for HashKey’s IPO

HashKey announced on December 1st that the stock market admissions committee had completed its review and released a Post Hearing Information Pack (PHIP), confirming the company’s eligibility for an initial public offering (IPO).

While the proposal doesn’t specify the final size or timing of the offering, previous reports suggest the company might be seeking to raise up to $500 million, depending on market conditions. JPMorgan Chase & Co., Guotai Junan International, and Guotai Haitong have indicated they will jointly sponsor the fund, suggesting HashKey is preparing for an institutional roadshow rather than a niche placement.

Financial reports included in the hearing documents show that HashKey recorded a net loss of approximately HK$506 million in the first half of 2025. This reflects significant investments in technology, licensing, and expansion during a period of volatile trading volumes.

The company says that the proceeds from the IPO will be used to improve its trading infrastructure. It will also fund product development, strengthen risk management, and expand its regulated presence in various markets. These include Dubai, Bermuda, and Ireland, where the company has already obtained or applied for local licenses.

Hong Kong’s crypto strategy

HashKey is one of 11 virtual asset trading platforms licensed by the Hong Kong Securities and Futures Commission. The license allows it to serve both institutional and retail users under the city’s revised regulatory framework. The company holds Type 1 and 7 licenses, which cover trading in securities, including tokenized assets, and operating an automated trading system. It also has an asset management division authorized to manage portfolios consisting exclusively of virtual assets.

The IPO is seen as an early referendum on whether investors in the public market are willing to support licensed crypto infrastructure in a region where mainland China maintains strict trading restrictions, but Hong Kong is positioning itself as a regulated hub. A successful IPO near the $500 million mark for HashKey could set a precedent for other companies seeking a listing and deepen the connections between traditional capital markets and the city’s token-based financial world.

__

(Featured image by Ruslan Bardash via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.