HashKey Opens Hong Kong IPO Subscriptions, Targets $215M
HashKey Group, operator of a licensed cryptocurrency exchange in Hong Kong, has opened subscriptions for its initial public offering ahead of an expected listing next week, according to a prospectus filed with the Hong Kong Stock Exchange (HKEX) on Tuesday.
The company aims to raise up to 1.67 billion Hong Kong dollars ($214.7 million) in an IPO set to debut on Dec. 17. HashKey is offering 240.6 million shares at $0.76–$0.89 each, implying a valuation of $2.46 billion at the top of the range.
Subscriptions opened Tuesday. Investors can apply for shares online via the HK eIPO White Form or submit electronic applications through HKEX’s digital IPO settlement platform FINI until Friday.
HashKey’s accelerated path to an IPO after three years of operations
Founded in 2018, HashKey has grown into Hong Kong’s largest crypto exchange, reportedly holding a 75% market share—more than three times that of its nearest competitor.
After commencing operations and obtaining key regulatory approvals in Hong Kong in 2022, the firm entered full-scale operations in 2023.
As of Sept. 30, the prospectus reports cumulative spot trading volume of $167 billion.
HashKey provides a range of digital asset services to institutional and retail clients, including spot trading, over-the-counter transactions, staking, and tokenization. It also operates HashKey Chain, an Ethereum layer-2 network designed for real-world assets, stablecoins and decentralized applications.
According to the filing, the firm became the largest Asian, Hong Kong-based asset management provider in 2024, with $1 billion in assets under management as of Sept. 30.
The IPO is supported by sponsors including U.S. investment bank JPMorgan and local financial institution Guotai Junan.
Proceeds are intended for expanding the ecosystem and infrastructure, strengthening risk management, and talent recruitment, the filing said.
The offering comes amid continued IPO activity in Hong Kong, with HKEX reporting a 209% year-on-year increase in funds raised through IPOs in 2025, totaling $27.8 billion in the early months of the year.
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