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- HashKey secures HKEX approval to advance its IPO and strengthen its regulated position.
- IPO could raise up to US$500M, backed by JPMorgan and major Chinese financial sponsors.
- Despite leading Hong Kong’s trading volume, the company remains loss-making in 2025.
HashKey Holdings has received approval from the Hong Kong Stock Exchange to advance its planned listing. The company confirmed in a December 1 disclosure that it cleared the listing hearing. The approval allows HashKey to take the next step toward its initial public offering and strengthens its position in Hong Kong’s regulated digital-asset market.
The IPO’s size and timing have not been disclosed. However, reports in October suggested that HashKey could seek up to US$500 million. The filing names JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International as joint sponsors. Their involvement reflects rising interest from major financial institutions in licensed crypto businesses.
HashKey Outlines IPO Fund Plans and Licensing Strengths
HashKey said it plans to use the IPO proceeds to upgrade its technology and improve its core infrastructure. It also aims to expand product offerings and support new service lines. Other priorities include building operational capacity, improving risk-management systems, and entering new markets. The company expects these steps to support long-term growth in Hong Kong and overseas.
HashKey is regulated by the Hong Kong Securities and Futures Commission. This was among the initial firms that were licensed under the revised city virtual-asset licensing system. It has a Type 1 license to trade in securities, including tokenized securities.
It also possesses a Type 7 license, which permits it to operate an automated trading platform. The asset-management arm is authorized to handle portfolios that can be fully exposed to virtual assets.
The company belongs to 11 licensed exchanges providing retail access in Hong Kong. This follows the ongoing strict ban on crypto-related activities in mainland China. By comparison, Hong Kong is seeking a managed and regulated strategy for the adoption of digital assets. This has enabled exchanges, such as HashKey, to dominate the increasing demand for licensed trading platforms.
Also Read: HashKey Ignites Hong Kong’s Crypto Race with Massive $500M IPO Plan
Market Dominance Grows as Losses Narrow in 2025
The onshore digital-asset trading volume in Hong Kong is led by HashKey, which was reported to manage over three-quarters of the trades, according to its filing. Additionally, its value was close to HK$20 billion (US$2.56 billion) in client assets. This shows how the company holds a significant market share in the region and is increasing its power among the retail and institutional consumers.
Nevertheless, despite this expansion, HashKey is unprofitable. It recorded the loss of HK$506 million in the first half of 2025. This was in comparison to an HK$777 million loss made during the same period in 2024. The management has indicated that the increase in activity can help minimize losses in future years.
In 2025, HashKey has also increased its international presence. It introduced a US$500 million perpetual fund devoted to digital-asset treasury initiatives, centering on ecosystems like Ethereum.
The company also attained conditional authorization of servicing in Dubai and regulatory endorsement to support licensed functioning in Bermuda and Ireland. These actions emphasize the ambition of HashKey to be a regulated worldwide operator of digital assets.
Also Read: Kalshi Faces Lawsuit Over Alleged Unlicensed Sports Betting and Market Manipulation
