HashKey Launches IPO Subscription Ahead of December 17 Listing

HashKey Group, operator of one of Hong Kong’s fully licensed crypto exchanges, has opened public subscriptions for its initial public offering as it moves toward a highly anticipated debut on the Hong Kong Stock Exchange (HKEX) next week.

According to its Tuesday prospectus, HashKey is seeking to raise up to 1.67 billion Hong Kong dollars (about $214.7 million). The company is offering 240.6 million shares priced between $0.76 and $0.89 each. At the top end of that range, HashKey’s valuation would reach roughly $2.46 billion.

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Subscriptions opened Tuesday and will remain available until Friday. Investors can apply online using the HK eIPO White Form or through HKEX’s digital IPO settlement system, FINI.

From Startup to Hong Kong’s Largest Crypto Exchange

Founded in 2018, HashKey has grown rapidly, emerging as Hong Kong’s largest licensed crypto exchange with an estimated 75% market share—more than triple that of its closest competitor.

The firm began operations in Hong Kong in 2022 after securing key regulatory approvals. By 2023, HashKey had transitioned into full-scale exchange operations under the city’s newly established licensing regime for virtual asset trading platforms.

As of Sept. 30, HashKey reported $167 billion in cumulative spot trading volume. Its services include spot trading, OTC dealing, staking, tokenization, and an Ethereum layer-2 network called HashKey Chain, designed to support RWAs, stablecoins, and decentralized applications.

HashKey has also become a major force in asset management. The company’s prospectus shows that it was the largest Hong Kong-based digital asset manager in Asia in 2024, overseeing $1 billion in assets under management.

Its upcoming IPO has attracted several high-profile backers, including JPMorgan as global coordinator and local financial players such as Guotai Junan.

Proceeds from the offering will be directed toward strengthening HashKey’s infrastructure, expanding its ecosystem, enhancing risk management capabilities, and scaling its workforce.

HashKey’s IPO prospectus filed with the HKEX on Tuesday. Source: HKEX

Hong Kong’s IPO Market Rebounds Strongly in 2025

HashKey’s public debut comes as Hong Kong’s broader IPO market experiences robust recovery. HKEX reported a 209% year-on-year increase in IPO fundraising during 2025, with total proceeds reaching $27.8 billion so far.

The exchange has positioned itself as a global hub for regulated digital asset activity, and HashKey’s listing marks one of the most significant crypto-related IPOs in the region to date.