HashKey Holdings Secures HKEX Listing Approval, Poised for Landmark Crypto IPO
Hong Kong, Today – HashKey Holdings Limited, Hong Kong’s largest licensed cryptocurrency exchange operator, has successfully passed its listing hearing with the Hong Kong Stock Exchange (HKEX). This pivotal approval means the company is now cleared to proceed with its initial public offering (IPO) at any time, marking a significant step for the digital asset industry in the region.
HashKey has outlined its strategic plans for the capital to be raised through the IPO. The proceeds are designated for critical investments including upgrading technology and infrastructure, expanding market reach and forging ecosystem partnerships, enhancing operational capabilities and risk management frameworks, and covering general working capital and corporate purposes.
While the precise fundraising target and official listing date have not yet been disclosed, and HashKey has refrained from commenting further, earlier reports from Bloomberg indicated that the company aims to raise up to US$500 million through its IPO this year. The listing is jointly sponsored by prominent financial institutions JPMorgan and Guotai Junan, reflecting strong institutional backing.
Strategic Investments Drive Growth Amidst Initial Losses
According to its post-hearing information pack, HashKey has recorded net losses over the past three and a half years. The company reported losses of HK$585 million in 2022, HK$580 million in 2023, and HK$1.19 billion in 2024. For the first half of 2025, losses amounted to HK$507 million.
HashKey addressed these financial outcomes in its filing, explaining, “During the track record period, we recorded net losses and operating cash outflows, primarily reflecting the nature of our business development cycle and the substantial upfront investment required to build a licensed, compliant, and scalable digital asset platform.” This explanation positions the losses as a strategic and necessary phase of investment to establish a robust and regulated foundation in a rapidly evolving market.
Looking ahead, HashKey anticipates that it will continue to record net losses in 2025. This projection is attributed to the inherent volatility of the cryptocurrency market, which impacts its core business, alongside ongoing strategic investments in technological infrastructure, compliance enhancements, and international expansion initiatives.
Robust Operational Metrics Showcase Market Leadership
Despite the significant upfront investments, HashKey demonstrates impressive operational scale and market leadership. As of September 30th, the company’s platform assets exceeded HK$19.9 billion. Its digital asset exchange has cumulatively facilitated an astounding HK$1.3 trillion in spot trading volume. Furthermore, total staked assets on the platform reached HK$29 billion, and the total value of Real World Assets (RWA) on the HashKey Chain stood at HK$1.7 billion. Since its inception, HashKey has effectively managed client assets totaling HK$7.8 billion.
This upcoming IPO not only signifies a momentous achievement for HashKey Holdings but also solidifies Hong Kong’s growing reputation as a progressive and regulated hub for digital asset businesses. It is expected to further enhance mainstream acceptance and institutional engagement within the cryptocurrency sector.
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