According to a report by Bloomberg this morning (10), citing sources, HashKey Group, a licensed cryptocurrency exchange in Hong Kong, is secretly submitting an initial public offering (IPO) application, planning to list in Hong Kong. Sources familiar with the matter revealed that the relevant review is still ongoing, and details such as valuation, fundraising scale, and listing timetable may be adjusted due to market conditions. As soon as this news came out, it quickly sparked heated discussions in the cryptocurrency community, and the price of HashKey's platform currency HSK also rose.
Fundraising scale and listing schedule
HashKey's IPO is expected to raise up to US$500 million (approximately HK$3.9 billion), providing funding for the company's further expansion. Market forecasts suggest that if all goes well, HashKey could be listed as early as the end of 2025. However, the specific listing timing remains dependent on regulatory approvals and market conditions.
Company Background and Hong Kong Market Position
Founded in 2018 and headquartered in Hong Kong, HashKey Group provides diversified products such as digital asset management, brokerage, and tokenization services. It is one of the first exchanges in Hong Kong to obtain a virtual asset trading license from the Securities and Futures Commission (SFC).
In terms of financing, HashKey previously completed a nearly $100 million Series A funding round in early 2024, with a valuation exceeding $1.2 billion, attracting participation from multiple venture capital firms and family offices. Furthermore, HashKey recently launched a $500 million digital asset treasury fund focused on investments in the Bitcoin and Ethereum ecosystems.
HSK rose in response
Influenced by IPO rumors, the price of HashKey Chain's native token, HSK, surged today, rising as much as 22% to a high of $0.4548. The crypto community reacted enthusiastically, with some users predicting that if the IPO is successful and HashKey actively implements its HSK token burn plan, the price of HSK could rise further, breaking through the $1 mark.
However, it is worth noting that HashKey officials have not yet responded to the IPO rumors.
