According to sources familiar with the matter, cryptocurrency exchange operator HashKey Holdings Ltd. is expected to begin accepting investor subscriptions as early as next week for its initial public offering (IPO) in Hong Kong. HashKey aims to raise at least $200 million in the IPO and plans to list as early as this month.
HashKey is an early corporate investor in Ethereum, offering crypto trading, venture capital, and asset management services, and operates in Hong Kong, Singapore, Bermuda, Japan, the United Arab Emirates, and Ireland. According to its listing documents, HashKey recorded a loss of HK$506 million (US$65 million) in the first half of 2025, narrowing compared to the same period last year, while revenue decreased by 26% to HK$384 million. As of September, the platform facilitated HK$1.3 trillion in spot trading volume.
HashKey's planned listing will boost Hong Kong's goal of becoming a regional leader in digital assets.
