The filing for an IPO by a leading cryptocurrency company from Hong Kong has attracted considerable attention recently...
HashKey, a Hong Kong-based digital asset business, has filed for an IPO with the Hong Kong Securities and Futures Contract Commission. If the application is approved, it would be the first cryptocurrency company to be listed on Hong Kong's stock exchange.
According to the plan, HashKey will issue 240.57 million shares, of which 24.06 million shares are allocated to Hong Kong investors, and the remainder to international investors. The shares are expected to be offered at a price of HK$5.95 – HK$6.95 per share.
This IPO could help HashKey raise up to HK$1.67 billion, equivalent to approximately US$215 million, thereby valuing the company at billions of US dollars.
HashKey positions itself as the largest licensed cryptocurrency platform in Hong Kong. The company currently operates a cryptocurrency exchange and develops cryptocurrency infrastructure, with plans to expand into Singapore, Dubai, Japan, Bermuda, and Europe.
In its IPO filing, HashKey emphasized the significance of this listing for Hong Kong's ambition to build a virtual asset hub in a new phase.
The final offering price for HashKey shares is expected to be determined on December 16, 2025. If successful, HashKey could become one of the most notable listed cryptocurrency businesses in Asia, considering both its size and its impact on the industry.
Beyond its commercial significance, HashKey's IPO marks a crucial step in efforts to reposition Hong Kong as a global digital asset hub.
Over the past two years, Hong Kong has gradually refined its legal framework specifically for digital assets, including licensing mechanisms for platforms serving both individual and institutional investors, allowing the deployment of controlled staking services, and tightening requirements for custody, risk management, and supervision of cryptocurrencies.
In this context, HashKey's potential listing on an exchange is not just the story of a cryptocurrency business, but also a crucial test for Hong Kong's digital asset development strategy: whether the new policies are strong enough to attract Capital, build investor confidence, and restore the city's leading position in the digital asset era.
This IPO is all the more noteworthy given that mainland China continues to maintain strict barriers to many activities related to digital assets.
Financially, HashKey is a typical example of a rapidly growing business. While its revenue has increased significantly, the company has not yet recorded a profit due to high investment costs.
The group's revenue increased from approximately HK$129 million in 2022 to HK$721 million in 2024, a more than fourfold increase in just two years. However, this growth was accompanied by losses. HashKey's net loss increased from HK$585.2 million in 2022 to HK$1.19 billion in 2024, mainly due to spending on technology, personnel recruitment, compliance with legal requirements, and market expansion.
Nevertheless, recent figures show signs of improvement in the company's business performance. In the first six months of 2025, HashKey recorded a net loss of HK$506.7 million, significantly lower than the HK$772.6 million loss in the same period of the previous year.
HashKey's leadership stated that they XEM the current losses as the initial cost of building a complete, legally compliant digital asset system for long-term expansion, before the market enters a more explosive phase.
If the IPO application is approved and HashKey operates efficiently after listing, the company could become a model for exchanges, banks, and asset digitization projects seeking to raise Capital publicly in Hong Kong.
Conversely, if HashKey's Capital falls short of expectations or its shares underperform after listing, this outcome could expose the practical limitations of the digital asset experiment in Hong Kong.
