HashKey files for Hong Kong IPO to raise HK$1.67B as regulated crypto push gains momentum
HashKey Holdings, operator of Hong Kong’s largest licensed crypto exchange, has opened subscriptions for a Hong Kong IPO targeting HK$1.67 billion (about $215 million). The firm plans to offer just over 240 million shares at HK$5.95–HK$6.95 each, implying an implied market cap of HK$16.4–19.0 billion (~$2.1–$2.4 billion) at the top of the range. Cornerstone investors including UBS Asset Management, Fidelity International and Infini Capital committed a combined $75 million with six-month lock-ups. Net proceeds are earmarked for technology and infrastructure (40%), market expansion and ecosystem partnerships (40%), operational risk management (10%) and general corporate purposes (10%). As of Sept. 30, HashKey reported platform assets of HK$19.9 billion, cumulative spot trading volume of HK$1.3 trillion, HK$1.48 billion in cash and HK$570 million in digital assets (mainly BTC, ETH, USDT). The company posted cumulative losses exceeding HK$2.3 billion over three years, though first-half 2025 losses narrowed by over a third due to cost controls and trading-derived revenue, which accounts for about 70% of income. Joint sponsors on the deal include JPMorgan Chase and Guotai Junan. The IPO is widely viewed as a test of confidence in Hong Kong’s regulated crypto strategy and may influence other regional crypto firms considering listings. For traders: the offering highlights institutional interest and capital inflows into a regulated exchange, underscores exposure to BTC and ETH on the platform, and may affect liquidity and sentiment in Hong Kong-listed crypto plays and spot markets while the direct price impact on BTC/ETH is likely limited but sentiment-positive for regulated exchange adoption.
Neutral
The IPO signals institutional confidence and capital inflows into a regulated crypto exchange, which is positive for market structure and long-term adoption. Cornerstone commitments and the allocation toward tech and expansion reduce execution risk and are sentiment-positive for regulated exchange plays. However, the company has a history of multi-year cumulative losses and derives ~70% of revenue from trading, so near-term profitability risks remain. The offering itself is an equity issuance, not a token sale, so its direct impact on cryptocurrency prices (BTC, ETH) is limited. Any market effect is more likely to be indirect — improved sentiment toward regulated venues, potential increased liquidity on the exchange, and greater investor interest in Hong Kong crypto listings — producing a balanced short-term outlook and cautious long-term upside. Therefore the overall price impact on the mentioned cryptocurrencies is assessed as neutral.