HashKey Holdings Limited, the operator of Hong Kong’s largest licensed digital asset trading platform, has cleared the Hong Kong Stock Exchange (HKEX) listing hearing, marking a major step toward its planned initial public offering (IPO). The company confirmed the update in its Post Hearing Information Pack released on Monday.
The HKEX listing hearing involves a review by the exchange’s listing committee, which evaluates an issuer’s compliance with regulatory standards before granting approval to proceed. Following the hearing clearance, a company typically proceeds to prospectus registration, marketing, book-building and pricing stages before officially listing on the exchange.
HashKey holds licenses to operate as a Virtual Asset Trading Platform (VATP) in Hong Kong under the Securities and Futures Commission (SFC) regulatory framework. It is one of the few exchanges in the city authorized to serve both retail and institutional investors, reflecting its compliance-oriented approach in an increasingly regulated market environment.
Focus on technology, innovation, and global expansion
HashKey said in its Monday filing that the IPO proceeds will be used to upgrade its technological infrastructure, strengthen security and product innovation, and support market expansion efforts. The funds will also go toward operations, risk management, and general corporate purposes.
Weixin reports in October indicated that HashKey could raise up to $500 million through the offering, with JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International serving as joint sponsors. While the company did not disclose the final offering size or timeline, the move positions HashKey to become one of the first publicly traded, fully compliant crypto platforms in Asia.
According to the company, it operates as a Securities and Futures Commission-regulated entity and holds a Type 1 license to deal in securities, including tokenized assets, as well as a Type 7 license that authorizes it to operate an automated trading platform.
In addition to exchange services, HashKey’s asset management division, which is also licensed, manages portfolios comprising up to 100% virtual assets. As of September 30, the company supported 80 listed tokens on its platform, covering major cryptocurrencies such as BTC, ETH, USDC, USDT, SOL, and XRP, along with a variety of DeFi and ecosystem tokens.
Strong market position but continued net losses
According to Frost & Sullivan, HashKey ranked as the largest onshore digital asset trading platform in Asia by trading volume in 2024, holding more than three-quarters of the regional market and managing nearly HK$20 billion (US$2.56 billion) in client assets.
Despite its leadership position, the company remains in a loss-making phase as it continues to invest heavily in infrastructure and market buildup. In the first six months of 2025, HashKey reported a net loss of HK$506.7 million (US$65 million), narrowing from HK$772.6 million (US$99.2 million) a year earlier.
“Our net losses and operating cash outflows during the Track Record Period primarily reflect the nature of our business development cycle and the substantial upfront investments required to establish a licensed, compliant and scalable digital asset platform,” the firm stated in its filing.
HashKey’s revenue grew from HK$129 million in 2022 to HK$721 million in 2024, largely due to the ramp-up of its Hong Kong and Bermuda trading platforms. However, for the six months ended June 30, revenue fell to HK$284 million from HK$384 million a year earlier amid reduced trading activity during a market downturn.
Gross profit margin declined from 97.2% in 2022 to 65% in the first half of 2025, reflecting increased operational costs and competitive pressures. As of August 31, 2025, HashKey held HK$1.657 billion in cash and equivalents and HK$592 million in digital assets, primarily in mainstream tokens such as ETH, BTC, and SOL.
Building a licensed digital asset ecosystem
HashKey operates multiple business segments beyond its exchange operations, including over-the-counter trading, on-chain services, and asset management. The company’s HashKey Chain, an Ethereum Layer 2 network, provides scalable and interoperable infrastructure for real-world asset tokenization and decentralized applications.
As of September 30, HashKey managed HK$29 billion in staked assets, with real-world asset tokenization valued at HK$1.7 billion, making it the largest staking services provider in Asia and the eighth largest globally.
The company also oversees a blockchain investment fund that has delivered returns exceeding 10x, and manages more than HK$7.8 billion in assets across venture and secondary market funds, with over 400 investments completed since its inception.
Path toward public listing
With its IPO plans advancing, HashKey is set to join OSL, another licensed Hong Kong crypto exchange, as a publicly traded company. The offering underscores Hong Kong’s growing role as a regulated hub for digital assets under a distinct legal and supervisory regime.
By clearing the HKEX listing hearing, HashKey has taken a decisive step toward becoming Asia’s first publicly listed full-service digital asset firm, signaling confidence in the future of licensed crypto enterprises within the region.
Oleksii Shumak
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