
Hong Kong’s biggest licensed crypto exchange passes regulatory vetting and enters IPO marketing phase
The operator of Hong Kong’s largest regulated cryptocurrency exchange, HashKey Group, announced on December 1, 2025 that it has successfully cleared the listing hearing of Hong Kong Stock Exchange (HKEX), advancing into the final stages toward an initial public offering (IPO).
This milestone marks an important marker in the city’s push to solidify its role as a global hub for digital assets.
According to its Post Hearing Information Pack, HashKey is now eligible to proceed with prospectus registration, book-building and investor marketing.
The firm said it plans to use any proceeds from the offering to upgrade its technology infrastructure, broaden its product range, bolster security, and support overseas expansion efforts.
While the company remains unprofitable — citing heavy investment in compliance and scaling — its bid to IPO follows a confidential filing made in October 2025, when sources suggested HashKey could raise as much as US$500 million.
More recent industry reporting indicates that the raise may now be nearer the order of US$300 million, reflecting cautious investor sentiment amid global volatility in digital-asset markets.
HashKey operates one of the few licensed virtual-asset trading platforms in Hong Kong, offering trading, custody and institutional asset-management services.
Its pitch to investors hinges on the city’s evolving regulatory framework, which has become more supportive of regulated crypto infrastructure even as mainland China maintains tight restrictions.
The firm has also expanded globally, securing regulatory approval for operations in multiple jurisdictions and launching a multi-currency digital-asset treasury fund earlier this year.
With the HKEX hearing behind it, market watchers view HashKey’s upcoming listing as a bellwether for investor appetite toward crypto-native firms in Asia.
Success could reinforce Hong Kong’s broader ambitions to lead the digital-asset and Web3 industries — though uncertainty remains about valuation, timing and long-term profitability.
As of now, HashKey has not announced a definitive IPO price or date.
Its next steps will depend on market conditions and regulatory developments, even as the city continues to court digital-asset capital and signal its readiness for the evolving global financial landscape.
This milestone marks an important marker in the city’s push to solidify its role as a global hub for digital assets.
According to its Post Hearing Information Pack, HashKey is now eligible to proceed with prospectus registration, book-building and investor marketing.
The firm said it plans to use any proceeds from the offering to upgrade its technology infrastructure, broaden its product range, bolster security, and support overseas expansion efforts.
While the company remains unprofitable — citing heavy investment in compliance and scaling — its bid to IPO follows a confidential filing made in October 2025, when sources suggested HashKey could raise as much as US$500 million.
More recent industry reporting indicates that the raise may now be nearer the order of US$300 million, reflecting cautious investor sentiment amid global volatility in digital-asset markets.
HashKey operates one of the few licensed virtual-asset trading platforms in Hong Kong, offering trading, custody and institutional asset-management services.
Its pitch to investors hinges on the city’s evolving regulatory framework, which has become more supportive of regulated crypto infrastructure even as mainland China maintains tight restrictions.
The firm has also expanded globally, securing regulatory approval for operations in multiple jurisdictions and launching a multi-currency digital-asset treasury fund earlier this year.
With the HKEX hearing behind it, market watchers view HashKey’s upcoming listing as a bellwether for investor appetite toward crypto-native firms in Asia.
Success could reinforce Hong Kong’s broader ambitions to lead the digital-asset and Web3 industries — though uncertainty remains about valuation, timing and long-term profitability.
As of now, HashKey has not announced a definitive IPO price or date.
Its next steps will depend on market conditions and regulatory developments, even as the city continues to court digital-asset capital and signal its readiness for the evolving global financial landscape.



























