Hong Kong’s biggest licensed crypto exchange is about to find out how much public markets really value regulated digital assets.
HashKey IPO Puts Hong Kong’s Crypto Hub Ambitions on the Line
9 December 2025 - 10:00 CET
By Matt Neill
HashKey Holdings is seeking up to HK$1.67bn ($215mn) in a Hong Kong IPO, offering 240.6 million shares in a HK$5.95 to HK$6.95 range. Pricing is to be determined by 15 Dec, with trading due to start on 17 Dec under stock code 3887.
If fully subscribed at the top of the range, HashKey would debut at a valuation of roughly HK$19bn ($2.4bn), giving Hong Kong its first listed crypto exchange under the city’s new SFC licensing regime and a high-profile test of investor appetite in a choppy market.
Licensed heavyweight, heavy losses
HashKey already runs Hong Kong’s largest licensed platform, spanning trading, custody, staking, and tokenisation across retail and institutional clients. The group reports around HK$29bn ($3.7bn) in staking assets, nearly HK$8bn ($1bn) in assets under management, and big ambitions around its HashKey Chain layer-2 network.
But the growth has come at a steep price. Net losses doubled to HK$1.19bn ($153mn) in 2024 from HK$580mn ($74mn) in 2023, driven by heavy spending on technology, compliance, and marketing. The bleed continued in the first half of 2025 with a net loss of HK$506.7mn ($65.2mn), even as trading volumes surged.
Nine cornerstone investors, including UBS Asset Management, Fidelity International, and China Wanxiang Holding, have committed about $75mn. The presence of Wanxiang serves as a reminder that HashKey remains a key channel for Chinese-linked capital to access crypto, even while the mainland maintains its ban.
Crypto bet faces market verdict
To Hong Kong policymakers, the float is about more than one company. Since 2022, the city has rolled out a comprehensive virtual asset framework, betting that a "walled garden" of regulated exchanges can compete with the Wild West of offshore platforms.
HashKey’s IPO is the referendum on that strategy. A strong debut validates Hong Kong’s pitch as the compliant alternative for institutional money. A weak one will highlight the painful reality: regulatory legitimacy is expensive, and profitability is still a moving target.
