HashKey Launches Hong Kong IPO Subscription, Aiming to Raise $215 Million

Licensed crypto exchange targets a multibillion-dollar valuation as Hong Kong’s IPO market accelerates

HashKey Group has officially opened subscriptions for its initial public offering, marking a major milestone for one of Hong Kon’s leading licensed crypto exchanges. The company seeks to raise up to $214.7 million, positioning itself among the most prominent digital-asset firms entering public markets in Asia.

The exchange’s prospectus filed with the Hong Kong Stock Exchange outlines an offering of 240.6 million shares priced between $0.76 and $0.89, placing HashKey’s potential valuation at approximately $2.46 billion. Investors can subscribe through the HK eIPO White Form or via FINI, the exchange’s digital settlement platform, with applications closing at the end of the week.

Since its founding in 2018, HashKey has rapidly grown into Hong Kong’s largest regulated crypto exchange, reportedly securing around 75% market share, more than triple that of its closest competitor. After receiving regulatory clearance in 2022, the company entered full operations in 2023 and has since handled over $167 billion in cumulative spot trading volume, according to the filing.

HashKey offers a broad suite of services for both institutional and retail users, including spot trading, OTC transactions, staking solutions and tokenization. It also operates HashKey Chain, an Ethereum layer-2 network built for real-world asset tokenization, stablecoins and high-performance decentralized applications. As of Sept. 30, the firm held $1 billion in assets under management, making it Asia’s largest Hong Kong-based digital asset manager.

HashKey’s offering arrives during a surge in Hong Kong’s public-listing activity, with HKEX reporting a 209% year-on-year increase in IPO fundraising this year, reaching $27.8 billion in the early months of 2025.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.