HashKey Group, operator of one of Hong Kong’s licensed cryptocurrency exchanges, has opened subscriptions for its initial public offering (IPO) ahead of a planned listing next week.
According to a prospectus filed Tuesday with the Hong Kong Stock Exchange (HKEX), HashKey aims to raise up to 1.67 billion Hong Kong dollars ($214.7 million) through an IPO scheduled to debut on Dec. 17.
The company is offering 240.6 million shares priced between $0.76 and $0.89 each, giving HashKey a potential valuation of $2.46 billion at the top end of the range.
Subscriptions opened Tuesday, with investors able to apply for shares online via the HK eIPO White Form or through HKEX’s digital IPO platform, FINI, until Friday.
HashKey’s fast route to an IPO
Founded in 2018, HashKey has become Hong Kong’s largest crypto exchange, reportedly securing a 75% market share—over three times that of its closest rival.
The company began operations and secured major regulatory approvals in 2022, scaling up to full operations by 2023.
Its prospectus shows HashKey has facilitated $167 billion in cumulative spot trading volume as of Sept. 30.
HashKey provides a broad suite of digital asset services for both institutional and retail clients, including spot trading, OTC services, staking, and tokenization. It also runs HashKey Chain, an Ethereum layer-2 network built to support real-world assets (RWAs), stablecoins, and decentralized applications.
According to its prospectus, the firm became Asia’s largest Hong Kong–based digital asset manager in 2024, overseeing $1 billion in assets as of Sept. 30. The IPO has attracted major backers, including JPMorgan and local financial players like Guotai Junan.
Funds raised from the listing will be used to expand HashKey’s ecosystem and infrastructure, strengthen risk management, and grow its workforce, the filing shows.
The company’s public offering arrives during a strong IPO resurgence in Hong Kong, with HKEX reporting a 209% year-over-year jump in IPO fundraising for 2025, reaching $27.8 billion in the early months of the year.
