HashKey Holdings, one of Asia’s most prominent cryptocurrency-exchange operators, is preparing to open its order books next week for a Hong Kong initial public offering that aims to raise at least $200 million.

The listing could take place before the end of the month, though final details, including deal size and timing, remain subject to change, Bloomberg reported, citing people familiar with the matter.

HashKey’s Ethereum-Era Roots Propel It Into Global Crypto Expansion

Founded in 2018, HashKey grew out of chairman Xiao Feng’s early involvement in Ethereum through Wanxiang Group, where he was among the protocol’s first corporate investors.

The firm has since expanded into trading, venture investments and digital-asset management, operating across Hong Kong, Singapore, Bermuda, Japan, the UAE and Ireland.

Earlier this year, Gaorong Ventures, known for backing Chinese tech groups such as Meituan and PDD, invested $30 million at a valuation exceeding $1 billion, sources said.

Despite its regional footprint, HashKey has faced financial pressures. The company posted a HK$506 million ($65 million) loss in the first half of 2025, though the deficit narrowed from a year earlier.

Revenue dropped 26% to HK$384 million, according to its listing documents.

Even so, trading activity on the platform has been substantial, with HK$1.3 trillion in cumulative spot-market volume recorded by September.

A platform with HK$1.3T flow + 99.9% retention still burn HK$23.5B—you sure you want this IPO?

reading this HashKey IPO filing.
How the hell do you push HK$1.3 trillion in spot flow, lock 290B in staking, run 199B AUA, onboard 1.44M users(from literally 18 people in 2022 ),… pic.twitter.com/76jl13sDWq

— FatRatKiller (@FatRatKiller) December 2, 2025

The planned IPO represents a significant test for Hong Kong’s push to cement itself as a digital-asset hub. Authorities rolled out a new licensing regime last year and are preparing additional measures to encourage broader participation after crypto activity lagged behind expectations.

The city’s positioning has drawn interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on crypto trading.

Last week, HashKey cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

The post HashKey to Begin Taking Orders for $200M Hong Kong IPO Next Week: Report appeared first on Cryptonews.

HashKey Holdings Limited has passed a key regulatory hurdle on its way to becoming a public company.

The company has cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase

The hearing is a critical step in Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices before granting approval to proceed.

With the hearing cleared, companies typically move to prospectus registration, followed by investor marketing, book-building and pricing.

HashKey said it plans to use proceeds from the offering to upgrade its technology stack, develop new products and strengthen security systems, alongside supporting overseas expansion and general corporate needs.

The firm did not reveal the size or timing of the offering and declined to comment on valuation expectations.

Bloomberg reported in October that HashKey may be seeking to raise as much as $500 million through the flotation, though the company has not confirmed the figure.

In a separate filing Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.

HashKey holds one of Hong Kong’s coveted licenses to run a virtual asset trading platform. As of the end of September, its platforms supported 80 tokens, according to the filing.

HashKey Holdings Passes HKEX Hearing, Advances Toward Hong Kong IPO

According to a disclosure from the @HKEXGroup on December 1, HashKey Holdings Limited (@HashKeyGroup) has passed its HKEX listing hearing.@jpmorgan, Guotai Haitong, and Guotai Junan International are acting as… pic.twitter.com/iDbym6kfFJ

— ME (@MetaEraHK) December 1, 2025

Financial disclosures also show the business continues to operate at a loss as it builds scale.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a year earlier.

Management said the red ink reflects heavy upfront spending to establish a compliant and scalable operation in a tightly regulated market.

“Our net losses and operating cash outflows… primarily reflect the nature of our business development cycle,” the company said.

If completed, the float would place HashKey alongside local rival OSL as a publicly listed crypto exchange operator.

OSL shares were down 7.6% on Monday afternoon, according to data from Yahoo Finance.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

The post HashKey Clears HKEX Listing Hearing, Moves Closer to IPO appeared first on Cryptonews.

Hong Kong crypto exchange operator HashKey Holdings has been cleared by the Hong Kong Stock Exchange for a listing that would allow it to move forward with an initial public offering. HashKey Holdings, which operates the largest licensed digital asset…