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.

• HashKey moves closer to IPO after clearing Hong Kong listing hearing, boosting regulated crypto ambitions.
• HashKey leads Hong Kong’s licensed crypto trade but remains unprofitable despite a large client asset base.
• Firm expands globally with approvals in Dubai, Bermuda, and Ireland ahead of planned public listing.

Hong Kong’s push to build a tightly regulated digital asset market has taken another step as HashKey Holdings secures approval to move forward with an initial public offering.

The operator of the city’s largest licensed crypto exchange confirmed in a Dec. 1 disclosure that it cleared the Hong Kong Stock Exchange’s listing hearing, a milestone that positions the company to advance its plans.

The development arrives as Hong Kong continues to present itself as a controlled and legally defined alternative to the crypto restrictions on the mainland, while seeking to attract institutional and retail participation through licensed platforms.

IPO progress strengthens regulated market ambitions

HashKey has not revealed the size or timing of the IPO, but earlier reports in October indicated that the company had explored raising to $500 million.

The filing shows that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors, reinforcing the city’s intention to anchor crypto activity within traditional financial structures.

Local media reported that funds raised through the offering would be directed toward technology upgrades, wider product development, stronger operational capacity, and the expansion of services into new markets.

HashKey is also prioritising the improvement of its risk management systems as part of a broader plan for long-term growth.

Licensing gives HashKey a strategic foothold

HashKey operates under the Securities and Futures Commission’s regulatory framework and was among the first digital asset companies approved to serve both institutional and retail investors under Hong Kong’s updated licensing regime.

The company holds a Type 1 licence, permitting it to deal in securities that include tokenised versions of assets categorised as securities.

It also holds a Type 7 licence, which allows it to run an automated trading platform.

Alongside this, HashKey’s asset management arm is licensed to manage portfolios consisting of up to 100 percent virtual assets.

It is one of 11 licensed virtual asset trading platforms serving retail users in Hong Kong.

This stands in contrast to mainland China, where crypto activity remains banned, highlighting Hong Kong’s continued position as a regulated gateway within the region.

Market share grows but losses persist

According to the filing, HashKey handled more than three quarters of the region’s onshore digital asset trading volume in 2024. It also held nearly HK$20 billion (US$2.56 billion) in client assets, underscoring its dominance within Hong Kong’s regulated crypto landscape.

Despite its scale, the company remains unprofitable. HashKey recorded a net loss of HK$506 million in the first half of 2025, though this represented an improvement from the HK$777 million loss logged during the same period a year earlier.

The filing noted that performance has shifted in line with market volatility, which continues to shape activity across the sector.

HashKey has been working to expand its presence through investment initiatives, including the launch of a $500 million perpetual fund focused on institutional participation in digital asset treasury projects.

The fund aims to support blockchain ecosystems such as Ethereum and seeks to contribute to long term adoption and capital movement.

Global approvals broaden HashKey’s reach

In addition to its Hong Kong operations, HashKey has extended its regulatory footprint in 2025 by securing conditional approval to operate in Dubai.

It has also obtained regulatory permissions to run licensed platforms in Bermuda and Ireland, signalling an effort to widen its global relevance ahead of its public listing.

These gains support Hong Kong’s attempt to reinforce its position as a regulated crypto centre and highlight how the city is using licensed actors to shape a defined market structure for digital assets.

The post Hong Kong tightens crypto grip as HashKey clears path to IPO appeared first on CoinJournal.

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…

• Thai market weakness is influencing the company’s shift.
• The potential fundraising amount is about $200 million.
• IPO activity in Hong Kong is heading for a four-year high.

Bitkub is considering a potential listing in Hong Kong, as per a Bloomberg report, signalling how crypto companies across Asia are reassessing where to raise capital as regulatory frameworks and market performance continue to diverge.

The discussions suggest that regional players are increasingly looking beyond their home markets to tap investor interest and align with the region’s shifting regulatory map.

Hong Kong IPO plans

Experts say Bitkub may pursue the Hong Kong route as early as next year, although the plans remain under evaluation.

The company is studying how a listing there could support expansion and strengthen its position in a region where crypto regulation is evolving.

The potential deal size, under review as discussions continue, notes Bloomberg, is expected to be around 200 million dollars, though the final structure could change as conditions develop.

Thai market pressures

Thailand’s stock market conditions appear to be a central factor behind the shift.

The domestic exchange has struggled this year, posting one of the weakest performances globally.

New listings have seen a weighted average decline of more than 12%, placing pressure on companies looking to attract stable demand.

The SET Index has also fallen by about 10%, prompting some firms to explore more resilient capital markets across Asia.

Bitkub had previously explored a local listing, but the prolonged downturn has encouraged a reassessment of regional options with stronger liquidity.

Hong Kong digital assets push

Hong Kong has been positioning itself as a regulated centre for digital assets, aiming to regain ground lost during earlier market retreats.

The city has introduced a licensing framework for crypto platforms to create a clearer regulatory environment and support investor confidence.

Bloomberg states that officials are also working on measures that may encourage more exchanges and institutions to operate within the market, although overall trading activity remains quiet for now.

A Bitkub listing would contribute to the city’s plan to draw more international companies and expand its role in the Asian digital assets landscape.

Regional competition for listings

A listing by Bitkub would support Hong Kong’s wider efforts to attract firms from outside mainland China.

The city is heading for its strongest year for first-time share sales in four years, with Bloomberg estimating potential proceeds of more than $40 billion by year’s end.

For now, the consideration of a Hong Kong listing highlights how regional players are adapting to a rapidly changing environment.

As Asian markets refine their regulatory approaches and compete to establish stronger positions in digital assets, companies such as Bitkub are reassessing where their future growth and investor access may be best supported.

The post Thailand’s Bitkub said to eye Hong Kong listing appeared first on CoinJournal.

Bitcoin Magazine

Kraken Files for IPO After $800 Million Fundraising at $20 Billion Valuation

Kraken, one of the longest-running crypto exchanges, has taken a major step toward going public, filing for a U.S. initial public offering (IPO) through its parent company, Payward, Inc.

The draft S-1 registration statement was submitted to the Securities and Exchange Commission (SEC), formally placing Kraken in the IPO pipeline.

The confidential filing follows an $800 million fundraising round completed on Tuesday, which valued Kraken at $20 billion. The round, raised over two months in two tranches, was led by major traditional finance investors, including Citadel, the hedge fund founded by Ken Griffin. 

Kraken had initially planned a $500 million IPO at a $15 billion valuation in July, which it executed successfully in September, but the company later revealed that the exchange had actually raised $800 million.

While the company has yet to disclose the number of shares it plans to offer or an anticipated price range, the confidential submission allows the company to continue preparing for a Wall Street debut while keeping key details under wraps.

Founded in 2011, Kraken allows trading across more than 450 digital assets, U.S. futures, equities, ETFs, and multiple fiat currencies. The platform also serves institutional clients through Kraken Institutional and offers staking, custody, and advanced portfolio management tools.

The company has positioned itself not only as a crypto-native exchange but also as a multi-asset brokerage competitor, a theme likely to feature in investor materials once the S-1 becomes public.

Kraken uncertainty amidst SEC lawsuit 

The filing comes after a period of regulatory uncertainty. In March, the SEC dropped a long-running lawsuit against Kraken over its staking services.

The SEC’s alleged that the cryptocurrency exchange operated as an unregistered securities exchange, broker, dealer, and clearing agency, violating securities laws by, among other things, offering crypto staking services and trading specific crypto assets that the SEC deemed securities.

That ruling appears to have cleared the way for the exchange to accelerate its growth and consider a public listing.

Kraken’s confidential filing aligns with a broader resurgence of crypto IPO activity in the U.S., following listings from firms like Bullish, Circle, Gemini, and Grayscale. 

The SEC review process, alongside market conditions, will dictate the timing of the offering. Until the S-1 is made public, details on valuation metrics, financial performance, and share pricing remain undisclosed.

Earlier this year, Mastercard announced a major partnership with Kraken, enabling users in the UK and Europe to spend crypto (including Bitcoin and stablecoins) at over 150 million merchants that accept Mastercard. 

This post Kraken Files for IPO After $800 Million Fundraising at $20 Billion Valuation first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

The Indian edtech startup ended its first day as a public company on a high, with its shares closing 44% higher than they were listed for, indicating that the country's edtech sector may still recover after years of gloom.

Armis recently surpassed $300 million in annual recurring revenue as it prepares for an IPO.

The post Armis Raises $435 Million in Pre-IPO Funding Round at $6.1 Billion Valuation appeared first on SecurityWeek.