Hong Kong is reinforcing its ambition to lead the regional cryptocurrency ecosystem by unveiling a significant new initiative. HashKey, one of the pioneering companies to adopt the city’s digital asset regulations, has officially initiated its long-awaited initial public offering, capturing the spotlight of global investors. With backing from financial giants such as UBS and Fidelity, HashKey aims to raise up to $215 million. This development coincides with a period where Hong Kong’s crypto vision is being tested and global investor interest is experiencing a resurgence.
New Phase in Hong Kong’s Crypto Strategy
As part of its public offering, HashKey has priced over 240 million shares in the range of HK$5.95 to HK$6.95. The company’s market valuation is expected to reach HK$19 billion if demand hits the highest level. The order collection process will continue until Friday, with trading scheduled to commence on December 17.
The IPO market in Hong Kong has seen renewed activity recently, approaching the highest revenue levels of the past four years. HashKey’s listing is considered a milestone for companies focused on digital assets. In 2022, the city implemented a digital asset licensing system to become a secure and regulated crypto hub. HashKey, as one of the first companies to receive a license under this regulation, has expanded its operations beyond brokerage. Today, the company operates a broad ecosystem comprising asset management, on-chain services, and venture investments.
As of September 30, the company had HK$19.9 billion in assets on its platform, over 80 supported tokens, and a total HK$1.3 trillion in spot trading volume. Additionally, its balance sheet includes HK$1.48 billion in cash and digital assets worth HK$570 million consisting of major tokens like BTC, ETH, and USDT.
Investor Confidence and Hong Kong’s Challenge
Despite running a comprehensive operation, HashKey has reported total losses exceeding HK$2.3 billion over the last three years. However, by the first half of 2025, enhanced cost discipline and increased transaction revenues significantly reduced these losses. The success of the IPO will reflect investors’ confidence in both Hong Kong and regulated crypto platforms.
The commitment of giants like UBS Asset Management, Fidelity International, and Infini Capital, with a total pledge of $75 million, is considered a strong vote of confidence. Moreover, these investors have demonstrated long-term commitment by agreeing to a six-month lock-up period.
So far, Hong Kong has licensed a limited number of crypto platforms, while the inflow into crypto ETFs in the city still lags behind the US market. However, HashKey’s IPO could set an example of how Web3 companies can grow within a regulated framework. The Hong Kong administration’s new initiatives in areas like stablecoin regulations, tokenization projects, and the digitization of real-world assets further highlight the significance of HashKey’s public offering.
In a similar development, the Hong Kong administration recently announced testing a new retail bond program on blockchain to increase the use of tokenization infrastructure. This showcases the city’s aggressive advancement in the digital finance field.
On the other hand, HashKey is recognized as a Hong Kong-based digital asset financial group operating within a regulated structure. Its ecosystem includes exchange services, asset management, custody solutions, and Web3 investments. In 2023, the company became one of the first fully licensed crypto exchanges in Hong Kong to cater to individual investors. Additionally, HashKey was among the first institutions in Asia to expand staking services following Ethereum ‘s Shanghai upgrade last year.