HashKey Holdings has successfully navigated a critical Hong Kong Stock Exchange listing committee hearing on December 1, propelling its initial public offering (IPO) plans into the next regulatory phase. The hearing, conducted in Hong Kong before the HKEX listing committee, reviewed the company's application to go public. HashKey's progress follows the submission of its Post Hearing Information Pack (PHIP), which was submitted after its initial confidential filing.
Regulatory Step Pushes IPO Forward
With the hearing cleared, HashKey is now positioned to commence prospectus registration, followed by marketing, book-building, and pricing activities. This upcoming phase is significant as the company has yet to disclose its targeted valuation or a specific timeline for the IPO. Previous reports, however, indicated a potential fundraising target of up to $500 million this year.
HashKey has outlined its intended use of the IPO proceeds, detailing plans for investments in technology upgrades, enhanced security measures, and product development. The company also aims to bolster market expansion and address broader corporate needs. This strategic allocation of funds aligns with HashKey's ongoing commitment to scaling its operations within a regulated environment.
Furthermore, HashKey operates under licenses granted by the Securities and Futures Commission of Hong Kong. The company holds a Type 1 license for dealing in securities, including tokenized assets, and a Type 7 license for operating an automated trading platform. Its asset management division also possesses the necessary approval to manage portfolios with full virtual-asset exposure.
Exchange Growth Meets Heavy Losses
Despite its strong regulatory standing, HashKey has continued to report financial losses. According to its filing, the company incurred a loss of HK$506.7 million in the first half of 2025. While this figure represents a narrowing from the HK$772.6 million loss recorded during the same period in 2024, it underscores the ongoing financial pressures associated with its expansion efforts. The filing attributes these losses to the substantial upfront investments required to establish a licensed and scalable platform.
As of September, HashKey's platforms supported 80 different tokens. The company has captured a significant portion of Hong Kong's onshore digital-asset trading volume, accounting for over three-quarters in 2024. HashKey also held approximately HK$20 billion in client assets.
However, revenue performance has not kept pace with trading activity. HashKey reported HK$721 million in revenue for 2024 but still registered losses. Market observers have raised questions regarding the company's profitability, given its processing of $81.9 billion in trading volume. This concern has intensified as the company seeks capital from the public markets.
Additionally, HashKey has announced that JPMorgan, Guotai Haitong Securities, and Guotai Junan International will serve as sponsors for its listing. These sponsors will provide oversight as HashKey progresses through the subsequent stages of its IPO process.
Expansion Across Regions and Services
In 2025, HashKey has expanded its global presence, obtaining conditional approval to operate in Dubai and securing licenses in Bermuda and Ireland. These developments align with Hong Kong's strategic objective to establish itself as a regulated hub for digital-asset activities. This contrasts with mainland China, where authorities have maintained a strict ban on such activities, while Hong Kong has advanced its own regulatory framework.
The company has also launched a $500 million perpetual fund dedicated to institutional investment in blockchain treasury projects. This fund aims to support various ecosystems, including Ethereum, through long-term initiatives. This strategic move is integrated into HashKey's broader ecosystem, which encompasses trading, asset management, tokenization, custody, and staking services.
HashKey Chain, its Ethereum Layer-2 network, has facilitated the processing of HK$1.7 billion in tokenized real-world assets. The company is also a major regional staking provider, managing HK$29 billion in staked assets. Concurrently, its asset-management division oversees HK$7.8 billion and has executed over 400 blockchain-related investments.
These advancements occur as other exchanges explore listing opportunities in Hong Kong. Bitkub, a cryptocurrency exchange based in Thailand, has announced its intention to pursue a Hong Kong IPO following challenges in Thailand's declining market. Bitkub is reportedly targeting a fundraising amount of approximately $200 million next year.
HashKey's cleared listing hearing represents a significant regulatory milestone as the company moves closer to its Hong Kong listing. Its ongoing expansion initiatives, a growing ecosystem of services, and increasing trading activity highlight the importance of its IPO plans. The next phase will concentrate on prospectus development and market preparation, as HashKey continues its operations under Hong Kong's regulated structure.