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HashKey Holdings is preparing to open order books next week for a $200 million Hong Kong IPO that could become one of the city’s largest crypto exchange listings, according to people familiar with the matter.
HashKey IPO filing momentum accelerated after Bloomberg reported that final deal terms including the offering size and listing date could still shift, though the debut is expected before month-end.
The listing comes at a critical time for Hong Kong as policymakers push aggressively to position the city as Asia’s premier digital-asset hub.
This HashKey IPO filing represents a defining moment for Hong Kong’s evolving crypto policy framework, said Adrian Wang, founder of Metalpha, in commentary shared with industry media. The market is watching closely to see how institutional capital responds.
HashKey IPO filing interest is being fueled partly by the company’s unique origins. Founded in 2018, HashKey grew from chairman Xiao Feng’s early involvement in Ethereum during his time at Wanxiang Group — one of the protocol’s first major corporate backers.
Those early blockchain convictions helped propel HashKey into becoming a multi-vertical digital-asset force spanning trading, venture investments, asset management, and Web3 infrastructure.
Today, HashKey operates in Hong Kong, Singapore, Bermuda, Japan, the UAE, and Ireland, a global spread that investors say adds weight to the HashKey IPO filing.
HashKey IPO filing documents revealed the company logged a HK$506 million (US$65 million) loss in the first half of 2025, though the deficit narrowed compared with 2024.
The firm strengthened its balance sheet earlier this year when Gaorong Ventures — known for backing Meituan and PDD — invested $30 million at a valuation exceeding $1 billion.
It’s not surprising to see losses at this stage — this is a fast-growth industry where firms are scaling aggressively, said Rory Green, head of China and Asia research at TS Lombard.
What matters is that the HashKey IPO shows investors remain confident despite short-term financial pressures.
HashKey IPO filing progress is also seen as a stress test for Hong Kong’s new crypto licensing framework.
Regulators introduced a stricter regime last year and continue rolling out measures to attract exchanges, custodians, and tokenization platforms.
HashKey, which operates Hong Kong’s largest fully licensed crypto exchange, recently confirmed that it cleared the Hong Kong Stock Exchange’s listing hearing — a major procedural step required before a public offering.
The HashKey IPO arrives amid a global surge in crypto-related public offerings. In recent months:
tZero Group announced plans to go public in 2026.
BitGo officially filed for a U.S. IPO.
Circle’s June IPO skyrocketed sevenfold after debut.
eToro went public in May.
Galaxy Digital moved its listing to Nasdaq earlier this year.
Gemini confidentially filed for a U.S. IPO in June.
Figure Technology Solutions raised $787.5 million in its own blockbuster IPO.
This wave of activity underscores why the HashKey IPO filing is generating such market excitement.
Crypto markets have matured dramatically, and the HashKey IPO filing could become one of the most watched listings of 2025, said Mike Novogratz, CEO of Galaxy Digital, during a recent industry panel.
With the order book opening next week, all attention now turns to investor appetite and final pricing.
Should market conditions hold, the HashKey IPO could solidify Hong Kong’s status as the world’s rising digital-asset financial hub.
