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Crypto exchange HashKey cleared a key regulatory hurdle Monday after Hong Kong’s stock exchange completed its listing hearing, bringing the platform closer to becoming one of the city’s first licensed digital asset exchanges to go public, according to the company’s post-hearing disclosure.
HKEX listing hearing progress places HashKey at the threshold of the IPO marketing engine—one of the most influential phases of Hong Kong’s public listing process.
HKEX listing hearing confirmation opens the way for the crypto exchange to proceed to prospectus registration, followed by investor marketing, book-building, and eventual pricing.
The hearing is widely seen as the most critical eligibility test, ensuring compliance with HKEX disclosure standards and regulatory expectations.
Industry analyst Brian Cheng of Pacific Securities called the development “a defining moment for Hong Kong’s digital asset market,” adding:
“The HKEX listing hearing is not just procedural—it signals regulators’ growing confidence in well-governed crypto platforms,” Brian Cheng, Senior Market Analyst, Pacific Securities
HashKey says funds raised from the IPO will support technology upgrades, new product launches, overseas expansion, enhanced security systems, and overall corporate development.
Despite the significant step forward, the company remains unprofitable as it scales aggressively in one of the world’s most regulated digital-asset markets.
Financial statements included in the listing documents reveal that HashKey posted a HK$506.7 million ($65M) net loss in the first half of 2025, down from HK$772.6 million ($99.2M) a year earlier.
Management attributed the loss profile to steep startup and compliance costs:
“Our net losses and operating cash outflows primarily reflect the nature of our business development cycle,” HashKey Management Disclosure
Despite the losses, analysts suggest the narrowing deficit signals strengthening operational efficiency.
OSL, HashKey’s closest competitor and a publicly listed crypto exchange operator in Hong Kong, fell 7.6% on Monday, according to Yahoo Finance, as investors digested HashKey’s accelerated IPO timeline.
The HKEX listing hearing milestone drops into a global crypto-IPO environment already heating up. In the U.S., tZero Group recently announced preparations for a 2026 public offering, while BitGo—one of the oldest names in crypto custody—became the first dedicated custodian to file for an IPO on a U.S. exchange this cycle.
The year’s most notable listings include Circle, whose IPO in June surged more than sevenfold, and eToro, which made its debut in May. Mike Novogratz’s Galaxy Digital shifted its listing from Toronto to Nasdaq earlier this year, intensifying institutional interest.
Even more momentum arrived when Gemini, founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June. Meanwhile, Figure Technology Solutions Inc. raised $787.5 million in an oversubscribed offering.
Veteran blockchain investor Lily Wu summarized the trend:
“Every successful listing strengthens the thesis that digital-asset firms are maturing fast. The HKEX listing hearing adds Hong Kong’s stamp of confidence to that global transformation.” Lily Wu, Partner at Dragonfly Capital
With the HKEX listing hearing now cleared, HashKey joins a small but rapidly expanding club of regulated crypto firms positioning for mainstream public capital.
If successful, the float would represent one of Asia’s most significant digital-asset listings to date—solidifying Hong Kong’s ambitions to become a regulated global crypto hub.
As the company enters its IPO marketing phase, all eyes remain on HashKey’s pricing, investor appetite, and whether this milestone triggers a new wave of crypto-exchange listings across Asia.
