HashKey Holdings has secured approval from the Hong Kong Stock Exchange to advance its proposed initial public offering, marking a significant development for one of the largest licensed digital asset platforms in the region.
The company confirmed that it cleared its listing hearing on December 1. Although the exact size and timeline of the offering remain unannounced, prior reporting suggested that HashKey may seek to raise as much as $500 million.
The deal will be supported by JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International, which are named as joint sponsors. For Hong Kong’s regulated digital asset sector, the approval reinforces the city’s effort to attract institutional activity under its updated virtual asset licensing regime, even as mainland China maintains restrictions on crypto-related operations.
Strategic Use of Capital and Regulatory Positioning
HashKey stated that proceeds from the offering would be allocated toward upgrading core infrastructure, developing new products, and enhancing operational capabilities. Additional priorities include strengthening risk management frameworks and expanding into new international markets.
These plans align with the company’s position as one of Hong Kong’s key regulated entities under the Securities and Futures Commission, where it operates both institutional and retail trading services.
The firm holds a Type 1 license for dealing in securities, including tokenized assets, and a Type 7 license that permits it to run an automated trading platform. Its asset management unit is also licensed to oversee portfolios composed entirely of virtual assets.
This regulatory foundation has allowed HashKey to emerge as one of 11 virtual asset trading platforms approved for retail service in Hong Kong. This will give it a competitive foothold in a market that continues to formalize oversight frameworks for digital finance.
Financial Performance and Expansion Plans
Despite its leadership position, HashKey remains unprofitable. The firm reported a net loss of HK$506 million in the first half of 2025, narrowing from HK$777 million a year earlier. The filing noted that revenue trends remain closely tied to market volatility, contributing to fluctuations in operating results.
Even so, the company maintained more than HK$20 billion (US$2.56 billion) in client assets and captured over three-quarters of the region’s onshore digital asset trading volume in 2024.
HashKey has also expanded its institutional footprint through new product initiatives and regulatory approvals abroad. In 2025, the firm launched a $500 million perpetual fund aimed at institutional investment in digital asset treasury projects. The strategy focuses on supporting blockchain ecosystems such as Ethereum by backing long-term treasury and liquidity initiatives.
Internationally, HashKey has obtained conditional approval to operate in Dubai and has secured licenses in Bermuda and Ireland. These moves position the company to diversify revenue streams and access new pools of institutional demand as global regulatory environments evolve.
