HashKey has opened subscriptions for its Hong Kong initial public offering, targeting up to HK$1.67 billion (about $215 million), with backing from UBS and Fidelity as the city pushes deeper into regulated digital assets.
The exchange operator is offering just over 240 million shares at HK$5.95 to HK$6.95 each. At the top of that range, HashKey would debut with a valuation near HK$19 billion. Order books are open through Friday, and trading is expected to begin on Dec. 17.
One of the first firms licensed under Hong Kong’s 2022 digital-asset framework, HashKey has expanded into asset management, trading, on-chain services, and venture investments. As of Sept. 30 the platform reported assets of over HK$19.9 billion, support for more than 80 tokens, cumulative spot trading volume of HK$1.3 trillion, HK$1.48 billion in cash, and HK$570 million in digital assets (mostly BTC, ETH, and USDT).
Despite scale, HashKey disclosed more than HK$2.3 billion in cumulative losses over the past three years. Losses in the first half of 2025 narrowed by more than a third year-over-year thanks to tighter cost controls and trading-related revenue, which made up nearly 70% of income. HashKey points to its ISO-certified platform, conservative risk architecture, and expanding licenses in markets such as Japan and Bermuda as mitigants to pressures facing other regional exchanges.
Cornerstone investors — UBS’s asset-management arm, Fidelity International, and Infini Capital — have agreed to take a combined $75 million of shares with six-month lock-ups. Their participation is being viewed as a vote of confidence amid volatile digital-asset markets and subdued Bitcoin levels compared with its October peak.
Hong Kong has approved only a limited number of licensed crypto platforms, and inflows into the city’s digital-asset ETFs remain modest versus the U.S. HashKey’s listing will be closely watched as a potential precedent for how web3 companies mature under the city’s regulatory regime. Regulators are advancing policies on stablecoins, real-world assets, and tokenized securities, reinforcing Hong Kong’s push to become a regional hub for compliant crypto firms.
JPMorgan Chase and Guotai Junan are serving as joint sponsors for the deal. If the listing performs well, it may encourage other crypto firms in the region to revisit public-market plans and bolster Hong Kong’s role as a bridge between traditional finance and digital assets.
