by Vivian Nguyen
Dec. 9, 2025
HashKey Holdings, operator of Hong Kong’s largest licensed crypto exchange, has filed for a Hong Kong initial public offering seeking HK$1.67 billion (about $215 million). The company plans to offer more than 240 million shares at HK$5.95 to HK$6.95 each, implying a market valuation between HK$16.4 billion and HK$19 billion (roughly $2.0 billion–$2.4 billion).
Net proceeds from the IPO are earmarked for growth: 40% for technology and infrastructure, 40% for market expansion and ecosystem partnerships, and 10% each for operational risk management and general corporate purposes.
The filing underscores Hong Kong’s push to become a regional digital-asset hub by creating a regulatory environment that allows crypto firms to pursue traditional corporate milestones such as public listings.
