HashKey is preparing to open investor orders next week for a Hong Kong IPO targeting at least $200M, with the company aiming to list before the end of December, according to Bloomberg and related reports. The move, which follows a cleared HKEX listing hearing, will test demand for regulated crypto platforms in Hong Kong’s evolving digital-asset market.
HashKey intends to allocate IPO proceeds to technology upgrades, new product development, enhanced security systems and overseas expansion, company plans show. A portion of funds will support custody and staking services as HashKey scales its institutional offering. The firm also plans to channel capital into its recently launched $500M Digital Asset Treasury (DAT) fund, a vehicle intended to develop the broader digital-asset ecosystem.
HashKey reported a net loss of HK$506.7M (about $65M) in the first half of 2025; filings and commentary portray that loss as investment-heavy spending on compliance and scaling rather than operational failure. Sponsors named in reporting include JPMorgan and Guotai Junan Securities, which underscores interest from established financial institutions in the transaction even as final deal size and timing remain subject to market conditions.
Tokenized securities are digital representations of traditional securities on a blockchain that aim to enable fractional ownership and higher liquidity.
Hong Kong positioning and market context for the HashKey IPO
The IPO arrives as Hong Kong advances regulatory frameworks—cited actions include a stablecoin ordinance and tokenization registry—that aim to balance investor protection with innovation. Observers say that regulatory clarity is attracting regional crypto firms; one peer, Bitkub, is reportedly planning a separate $200M Hong Kong IPO by 2026.
HashKey’s push for an international footprint includes planned expansion into Singapore, Japan, the UAE, Ireland and Bermuda, and the firm has moved into projects such as a 24/7 remittance corridor between the Philippines and Hong Kong. Operationally, HashKey cleared an HKEX listing hearing, a procedural milestone that brings the IPO closer to market, though sources caution the final offering size could expand toward $500M if conditions allow. The listing will serve as a gauge of institutional appetite for regulated digital-asset platforms in a jurisdiction positioning itself as a bridge between East and West. Related: HashKey clears HKEX listing hearing, moves closer to IPO.
