HashKey Said To Target Upper-End Pricing For Its Hong Kong IPO

HashKey, operator of Hong Kong’s largest licensed crypto exchange, is set to price its initial public offering near the top of the range, raising about HK$1.6B ($206M) in a key test of demand for regulated digital asset platforms in the city.

The company sold 240.6M shares at HK$6.68 each, Bloomberg reported Monday, after marketing the offer in a range of HK$5.95 to HK$6.95. HashKey did not exercise an option to increase the size of the deal.

Investor interest was strong. The top 20 entities in the institutional book took roughly 80% of the shares available in that tranche, excluding stock earmarked for cornerstone buyers, the outlet said. Overall demand ran at several times the number of shares on offer.

HashKey’s Share Sale Could Make It Hong Kong’s First Public Crypto Exchange

HashKey is bidding to become Hong Kong’s first listed crypto exchange, in a transaction that will gauge how much public market appetite remains for compliant digital asset venues after the latest leg of the cycle. The listing also lands in an active year for Hong Kong IPOs, with total proceeds on track for a four year high.

HashKey Holdings, the operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its initial public offering toward the high end of the marketed range, according to people familiar with the matter https://t.co/vwGm6HAFST

— Bloomberg (@business) December 15, 2025

The company had earlier flagged plans to sell about 240.6M shares globally, with around 24.1M reserved for Hong Kong investors and the rest allocated internationally. At the top of the marketed range, the deal would have raised up to HK$1.67B and valued HashKey at about HK$19B, according to its prospectus.

HashKey’s shares are scheduled to start trading on Wednesday in Hong Kong. JPMorgan Chase and Guotai Junan are joint sponsors of the offering.

IPO Will Test Whether Investors Back Hong Kong’s Leading Regulated Crypto Exchange

HashKey was among the first exchanges to secure a licence under Hong Kong’s dedicated digital asset regime, introduced in 2022 as the city sought to pull trading onshore from offshore venues.

Research cited in its filing said HashKey holds more than 75% of Hong Kong’s onshore digital asset trading volume, giving it a dominant share in the regulated segment of the market.

Beyond spot trading, HashKey runs one of Asia’s larger on chain services platforms, offering staking, tokenisation and custodial technology for multiple protocols. It also manages billions in client assets through funds and structured products aimed at institutional and high net worth investors.

Proceeds from the IPO will go toward scaling its technology stack and infrastructure, hiring more staff and strengthening risk management, the company has said. Those investments are meant to position HashKey as a core beneficiary if Hong Kong’s push to become a regional digital asset hub gains further traction.

The timing of the debut is not without challenges. Bitcoin has fallen about 30% from its record high in October, and global risk appetite has softened as traders reassess how much they want to pay for growth and AI related stories.

For crypto-focused investors, HashKey’s first day performance will offer an early read on whether public equity buyers are ready to back regulated exchanges at premium valuations.