TL;DR:
- HashKey Group has begun subscriptions for its Hong Kong IPO, aiming to raise $215 million (HK$67 billion).
- The offering positions HashKey as the city’s first fully licensed crypto platform to list publicly.
- The company, which manages $1 billion in assets, seeks to use the proceeds for expansion, infrastructure, and hiring.
HashKey Group has initiated subscriptions for its highly anticipated Initial Public Offering (IPO), aiming to raise at least HK$1.67 billion, which is equivalent to approximately $215 million US dollars. With this move, the Hong Kong-based digital asset company marks a significant milestone by positioning itself among the city’s first fully licensed cryptocurrency platforms to access public markets.
The deal underscores a new phase in Hong Kong’s ambitions to consolidate itself as a regulated, global hub for digital assets.
According to the filed document, HashKey is offering around 240.6 million shares at a price ranging from HK$5.95 to HK$6.95. The subscription officially opened this week, with the final pricing scheduled for December 16. The shares are expected to begin trading on the Hong Kong Stock Exchange (HKSE) under the ticker 3887 on December 17.
If the placement closes at the top end of the range, HashKey’s valuation will approach HK$19 billion (around $2.46 billion US dollars). The company reported that the proceeds will be allocated to platform expansion, infrastructure investments, improvements in risk management, and the hiring of key personnel to scale regional operations.
A Dominant Player in the Regulated Market and Its Financial Outlook
Founded in 2018, HashKey has rapidly established itself as one of Hong Kong’s leading licensed cryptocurrency platforms, obtaining key regulatory approvals as the city formalized oversight over digital assets. The prospectus reveals that the company controls more than 75% of the onshore crypto trading business, granting it a dominant advantage over local competitors.
In addition to exchange services, the company operates a diversified ecosystem that includes asset management, over-the-counter (OTC) services, tokenization solutions, and its own blockchain network, HashKey Chain. The firm reported $1 billion US dollars in assets under management at the end of 2024.
Analysts, for their part, believe a successful Crypto IPO would further boost the city’s strategy to attract digital asset-related institutions under strict regulatory supervision.
Despite rapid expansion, the platform reported a net loss of more than HK$500 million in the first half of 2025, a result of continuous investment in infrastructure and the high cost of regulatory requirements.
However, its diversified service lines, especially tokenization and institutional asset management, are expected to offer a more stable revenue base as the crypto market evolves.
In summary, the IPO is considered a test to gauge global investor appetite for regulatory-compliant cryptocurrency platforms amid global caution. December 16 and 17 will be crucial days for determining how investors view the future of regulated crypto exchanges.
