HashKey to Accept Orders for $200 Million Hong Kong IPO Next Week: Report
HashKey Holdings, a prominent cryptocurrency exchange operator in Asia, is set to open its order books next week for an initial public offering (IPO) in Hong Kong, aiming to raise at least $200 million. According to a report by Bloomberg, citing people familiar with the matter, the listing could take place before the end of the month, although final details, including deal size and timing, are subject to change.
The company has already passed the Hong Kong listing hearing and reported a significant spot trading volume of HK$1.3 trillion. HashKey’s roots in the Ethereum era, dating back to 2018, have driven its expansion into global crypto markets, with operations now spanning multiple hubs, including Hong Kong, Singapore, Bermuda, Japan, the United Arab Emirates, and Ireland.
HashKey’s Expansion and Financials
Earlier this year, Gaorong Ventures, a prominent investor in Chinese technology giants such as Meituan and PDD, invested $30 million in HashKey at a valuation of over $1 billion. Despite facing financial pressure, with a loss of HK$506 million (US$65 million) in the first half of 2025, the company’s trading activity has been substantial, with a cumulative spot market volume of HK$1.3 trillion recorded as of September.
HashKey’s planned IPO represents a key test of Hong Kong’s efforts to establish itself as a hub for digital assets. The city’s authorities have introduced a new licensing system and are preparing additional measures to encourage broader participation, attracting interest from investors in mainland China, despite Beijing’s comprehensive ban on crypto trading.
Crypto IPOs Gain Momentum
The digital assets space has seen several notable IPOs in 2025, including stablecoin issuer Circle, which has increased more than sevenfold since its IPO in June. Other notable listings include online trading platform Etoro, Galaxy Digital, and Figure Technology Solutions Inc., a blockchain-focused lending platform that raised $787.5 million in its IPO.
Additionally, companies such as tZero Group, a New York-based blockchain infrastructure company, and BitGo, a dedicated crypto custodian, have announced plans to go public, signaling strong market confidence in crypto exchange IPOs. Gemini, the exchange founded by the Winklevoss twins, has also confidentially filed for an IPO in the US.
For more information on HashKey’s IPO and the latest developments in the digital assets space, visit Cryptonews.
