HashKey Clears HKEX Listing for $500M IPO, Becoming Hong Kong's Largest Regulated Crypto Exchange

HashKey Holdings, Hong Kong's first fully regulated cryptocurrency exchange, has passed its listing hearing with the Hong Kong Stock Exchange (HKEX), announced on December 1, 2025. This approval sets the stage for a $500 million initial public offering (IPO), backed by major financial institutions including JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.

The listing positions HashKey as the city's largest licensed virtual asset exchange, with a growing global presence. According to Frost & Sullivan, it was the largest onshore crypto trading platform in Asia in 2024 and the top provider of on-chain services and digital asset management. HashKey's ecosystem encompasses trading, asset management, tokenization, custody, staking, and its own Ethereum Layer-2 network, HashKey Chain, designed for regulated on-chain activity and real-world asset tokenization.

Financially, HashKey's revenue grew to HK$721 million in 2024, though the company reported losses due to expansion costs. Trading volume surged from HK$4.2 billion in 2022 to HK$638.4 billion in 2024, although it eased in early 2025 amid market weakness. The exchange supports over 80 cryptocurrencies, including BTC, ETH, USDT, USDC, SOL, XRP, DOGE, and AVAX, offering 24/7 services, OTC trading, and institutional custody.

HashKey is also Asia's largest staking provider, managing HK$29 billion in staked assets, and has onboarded HK$1.7 billion in tokenized real-world assets to HashKey Chain. In asset management, it oversees HK$7.8 billion for clients and has made over 400 blockchain investments, with a flagship fund returning more than 10x—double the industry average.

The IPO aims to fund further expansion, with some in the crypto community noting that despite processing US$81.9 billion in trading volume, HashKey reported a US$99 million loss, raising questions about its business model. However, the listing is seen as a major validation for cryptocurrency companies seeking mainstream financial market access, potentially accelerating institutional adoption.