HashKey Raises $206M in IPO, Becoming Hong Kong's First Publicly Listed Crypto Exchange

HashKey Holdings, operator of Hong Kong's largest licensed cryptocurrency exchange, has successfully priced its initial public offering (IPO) at HK$6.68 per share, raising approximately HK$1.6 billion (US$206 million). The company sold 240.6 million shares, pricing near the top of its marketed range of HK$5.95 to HK$6.95. Trading on the Hong Kong Stock Exchange is scheduled to begin on December 17.

Investor demand was notably strong, with the top 20 entities in the institutional book taking roughly 80% of the shares available in that tranche. Overall demand ran at several times the number of shares on offer. The deal features cornerstone investors including traditional financial giants UBS and Fidelity, as well as China-based investment group CDH. JPMorgan Chase and Guotai Junan are acting as joint sponsors of the offering.

The IPO marks a significant milestone as HashKey bids to become Hong Kong's first publicly listed crypto exchange. The exchange, founded in 2018 and licensed under Hong Kong's 2022 digital asset regime, reportedly holds more than 75% of the city's onshore digital asset trading volume. Beyond spot trading, its operations span asset management, brokerage, tokenization, staking, and custodial technology.

The listing arrives during a period of market turbulence, with Bitcoin having fallen roughly 30-36% from its all-time high above $126,000 in early October. Despite this volatility, the successful raise is seen as a key test of institutional appetite for regulated digital asset platforms. Proceeds from the IPO are earmarked for scaling technology infrastructure, hiring, and strengthening risk management.

The event underscores the stark policy divergence between Hong Kong and mainland China. While Beijing maintains a ban on cryptocurrency trading, Hong Kong has actively promoted itself as a regulated hub for digital assets, aiming to attract fintech firms and reinforce its status as an international financial center. HashKey's public debut is viewed as a high-profile test of Hong Kong's regulatory approach and its ability to convert framework into sustained capital inflows.