How Hashkey Plans To Become Hong Kong’s First Crypto Ipo 2025

HashKey’s IPO bid puts Hong Kong’s virtual asset regime on display, testing whether compliance-first crypto platforms can win investors.

HashKey is aiming to become Hong Kong’s first fully crypto-native IPO by listing 240.57 million shares under the city’s virtual asset regulatory regime.

The business extends beyond a spot exchange by combining trading, custody, institutional staking, asset management and tokenization into a single regulated platform.

Revenue is growing, but the company is still incurring losses as it invests heavily in technology, compliance and market expansion.

Most IPO proceeds are expected to fund infrastructure and international growth, positioning the listing as a long-term bet on regulated digital asset markets.

HashKey wants to become the first crypto exchange that Hong Kong investors can buy on their local stock market. The company has filed for an initial public offering (IPO) that could make it the city’s first publicly listed, fully crypto-native venue under the new virtual asset regime. It is offering 240.57 million shares, with a portion reserved for local retail investors.

Trading is expected to begin on Dec. 17 on the Hong Kong Stock Exchange.

HashKey already operates what it describes as Hong Kong’s “largest licensed platform,” a broader stack that includes custody, institutional staking and tokenization. In its latest filing, the group reported tens of billions of Hong Kong dollars in staking assets and platform assets under management.

In the sections that follow, we will look at what the business does, how its financials compare, how it plans to use the IPO proceeds and why the outcome of this listing matters for understanding Hong Kong’s broader virtual asset ambitions.

Did you know? Some analysts view HashKey’s IPO as a real-time test of whether public markets are willing to back heavily regulated crypto infrastructure.

Source: CoinTelegraph