HashKey Launches Hong Kong IPO, Targeting $215M in Major Crypto Listing

Quick Breakdown 

• HashKey opens a Hong Kong IPO targeting HK$1.67B ($215M), with backing from UBS and Fidelity.
• Shares are priced at HK$5.95–HK$6.95, valuing the firm at HK$18.9 B if fully subscribed.
• HashKey Chain and GF Securities launch the first fully on-chain tokenized security in Hong Kong.

 

HashKey, a licensed digital-asset exchange in Hong Kong, has opened subscriptions for its initial public offering (IPO), aiming to raise HK$1.67 billion ($215 million). 

 

HashKey ( @HashKey_Global ) launched its Hong Kong IPO today🇭🇰

Here’s the breakdown:

– Offering 240.57m shares — 24.06m is offered to HK buyers, rest to overseas

– Price range: HK$5.95 to HK$6.95 ($0.76 to $0.89) per share

– IPO could deliver max. $215m, Hashkey expects $184m… pic.twitter.com/7pNN377Ya7

— Danny Kunwoong Park (@ParkKunwoong) December 9, 2025

Hong Kong IPO opens amid growing crypto ecosystem

The offering, supported by UBS and Fidelity, marks one of the city’s most high-profile crypto listings to date. Shares are priced between HK$5.95 and HK$6.95, giving the company a potential market valuation of HK$19 billion if priced at the top of the range. Order books will remain open through Friday, with trading expected to start on December 17.

The IPO comes during an intense period for Hong Kong’s capital markets, with total proceeds heading toward a four-year high. It also reflects the city’s ongoing ambition to establish itself as a hub for regulated digital-asset firms. HashKey was among the first companies to secure a license under Hong Kong’s digital-asset regulatory framework introduced in 2022, and its ecosystem has since expanded to include asset management, trading, on-chain services, and venture investments.

Strong platform metrics and blockchain innovation

HashKey reported platform assets exceeding HK$19.9 billion and supports more than 80 tokens. As of September 30, cumulative spot trading volume totalled HK$1.3 trillion, with cash holdings of HK$1.48 billion and digital assets of HK$570 million, primarily in BTC, ETH, and USDT.

In a notable development, HashKey Chain partnered with GF Securities to launch Hong Kong’s first fully on-chain tokenized security, a milestone in the tokenization of real-world assets (RWA) and blockchain-driven financial innovation in Asia. The collaboration signals a growing shift toward institutional-grade digital finance and positions HashKey at the forefront of blockchain adoption in regulated markets.

The IPO and recent innovations underscore Hong Kong’s push to attract compliant crypto businesses while strengthening the city’s role as a regional centre for digital finance.

 

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