HashKey to start taking orders for $200 million Hong Kong IPO next week: report

HashKey Holdings, one of Asia’s largest cryptocurrency exchange operators, is preparing to open its order books next week for a Hong Kong IPO that aims to raise at least $200 million.

The listing could take place before the end of the month, although final details, including the amount and timing of the transaction, remain subject to change, Bloomberg reported, citing people familiar with the matter.

HashKey’s Ethereum-era roots propel it into global crypto expansion

Founded in 2018, HashKey grew out of Chairman Xiao Feng’s early involvement in Ethereum through the Wanxiang Group, where he was one of the protocol’s first corporate investors.

The company has since expanded into trading, venture capital investments and digital asset management, operating in Hong Kong, Singapore, Bermuda, Japan, United Arab Emirates and Ireland.

Earlier this year, Gaorong Ventures, known for backing Chinese technology groups such as Meituan and PDD, invested $30 million at a valuation above $1 billion, according to sources.

Despite its regional footprint, HashKey has faced financial pressures. The company posted a loss of HK$506 million ($65 million) in the first half of 2025, although the deficit narrowed from the previous year.

Revenue fell 26% to HK$384 million, according to its listing documents.

Despite this, trading activity on the platform has been substantial, with a cumulative volume of HK$1.3 trillion in the spot market recorded in September.

The planned IPO represents a significant test for Hong Kong’s efforts to consolidate itself as a digital asset hub. Authorities implemented a new licensing regime last year and are preparing additional measures to encourage wider participation after crypto activity lagged behind expectations.

The city’s positioning has attracted interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on cryptocurrency trading.

Last week, HashKey cleared the listing hearing on the Hong Kong Stock Exchange, bringing the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its post-hearing information filing released on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

Crypto IPOs are gaining momentum

Last month, tZero Group, a New York-based blockchain infrastructure company focused on tokenized securities and real-world assets, announced that it was preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US exchange.

BitGo’s IPO filing comes amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, growing more than sevenfold since its IPO.

Online trading platform Etoro, which offers cryptocurrency trading among its services, debuted in May.

Additionally, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, confidentially filed for an IPO in the United States in June, signaling strong market confidence in crypto exchanges going public.

Most recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its IPO.

The article HashKey to Start Taking Orders for $200 Million Hong Kong IPO Next Week: Report appeared first on Cryptonews.

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