Hashkey Holdings Restricted filed for an preliminary public providing on Monday, outlining the size of its buying and selling, custody and tokenization operations in Hong Kong, which has emerged as one in all Asia’s most lively regulatory hubs for digital belongings and is about to change into Hong Kong’s first publicly traded cryptocurrency alternate.
The IPO will promote 240.57 million shares worldwide, of which 24.06 million will go to Hong Kong traders and 216.51 million to abroad patrons, with a most worth of HK$6.95 per share, the folks mentioned. prospectus.
HashKey is constructing a “digital asset ecosystem” that gives services “tailor-made to fulfill the evolving and distinct wants of particular person traders, institutional traders, and different stakeholders alongside the blockchain worth chain,” the doc mentioned.
The ultimate worth shall be decided by December sixteenth, and the shares, which shall be listed underneath inventory code 3887, will start buying and selling the following day.
Disclosure: HashKey Holdings Restricted, by HashKey Capital, is one in all 22 editorially impartial traders in Decrypt.
hong kong hub
The doc additionally particulars for the primary time how HashKey, already Hong Kong’s largest licensed platform, positions its enterprise underneath town’s rules. new system For retail and institutional cryptocurrency markets.
Over the previous two years, Hong Kong has strengthened and clarified its regulatory construction to determine itself as a licensed hub for digital asset actions.
Regulators have accepted the next new permits staking service In April, firms supervised by the SFC have been in a position to provide staking underneath managed situations. later imposed stricter custody necessities For licensed platforms.
Metropolis too Superior stablecoin monitoringclarifying guidelines that can strengthen the US greenback’s dominance in native issuance, whereas setting capital, disclosure, and governance requirements for potential issuers.
Nonetheless, these actions have additionally been formed by the Chinese language authorities. Mainland regulators took the next motion in October: Only a stablecoin enterprise Two of the nation’s largest expertise firms are partnering on this metropolis.
The result’s a regime that welcomes regulated digital asset exercise whereas imposing larger compliance expectations, a mannequin that’s central to Hong Kong’s efforts to draw institutional traders and differentiate itself from unregulated offshore exchanges.
underneath the hood
Nonetheless, HashKey frames its benefits round regulatory credibility, ecosystem attain, and technical depth.
We additionally spotlight our place as the primary licensed digital asset operator in Asia, our safety and compliance posture, and our product stack designed to strengthen community results throughout buying and selling, custody, staking, and tokenization.
The corporate stories belongings underneath staking of HK$29 billion (US$3.71 billion) and real-world asset worth of HK$1.7 billion (US$218 million), rating it as the biggest staking supplier in Asia and the eighth largest staking supplier globally.
Whereas the income continues to be in its early levels, the corporate mentioned it’s transferring towards real-world monetary belongings and plans to monetize it by fuel charges generated on HashKey Chain, a Layer 2 community of RWAs, stablecoins, and institutional purposes.
The group additionally reported belongings underneath administration of HK$7.8 billion (US$998 million) since its inception, alongside its enterprise and secondary fund companies, which it claims displays its early management in Asia’s digital asset funding sector.
Though HashKey’s income elevated sharply from 2022 to 2024, working prices widened additional, with losses practically doubling from HK$585.2 million (US$74.9 million) in 2022 to HK$1.19 billion (US$152.3 million) in 2024.
The corporate cited elevated spending on analysis, advertising and marketing and administrative capabilities, in addition to larger share-based fee prices by fairness settlement, as the principle elements contributing to the widening hole.
Adjusted losses narrowed in 2023, however elevated once more in 2024 and the primary half of 2025, reflecting larger prices associated to our alternate enterprise and decrease commerce facilitation revenues.
Internet loss improved to HK$506.7 million (US$64.9 million) within the first half of 2025 “primarily on account of decrease common and administrative bills”.
decryption has reached out to HashKey for remark, however has not but acquired a response.
