HashKey's Historic Hong Kong IPO: Crypto Exchange Goes Public
1.9 Investments HashKey Holdings launches Hong Kong's first crypto exchange IPO, aiming to raise up to HK$1.67 billion. Shares trade from December 17, with only 8.7% available to the public. The firm leads in staking assets and market share.
HashKey Holdings is launching an initial public offering (IPO) in Hong Kong, aiming to become the city's first publicly listed crypto exchange. The IPO subscription runs from December 9 to December 12, with shares priced between HK$5.95 and HK$6.95, targeting up to HK$1.67 billion (about $215 million). Trading is set to begin on December 17 under stock code 3887. HashKey, which manages HK$29 billion in staking assets and commands over 75% of Hong Kong's crypto market share, offers services including asset management, brokerage, custody, staking, and tokenization. Despite reporting operational losses that nearly doubled to HK$1.19 billion in 2024, the company has attracted cornerstone investors such as UBS and Fidelity, who committed $75 million. The IPO is seen as a milestone for crypto adoption in Asia, reflecting Hong Kong's evolving regulatory framework for digital assets. Only 8.7% of shares will be available for public trading, with the majority retained by major stakeholders. HashKey is also expanding into real-world asset tokenization and has launched its own Layer 2 network, HashKey Chain.
