HashKey Clears HKEX Hearing, Poised to Become Hong Kong’s First Listed Crypto Firm
Quick Breakdown
- HashKey passes HKEX hearing, moving closer to Hong Kong’s first public crypto listing.
- The platform supports 80 digital assets and operates HashKey Chain, a Layer 2 infrastructure.
- IPO proceeds to fund tech upgrades, market expansion, and risk management; major shareholders confirmed.
HashKey Holdings Limited has successfully passed the hearing before the Hong Kong Exchange (HKEX), moving closer to its public listing. JPMorgan and Guotai Junan International are acting as joint sponsors for the offering.
HashKey, Hong Kong’s largest regulated cryptocurrency exchange, is set to go public in Hong Kong. In 2024, the exchange recorded a trading volume of approximately $81.9 billion, revenue of around $92.6 million, and a loss of about $99.3 million. It holds roughly $212 million in…
— Wu Blockchain (@WuBlockchain) December 1, 2025
Leading digital asset platform in Asia
HashKey provides a licensed platform for digital asset trading, on-chain services, and asset management. Its platform supports the issuance and circulation of tokenized real-world assets and operates HashKey Chain, a scalable Layer 2 infrastructure that facilitates on-chain migration and interoperability. According to Frost & Sullivan, HashKey ranks as the largest regional onshore platform in Asia by trading volume in 2024.
Strong investment and growth track record
The company’s platform supports 80 digital assets, including major Layer-1 tokens, DeFi coins, stablecoins, and emerging ecosystem projects. Its Blockchain Investment Fund has delivered over tenfold returns since inception, making it one of Asia’s most successful licensed digital asset investment platforms. HashKey manages HK$7.8 billion in client assets and has completed over 400 investments through its flagship funds, cementing its position as one of the earliest and most experienced institutional investors in the region.
Financially, HashKey’s revenue rose sharply from HK$129 million in 2022 to HK$721 million in 2024, driven primarily by trading facilitation services. Gross profit also increased significantly, reflecting the company’s expanding business operations. As of August 2025, HashKey held HK$1.657 billion in cash and HK$592 million in digital assets, with major holdings in ETH, BTC, USDC, USDT, and SOL.
The IPO proceeds are planned to support technology and infrastructure upgrades, market expansion, ecosystem partnerships, risk management, and general corporate purposes. Key shareholders after the listing will include Mr Lu, GDZ International Limited, HashKey Fintech III, and Puxing Energy, alongside institutional investors such as Gaorong Capital, Fidelity Funds, and Meitu.
Notably, HashKey Chain and GF Securities have jointly launched the city’s first fully on-chain tokenized security, signalling a significant leap forward in the tokenization of real-world assets (RWA) and in blockchain-based financial innovation in Asia.
