HashKey Holdings is preparing to open its order books next week according to recent reports. The firm aims for a Hong Kong IPO with the goal of raising at least $200 million. This strategic move seeks to consolidate its position as a leading operator in the Asian region.
The company recently secured a $30 million investment from the firm Gaorong Ventures. With a valuation exceeding $1 billion, HashKey demonstrates financial strength to international investors interested in the sector. Likewise, the recent approval of its listing hearing validates its continuous regulatory efforts.
Despite market pressures, trading activity on the platform has been substantial this year. The company reported a cumulative volume of HK$1.3 trillion in the spot market. However, it recorded a net loss of 506 million in the first half, although the deficit narrowed considerably compared to the previous year.
Founded in 2018 with deep roots in the Ethereum ecosystem through the Wanxiang Group, the firm has grown. It currently operates across multiple global hubs, including Singapore, Bermuda, Japan, and the United Arab Emirates. Thus, its diversified infrastructure mitigates risks associated with regional volatility in the digital asset market.
This event represents a significant test for Hong Kong’s ambitions as a digital asset hub. Authorities implemented a new licensing regime last year to encourage broader participation. In this way, the city seeks to attract institutional capital despite the ban on trading currently in force in mainland China.
Will this public offering mark the start of a new era for crypto companies?
The digital asset sector has seen a notable increase in public listings during 2025. Companies like Circle and BitGo have advanced in their own initial public offering processes recently. Therefore, HashKey’s success could incentivize other cryptocurrency platforms to follow this path toward stock market transparency.
Finally, the official listing is expected to take place before the end of the current month. Although final details regarding the deal size remain subject to change, expectations are high. Investors are closely monitoring this milestone that could redefine the sector’s legitimacy in traditional markets.
