HashKey has just kicked off one of the most closely watched public offerings in Asia’s digital-asset space. The Hong Kong–based crypto exchange has officially opened subscriptions for its initial public offering, marking the first time a dedicated crypto trading platform is going public in Hong Kong. With trading set to begin on December 17, this move signals how far Hong Kong’s digital-asset market has come and where it hopes to go next.
A First for Hong Kong’s Crypto Market
What makes this IPO stand out is simple: no licensed crypto exchange in Hong Kong has ever attempted a public listing before. Although OSL Group is already listed, its IPO happened before the company shifted into digital assets. HashKey is the first to enter the market as a fully licensed crypto exchange from day one.
According to the prospectus released on Tuesday, the company is offering 240.57 million shares to global investors. Roughly 24.06 million shares are reserved for Hong Kong buyers, with the rest allocated internationally. The price range is set between HK$5.95 and HK$6.95 per share. If final pricing lands at the top of that band, HashKey could raise up to HK$1.67 billion, or around $215 million, in gross proceeds.
The subscription period opened at 9 a.m. HKT on Tuesday and will close at noon on December 12. Final pricing will be announced on December 16, and the stock will debut on the Hong Kong Stock Exchange the next day under the ticker 3887.
How HashKey Plans to Use the Funds
HashKey isn’t shy about where the money is going. The company has laid out a detailed plan that mirrors the next phase of its growth strategy.
About 40 percent of the net proceeds will be invested in technology upgrades, product innovation, and infrastructure improvements over the next three to five years. The goal is to strengthen the platform’s position in a sector where speed, security, and compliance matter more than ever.
Another 40 percent is earmarked for expanding the company’s market presence and forming new ecosystem partnerships. HashKey sees this as the key to growing its user base and deepening its reach across Asia and beyond.
The remaining 20 percent is split evenly between operations and risk management, and working capital and general corporate needs.
The financials also tell an important story. HashKey has been operating at a loss since 2022. For the first half of 2025, the company reported a net loss of HK$506.7 million, though that figure is an improvement over the HK$772.6 million loss during the same period in the previous year. Still, revenue for the first nine months of 2025 grew 4 percent year-over-year, driven by asset management services even as trading volumes dropped by 24 percent.
HashKey frames these losses as part of a natural development cycle for any licensed digital-asset exchange. Building a compliant, scalable, and competitive platform requires heavy upfront investment before profitability becomes viable.
A Regulatory Landscape That Continues to Mature
HashKey’s IPO isn’t happening in isolation. Hong Kong has spent the past two years overhauling and strengthening its approach to digital-asset regulation. The city introduced its licensing regime for virtual asset service providers in 2023, giving regulators clearer oversight and creating a more trustworthy environment for investors. Earlier this year, it also introduced its first rulebook for stablecoins and issuers.
More recently, the Securities and Futures Commission announced that licensed crypto trading platforms will be allowed to use shared order books and tap into global liquidity. That single change could be transformative, boosting market depth and enabling platforms like HashKey to offer a wider range of products without compromising compliance.
Why This IPO Matters
HashKey going public is bigger than one company raising capital. It’s a signal that Hong Kong wants to be taken seriously as a global digital-asset hub. The city is betting that strict licensing, investor safeguards, and credible operators will help it stand apart from unregulated markets and regain its edge in financial innovation.
For HashKey, the IPO is a push toward long-term stability, deeper institutional trust, and the resources needed to scale in a sector where competition is fierce. For Hong Kong, it’s a milestone that reflects confidence in its regulatory framework and its ambition to lead Asia’s crypto future.