report<\/a> confirmed that the company\u2019s subscriptions for its Hong Kong IPO are now open.<\/p>\nIPO opens as Hong Kong pushes for digital-asset leadership<\/h2>\n
HashKey is offering just over 240 million shares priced between HK$5.95 and HK$6.95. At the top of that range, the firm would debut with a valuation near HK$19 billion. Order books will stay open through Friday, with trading expected to begin on Dec. 17. <\/p>\n
The offering arrives during an active stretch for Hong Kong\u2019s IPO market, where total proceeds are tracking toward a four-year high. It also reflects the city\u2019s continued push to position itself as a regional home for compliant crypto firms.<\/p>\n
<\/p>\n
The exchange was one of the first companies to receive a license under Hong Kong\u2019s digital-asset framework introduced in 2022. Since then, its activities have expanded into a larger ecosystem that includes asset management, trading, on-chain services, and venture investments. <\/p>\n
HashKey reported platform assets of over HK$19.9 billion, support for more than 80 tokens, and cumulative spot trading volume of HK$1.3 trillion as of Sept. 30. It also held HK$1.48 billion in cash and HK$570 million in digital assets, with most of the latter in major tokens such as BTC, ETH, and USDT.<\/p>\n
A test of confidence for Hong Kong\u2019s crypto sector<\/h2>\n
Despite this scale, the company reported more than HK$2.3 billion in cumulative losses over the past three years. Losses in the first half of 2025 narrowed by more than a third compared with the prior year thanks to tighter cost controls and revenue tied to trading, which made up nearly seventy percent of income. <\/p>\n
HashKey argues its ISO-certified platform, conservative risk architecture, and expanding licenses in markets such as Japan and Bermuda can help mitigate pressures facing other regional exchanges.<\/p>\n
The IPO is also drawing attention because of its cornerstone investors. UBS\u2019s asset-management arm, Fidelity International, and Infini Capital have each agreed to take part, committing a combined $75 million with lock-ups lasting six months. Their backing is viewed as a vote of confidence at a time when digital-asset markets remain volatile and Bitcoin is still trading below its October record.<\/p>\n
Hong Kong has approved only a limited number of licensed crypto platforms, and inflows into the city\u2019s digital-asset exchange-traded funds are modest compared with the U.S. HashKey\u2019s listing may set a precedent for how web3 companies mature under the city\u2019s rules. <\/p>\n
It also lands as authorities advance policies on stablecoins, real-world assets, and tokenized securities, indicating a major shift toward regulated adoption. JPMorgan Chase and Guotai Junan are serving as joint sponsors for the deal. <\/p>\n
If the listing performs well, it may encourage other crypto firms in the region to revisit public-market plans and strengthen Hong Kong\u2019s case as Asia\u2019s regulatory bridge between traditional finance and digital assets.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
HashKey has opened subscriptions for its Hong Kong initial public offering, targeting up to $215M with backing from UBS and Fidelity in a key moment for the city\u2019s crypto ambitions.…<\/p>\n","protected":false},"author":1,"featured_media":17532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=17531"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17531\/revisions"}],"predecessor-version":[{"id":17533,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17531\/revisions\/17533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/17532"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=17531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=17531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=17531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}