Rebecca Cruz Hong Kong’s HashKey crypto exchange opens IPO subscription targeting $215 million. The platform aims to scale its ecosystem and strengthen its market presence.
HashKey, Hong Kong’s leading crypto exchange, has officially opened subscriptions for its initial public offering, aiming to raise $214.7 million. The move positions HashKey for a listing on the Hong Kong Stock Exchange next week, highlighting the city’s growing role as a hub for crypto innovation.
Investors can now apply for HashKey shares online through the HK eIPO White Form or via the HKEX digital settlement platform FINI until Friday. The exchange is offering 240.6 million shares at a price range of $0.76 to $0.89 per share. If the top of the range is achieved, HashKey’s market valuation would reach approximately $2.46 billion, cementing its status as the largest crypto exchange in Hong Kong.
Rapid Growth Path to IPO
Founded in 2018, HashKey has experienced a meteoric rise in the local crypto market. Within five years, it has reportedly captured over 75 percent of Hong Kong’s crypto trading volume, surpassing competitors by more than threefold. After receiving essential regulatory approvals in 2022, HashKey began full-scale operations in 2023, quickly establishing a strong market presence.
According to its IPO prospectus, HashKey has facilitated cumulative spot trading volumes of $167 billion as of September 30, offering a wide range of services to institutional and retail investors. These include spot trading, over-the-counter transactions, staking, and tokenization. The exchange also operates HashKey Chain, an Ethereum layer-2 network designed for real-world assets, stablecoins, and decentralized applications.
Expanding Asset Management Presence
In 2024, HashKey emerged as the largest Hong Kong-based asset management provider in Asia, with $1 billion in assets under management as of September. Its diversified offerings and innovative blockchain solutions have positioned the company as a key player in Asia’s growing crypto ecosystem.
Strong Backing and IPO Strategy
The IPO is supported by prominent sponsors including US investment bank JPMorgan and local financial institutions such as Guotai Junan. Proceeds from the public offering are expected to strengthen HashKey’s infrastructure, enhance risk management frameworks, and expand its workforce to support ongoing growth.
Hong Kong’s Booming IPO Market
HashKey’s listing comes amid a surge in Hong Kong IPO activity. The Hong Kong Stock Exchange reported a 209 percent year-on-year increase in funds raised through IPOs in 2025, totaling $27.8 billion in the first months of the year alone. This growth underscores the city’s appeal for high-profile technology and crypto listings.
With its IPO subscription now open, HashKey is set to leverage its market dominance and technological capabilities to expand further into Asia and beyond. Investors eyeing the offering have a limited window to participate, as the subscription period closes later this week.
HashKey’s strategic positioning in Hong Kong, combined with its diverse service offerings and rapid adoption, signals continued growth for the exchange and strengthens the city’s reputation as a major crypto hub in the region.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
