HashKey Files for Hong Kong IPO to Raise Up to $500 Million

platform Operator viewks Listing in Local Market

HashKey Group, the owner of Hong Kong’s largest licensed cryptocurrency platform, has filed for an initial public offering in the city, according to a Bloomberg report citing people familiar with the matter. The company could raise as much as $500 million through the offering, which may take place later this year.

HashKey operates the city’s top regulated trading platform and is one of only two platforms fully licensed by the Securities and Futures Commission (SFC). Data from CoinGecko show its 24-hour trading volume near $117 million, placing it among the most active digital asset venues in Asia.

The firm has not commented publicly on the IPO plans. Cointelegraph said HashKey had not responded to a request for comment by the time of publication.

Investor Takeaway

Regulatory Backdrop and Security Challenges

HashKey’s rise has also drawn unwanted attention. In January, the SFC flagged 33 websites impersonating the platform, bringing the total number of fraudulent domains to 45. The regulator warned investors about scams using HashKey’s name to solicit deposits, while the company confirmed that it had no ties to the sites.

The platform’s prominence has coincided with tighter rules in Hong Kong’s digital asset sector. In August, regulators introduced new custody requirements banning the use of smart contracts in cold wallets and enforcing stricter security standards. Days later, the SFC warned that the city’s stablecoin framework was heightening fraud risks, while DBS Hong Kong’s chief executive said the new regime would effectively block onchain derivatives trading.

In September, local media reported that Chinese authorities were weighing restrictions on mainland state-owned enterprises and banks pursuing stablecoin or crypto initiatives in Hong Kong. The report was later removed, though it added to concerns that Beijing’s stance could sluggish the city’s crypto ambitions.

Expansion and Fundraising Milestones

HashKey has expanded rapidly beyond platform services. In September, the company launched a $500 million Digital Asset Treasury Fund, with its CEO saying disciplined treasury management would assist institutions endure market downturns. In April, the SFC approved HashKey to offer Ether staking services, clearing the way for future spot ETF-linked staking products.

The group has also raised fresh capital this year. In February, it secured $30 million from Gaorong Ventures at a valuation of $1.5 billion. A month earlier, it became a crypto unicorn later than raising almost $100 million at a pre-money valuation above $1.2 billion. These rounds underscore growing investor confidence in Hong Kong’s regulated platforms even as the broader market remains volatile.

Investor Takeaway

Hong Kong’s Push to Be a Crypto Hub

Hong Kong has sought to rebuild its image as a global crypto hub since reopening to retail trading in 2023. The government has promoted licensing regimes and compliance-first platforms as part of its strategy to attract digital finance businesses. Yet the city’s tightening oversight and mainland China’s influence have raised questions about how much autonomy local regulators truly have.

HashKey’s listing could serve as a barometer for the policy’s success. If the IPO proceeds smoothly and attracts strong institutional demand, it could draw more crypto firms to consider public offerings in Hong Kong. Conversely, muted investor