Hong Kong is preparing for a new move that strengthens its goal of regional leadership in the crypto asset ecosystem. HashKey, one of the first companies to adopt the city’s digital asset regulations, has become the focus of investors by officially starting the long-awaited public offering process. The company, which has the support of giant names such as UBS and Fidelity, aims to raise funds up to 215 million dollars. This development comes at a time when Hong Kong’s crypto vision is being tested and at a time when global investor interest is on the rise again.
New Act in Hong Kong’s Crypto Move
HashKey priced more than 240 million shares in the IPO range at HK$5.95 – HK$6.95. If there is demand from the top, the company’s market valuation will reach HK$19 billion. The order collection process will continue until Friday; Transactions will begin on December 17.
While the IPO market, which has recently revived on the Hong Kong stock exchange, is approaching the highest levels of the last four years in terms of total revenue, the listing of HashKey is seen as a milestone for digital asset-focused companies. The city aimed to become one of the safe and regulated crypto centers with the digital asset licensing system that came into force in 2022. HashKey has expanded its activities beyond trading by becoming one of the first companies to be licensed under this regulation. Today the company; It operates a broad ecosystem encompassing asset management, on-chain services and venture investments.
The company had HK$19.9 billion in assets, more than 80 supported tokens, and a total spot trading volume of HK$1.3 trillion on its platform as of September 30. Additionally, the balance sheet includes HK$1.48 billion in cash and HK$570 million in digital assets consisting of major tokens such as BTC, ETH, USDT.
Big Investors’ Confidence and Hong Kong’s Test
Although HashKey has an extensive operation, it has posted total losses exceeding HK$2.3 billion in the last three years. However, losses narrowed significantly in the first half of 2025, thanks to increased cost discipline and an increase in transaction revenues. Still, the success of the IPO will reflect investors’ confidence in both Hong Kong and regulated crypto platforms.
For this reason, the commitment of giants such as UBS Asset Management, Fidelity International and Infini Capital for a total of 75 million dollars is considered a great vote of confidence. Moreover, these investors have shown a long-term commitment by agreeing to a six-month lock-in period.
While Hong Kong has so far licensed a limited number of crypto platforms, inflows into crypto ETFs in the city still lag behind the US market. But HashKey’s IPO could serve as an example of how Web3 companies can grow within a regulated framework. In particular, the new steps taken by the Hong Kong government in areas such as stablecoin regulations, tokenization projects and digitalization of real-world assets make HashKey’s public offering even more important.
In a similar development, in recent weeks, the Hong Kong government announced that it was testing a new retail bond program on blockchain to increase the use of tokenization infrastructure. This shows that the city is making aggressive progress in the field of digital finance.
HashKey, on the other hand, is known as a regulated digital asset finance group based in Hong Kong. Ecosystem; It covers stock market services, asset management, custody solutions and Web3 investments. The company became one of the first fully licensed crypto exchanges to serve individual investors in Hong Kong in 2023. Additionally, HashKey was introduced to Ethereum last year. 
$2,804.64It attracted attention as one of the first institutions to expand its staking services in Asia after the Shanghai upgrade of .
