HashKey Prepares to Open Investor Orders for December Hong Kong Listing

HashKey moves toward its Hong Kong IPO, targeting over $200 million amid rising institutional interest and expansion plans.

HashKey Holdings is advancing toward its Hong Kong listing, and sources indicate that investor orders may open as early as next week. The votes cleared the company’s HKEX listing hearing on December 1, 2025, and that cleared the way for the silver miner to rapidly proceed with its final preparation for what could be its December debut.

HashKey’s Planned IPO Draws Investor Attention

According to Bloomberg, people with knowledge of the subject said that HashKey is planning to raise at least $200 million in the initial public offering. Although earlier reports had said that the target amount could be as high as $500 million, the final estimation is not confirmed. Moreover, the added the individuals that the final size and time the offering took place may be subject to changes in market conditions. The firm previously raised more than $1.5 billion in valuation in a strategic funding round earlier this year, in February 2025, which was highlighted in industry reports and blog analyses.

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Background sources emphasized that HashKey is the largest crypto exchange licensed by Hong Kong’s crypto regulatory regime. The company operates trading services, venture investment units, and a growing asset management division. These business lines helped to strengthen its profile, although rising compliance and technology costs continued to affect profitability.

Financial Challenges and Operational Investments Shape Outlook

Furthermore, HashKey experienced a net loss of HK$506.7 million over the first half of 2025. This reflected continued investment in compliance improvements, infrastructure construction and market development. The loss decreased compared to the previous year, with controlled expenditure and more efficiency in the operational level. Industry observers said such spending reflected Hong Kong’s strict regulatory expectations in relation to licensed crypto platforms.

The company expects higher revenue from institutional services in 2026. It also plans to grow income through custody integration. Additionally, it aims to expand revenue with broader product diversification. These forecasts are still conditional on the conditions of the world market and the regional regulatory environment in Asia.

Analysts commented that the IPO could reinforce the role of Hong Kong in the regulated sector of digital assets. Furthermore, market experts said the listing may be attractive to institutional participants looking for regulated exposure to crypto platforms. 

Financial specialists added that the move by HashKey is coming as competition grows between licensed exchanges in the region. Therefore, capital raised through the IPO will help ensure the technological edge of the company and help with foundational economic adoption.

Planned Use of Proceeds Highlights Expansion Goals

The company plans to use the funds from the IPO for technology improvements, product launch, overseas expansion, and market penetration. Further, executives hope to expand asset management capabilities and bolster institutional offerings. These initiatives are expected to increase liquidity depth and service coverage to professional investors.

Broader market watchers suggested that if the volatility of crypto increases, exchanges may face more liquidation risks across trading books. As a result, regulated platforms such as HashKey could benefit from enhanced operational resilience that is funded through public capital.

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