Crypto Exchange HashKey Set to Open Investor Orders for $200M IPO, Eyes December Listing

Hong Kong is set for the largest digital-asset listings as crypto exchange operator HashKey advances toward a public debut. The company is now preparing to open investor orders for a planned $200 million IPO.

HashKey Moves Closer to December Listing with IPO Orders Set to Open

According to Bloomberg, the firm is expected to start taking investor orders as early as next week for its Hong Kong initial public offering. The deal targets raising at least $200 million. This may see the company listed on the Hong Kong Stock Exchange before the end of December.

The company was founded in 2018 by Xiao Feng. HashKey has grown into a multi-jurisdiction digital-asset business operating across Hong Kong, Singapore, Japan, the UAE, Ireland, and Bermuda. Early backers include Gaorong Ventures which invested $30 million at a valuation topping $1 billion.

The firm provides exchange services, venture investments, and asset management. It reported a $65 million loss for the first half of 2025 but its listing documents show improvement from the previous year. As of September, it has a total spot trading volume of $167 billion.

This offering comes at an important time for Hong Kong. The region wants to regain its position in the crypto market in Asia after Beijing’s 2021 ban reduced activity on the mainland. In 2023, authorities created a specific framework for virtual assets and are looking at changes in policies to encourage local participation.

In May this year, Hong Kong announced the passage of the Stablecoin Bill, joining other countries already pushing to adopt stablecoins.

HashKey Clears HKEX Listing Committee

On Monday, the HKEX committee cleared the exchange ahead of its public listing. The HKEX this week published a 633-page post-hearing information pack. That means the exchange’s listing committee has formally approved the company to proceed.

This brings the crypto group substantially closer to becoming Hong Kong’s largest publicly traded digital-asset exchange.

The filing follows a wave of successful listings and IPO ambitions across the sector. For instance, the recent offering by Gemini said to have been more than 20 times oversubscribed.

The push to the public markets now appears to be a trend among the largest crypto firms. U.S. custodian BitGo is also preparing for its own IPO after reporting a four-fold revenue increase in early 2025.