HashKey is making headlines with its ambitious plan to become Hong Kong’s first fully crypto-native initial public offering (IPO). This move not only showcases the city's evolving virtual asset landscape but also tests the waters for compliance-first crypto platforms in attracting investor interest.

The company aims to list 240.57 million shares under Hong Kong’s new virtual asset regulatory regime. This initiative is more than just a stock offering; it represents a comprehensive platform that integrates trading, custody, institutional staking, asset management, and tokenization, all under one regulated umbrella.

While HashKey's revenue trajectory is promising, the company is still grappling with losses as it invests heavily in technology, compliance, and market expansion. The proceeds from the IPO are expected to fuel these investments, positioning the listing as a long-term bet on the future of regulated digital asset markets.

The IPO, which could potentially raise about 1.67 billion HKD (approximately $215 million), is scheduled to commence trading on December 17 on the Hong Kong Stock Exchange. Shares are being marketed within a price range of 5.95 to 6.95 HKD, with a portion allocated for local retail investors.

HashKey is already touted as Hong Kong’s largest licensed crypto platform, managing tens of billions of HKD in staking and platform assets. The IPO not only represents a significant milestone for HashKey but also serves as an early indicator of Hong Kong's ambitions to reclaim its status as a digital asset hub after grappling with regulatory uncertainties in recent years.

The city has been proactive in establishing a dedicated licensing regime for both retail and institutional crypto platforms, rolling out tightly controlled staking services, and enhancing custody requirements along with stablecoin oversight. HashKey’s IPO is among the first major attempts to bring this new regulatory framework to public equity investors.

As the exchange prepares to go public, analysts are keenly observing whether investors are willing to back a heavily regulated crypto infrastructure. The final pricing for the shares will be revealed on December 16, and the proposed stock code for trading is 3887.

HashKey’s business model is multifaceted, extending beyond mere trading activities. The core of its operations is the HashKey Exchange, which is licensed under the Securities and Futures Commission (SFC) to offer a variety of services, including spot trading and over-the-counter services. The company prides itself on servicing both retail and professional clients, making it a significant player in the market.

In addition to trading, HashKey offers institutional staking and has received approval for staking services related to Hong Kong’s spot Ether exchange-traded funds (ETFs). As of the third quarter of 2025, HashKey reported managing approximately 29 billion HKD in staked assets, establishing itself as one of Asia’s largest staking providers.

The company also operates an asset management arm, boasting around 7.8 billion HKD in assets under management as of late September 2025. HashKey has gone a step further by venturing into tokenization through its HashKey Chain, which focuses on real-world assets (RWAs), stablecoins, and institutional use cases. Notably, HashKey has successfully tokenized over 1 billion HKD worth of RWAs, a significant achievement in the digital asset space.

However, the path to profitability remains challenging for HashKey. The company has experienced rapid revenue growth, with total revenue increasing from approximately 129 million HKD in 2022 to 721 million HKD in 2024. Despite this growth, net losses have also surged, nearly doubling from 585.2 million HKD in 2022 to 1.19 billion HKD in 2024. The rising losses are attributed to significant investments in technology, compliance, and marketing, as well as the costs associated with operating licensed venues across multiple jurisdictions.

In the first half of 2025, HashKey reported a narrower net loss of 506.7 million HKD, compared to 772.6 million HKD in the same period the previous year. The company views these losses as necessary expenditures for building a robust, compliant, and scalable digital asset platform in anticipation of favorable market conditions.

HashKey has laid out clear intentions for how it plans to utilize the funds raised from the IPO. Approximately 40% of the net proceeds will be allocated towards technology and infrastructure upgrades over the next three to five years. This includes enhancing the capabilities of HashKey Chain and the exchange’s matching engine, as well as bolstering custody and security measures.

Another 40% is earmarked for market expansion and ecosystem partnerships. This strategy involves aggressively entering new jurisdictions and scaling crypto-as-a-service arrangements, connecting banks, brokers, and fintechs to HashKey’s custody and trading stack.

The remaining 20% of the proceeds will be split between operations and risk management (10%) and general corporate purposes (10%). This allocation covers hiring efforts, strengthening compliance and internal controls, and maintaining sufficient balance sheet flexibility to navigate market cycles.

Looking ahead, there are three critical factors to watch as December unfolds: the pricing and initial trading performance of the shares, HashKey's ability to convert its comprehensive business model into consistent and diversified revenue streams, and Hong Kong's ongoing commitment to maintaining a licensed yet open approach to digital assets.

If HashKey successfully executes its plans, it could pave the way for other exchanges, banks, and tokenization projects to pursue public offerings in Hong Kong. Conversely, if the company faces challenges post-IPO, it may highlight the limitations of Hong Kong’s virtual asset initiatives. As the crypto landscape continues to evolve, all eyes will be on HashKey and its journey into public markets.