HashKey Holdings Miniature is location to become Hong Kong’s first publicly-listed crypto replace after submitting its initial public offering on Monday, outlining the scale of its purchasing and selling, custody, and tokenization companies in the metropolis, which has emerged as undoubtedly one of Asia’s most tantalizing regulated hubs for digital assets.
The IPO sets out 240.57 million shares in the world offering, in conjunction with 24.06 million for Hong Kong investors and 216.51 million for world investors, with a maximum set up of HK$6.95 per piece, per a prospectus.
HashKey is creating “a digital asset ecosystem” that delivers services and products “tailored to meet distinct and evolving wants of retail investors, institutional purchasers and thoroughly different stakeholders alongside the blockchain set up chain,” the document reads.
Final pricing will likely be determined by December 16, while purchasing and selling commences the next day to come to include the shares listed below stock code 3887.
Disclosure: HashKey Holdings Miniature, thru HashKey Capital, is undoubtedly one of twenty-two investors in an editorially neutral Decrypt.
Hong Kong hub
The document additionally offers the principle detailed personal a study how HashKey, already the largest licensed platform in Hong Kong, is positioning its industry below the metropolis’s novel regime for retail and institutional crypto markets.
Hong Kong has spent the past two years tightening and clarifying its regulatory structure because it positions itself as a certified hub for digital asset train.
Regulators celebrated novel permissions for staking services and products in April, permitting SFC-supervised companies to present staking below controlled cases. It later imposed stricter custody requirements for licensed platforms.
The metropolis additionally developed stablecoin oversight, unveiling principles that enhance U.S. greenback dominance in local issuance while atmosphere out capital, disclosure, and governance thresholds for would-be issuers.
But these strikes personal additionally been formed by Beijing’s gape. Mainland regulators moved in October to stop stablecoin ventures in the metropolis from two of the nation’s largest tech companies.
The consequence’s a regime that welcomes regulated digital asset train while imposing better compliance expectations, a model that has become central to Hong Kong’s issue to blueprint institutional avid gamers and distinguish itself from unregulated offshore exchanges.
Below the hood
Tranquil, HashKey frames its advantages around regulatory credibility, ecosystem attain, and technical depth.
It additionally highlights its procedure as an early, licensed digital assets operator in Asia, its security and compliance posture, and a product stack designed to enhance community effects across purchasing and selling, custody, staking, and tokenization.
It reported HK$29.0 billion (US$3.71 billion) in assets below staking and HK$1.7 billion (US$218 million) in proper-world asset set up, positioning it because the largest staking provider in Asia and eighth globally.
Revenue stays early-stage, nonetheless the industry said it’s shifting in opposition to proper-world monetary assets and plans to monetize thru gasoline bills gathered on HashKey Chain, a layer-2 community for RWAs, stablecoins, and institutional capabilities.
The community additionally reported HK$7.8 billion (US$998 million) in assets below administration since inception, alongside project and secondary fund companies that it claims deem early leadership in Asia’s digital asset funding sector.
While HashKey’s income grew sharply between 2022 and 2024, its working bills expanded additional, driving losses to almost double from HK$585.2 million (US$74.9 million) in 2022 to HK$1.19 billion (US$152.3 million) in 2024.
The firm cites rising spending on be taught, marketing, and administrative capabilities, alongside with trim equity-settled piece-basically based mostly payment bills, as key drivers of that widening gap.
Adjusted losses narrowed in 2023 sooner than rising again in 2024 and the principle half of of 2025, reflecting better bills tied to its replace industry and a downturn in transaction-facilitation income.
Procure loss improved to HK$506.7 million (US$64.9 million) in the principle half of of 2025, “mainly attributable to the decline in fashioned and administrative bills.”
Decrypt has reached out to HashKey for recount nonetheless has now not yet obtained a response.
