How HashKey plans to become Hong Kong’s first crypto IPO

HashKey is seeking to become the first fully crypto-native company to list on the Hong Kong Stock Exchange, offering 240.57 million shares under the city's new virtual asset regulatory framework. The IPO, which could raise up to $215 million, is seen as a major test of investor appetite for regulated crypto infrastructure in Hong Kong, which is actively trying to re-establish itself as a digital asset hub.

The business going public is more than just an exchange; it's a broader regulated infrastructure stack encompassing spot trading, custody, institutional staking, asset management, and tokenization of real-world assets (RWAs). While revenue has grown significantly, the company is currently operating at a loss due to heavy investment in technology, compliance, and global expansion.

Proceeds from the IPO are planned to fund infrastructure upgrades (40%) and market expansion, including pursuing licenses in other jurisdictions (40%). The success of this listing will indicate the viability of Hong Kong's compliance-first approach to digital assets and potentially pave the way for other crypto firms to go public in the city.

(Source：Cointelegraph)