HashKey Clears HKEX Hearing: Hong Kong IPO Now on the Horizon
Hong Kong's crypto landscape just got a major legitimacy boost. HashKey Exchange, one of the city's licensed virtual asset trading platforms, has reportedly passed its listing hearing with the Hong Kong Exchanges and Clearing (HKEX). This critical milestone clears the final regulatory hurdle before its shares can start trading publicly.
The Road to the Main Board
Passing the hearing doesn't mean the bell rings tomorrow. The exchange now enters the final pre-IPO phase—finalizing its prospectus, setting the offer price, and drumming up investor interest through a roadshow. But the gate is officially open. This move signals a maturing market where crypto-native businesses are seeking traditional capital and validation.
A Signal, Not Just a Listing
For the broader digital asset sector, HashKey's impending debut is more than a corporate finance event. It's a test case for how global financial hubs integrate crypto enterprises into their mainstream capital markets. Success could pave the way for a wave of similar listings, while hesitation might reveal lingering institutional cold feet—despite all the regulatory green lights.
Watch this space. If the listing gets the warm reception bulls expect, it could trigger a re-rating of crypto infrastructure stocks globally. If it stumbles? Well, sometimes the market's appetite for innovation is as fickle as a trader's stop-loss. The real hearing starts when the order books open.
Expanding digital asset offerings
As of September 30, this year, HashKey offered 80 different digital assets on its platform. This includes major cryptocurrencies like Bitcoin and Ethereum, popular stablecoins, DeFi tokens, and newer ecosystem coins. In Hong Kong, it supports Tether (USDT), Bitcoin (BTC), ethereum (ETH), USDC, Solana (SOL), LINK, AVAX, DOGE, UNI, and XRP.
Its Bermuda platform adds support for 72 additional assets. In addition to that, the exchange has processed HK$1.3 trillion worth of spot trades, and over-the-counter (OTC) operations continue to contribute revenue via market spreads.
HashKey provides institutional services such as staking, asset tokenization, and blockchain development support. By September 2025, total commitments reached HK$29 billion, with HK$1.7 billion in tokenized real-world assets on its Layer-2 HashKey Chain.
It also manages HK$7.8 billion in funds from institutional clients across venture and secondary market investments. Its flagship funds have completed more than 400 investments, with the company one of the leading Asian players involved in blockchain investment.
Financial trajectory and market context
HashKey’s revenue grew from HK$129 million in 2022 to HK$721 million in 2024. Gross margins fell to 65% by mid-2025. Losses were mainly due to market fluctuations and rapid business expansion. By August 2025, the company held HK$1,657 million in cash and HK$592 million in digital assets, highlighting both fast growth and the risks of operating in crypto.
Meanwhile, regional market conditions continue to change. Thai crypto exchange Bitkub recently said it is considering a Hong Kong IPO to raise about $200 million, amid underperformance by the Thai stock market. The SET Index has fallen nearly 10% this year.
Liu Honglin of Man Kun Law Firm stated, “Regulators have drawn a concrete red line on what used to be a vague borderline.” He added, “The statement has erased any ambiguity, speculation and illusions about China’s stablecoin policies.”
Hong Kong offers clearer rules for stablecoins. In May 2025, the city passed the Stablecoins Bill, requiring companies to get HKMA approval, keep client funds separate, manage reserves carefully, and let customers redeem funds easily.
Meanwhile, HashKey’s approval by HKEX shows growing institutional participation in Hong Kong’s crypto market. Clearer regulations and digital asset services may encourage other exchanges, like Bitkub, to consider listing, affecting regional crypto activity and liquidity.
Also Read: Sony Bank plans U.S. Stablecoin Launch by 2026
