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HashKey Seeks $215 Million IPO on Hong Kong Exchange
11 Dec, 2025
Summary
- HashKey aims to raise $215 million in its public listing.
- The company expects its valuation to exceed $2 billion.
- HashKey is one of 11 companies with a license in Hong Kong.
HashKey Holdings Ltd. has announced its intention to pursue a public listing on the Hong Kong stock exchange. The company, which operates the region's largest cryptocurrency exchange, is targeting to raise as much as $215 million through this offering, potentially elevating its valuation to over $2 billion. JP Morgan and Guotai Junan are serving as joint sponsors for this significant financial move.
Despite having a daily trading volume of $96 million, which is considerably lower than global leaders like Binance or Coinbase, HashKey possesses a distinct advantage: it is one of just eleven entities in Hong Kong to hold an official operating license. This licensed status positions HashKey within an expanding cohort of crypto companies seeking public market access.
This potential listing occurs amidst a broader wave of cryptocurrency firms entering public markets, including Circle's $1 billion raise and Bullish's similar public offering earlier this year. However, the recent volatility in the Bitcoin market, triggered by geopolitical tensions and trade concerns, could impact the success of these upcoming IPOs, including HashKey's.
