Key Takeaways
- HashKey Holdings could debut on the Hong Kong Stock Exchange as soon as this month.
- The crypto exchange operator is looking to raise at least $200 million in its IPO.
- HashKey is expected to become one of Hong Kong’s most valuable listed crypto companies.
HashKey Holdings is preparing to start taking investor orders for its initial public offering (IPO) on the Hong Kong Stock Exchange as early as next week, according to sources cited by Bloomberg on Friday, Dec. 5.
The company reportedly hopes to raise at least $200 million and may complete the listing before the end of the month.
Hong Kong’s Biggest Crypto IPO
Assuming it reaches its IPO target, Hashkey will become one of Hong Kong’s most valuable listed crypto companies, joining the ranks of Meitu, OSL Group, and DMall, which all have a market capitalization exceeding $1 billion.
The Hong Kong Stock Exchange has hosted several multi-billion-dollar IPOs this year, with CATL, Zijin Gold International, and Horizon Robotics raising around $14 billion between them.
Among digital asset companies, OSL Group gets credit for the biggest equity raise, issuing new stock worth $300 million in July.
Now, HashKey is on course to take the crypto IPO crown.
How Much Will Hashkey be Worth Post-IPO
While the precise details of HashKey’s offering aren’t yet known, HashKey first achieved unicorn status in 2024, when it raised $100 million from private investors.
When Gaorong Ventures injected another $30 million in February this year, HashKey’s valuation remained roughly the same at around $1.5 billion, a spokesperson told Bloomberg.
A Test for Hong Kong’s Crypto Strategy
HashKey’s decision to list in Hong Kong represents a vote of confidence in the territory’s crypto strategy.
The anticipated IPO points to a more optimistic outlook after Hong Kong-listed crypto firms took a beating on the stock market recently.
When the People’s Bank of China (PBOC) indicated its intention to restrict stablecoin activity in mainland China, shares in OSL Group, Yunfeng Financial Group, and other crypto-adjacent Hong Kong stocks plummeted.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
