HashKey Exchange Clears HKEX Listing as Hong Kong Top Crypto IPO

HashKey Exchange Eyes Hong Kong IPO as Licensed Crypto Market Grows

HashKey Holdings Limited, the operator of HashKey Exchange, has officially passed its listing hearing with the Hong Kong Stock Exchange, marking a major milestone for what could soon become the largest cryptocurrency exchange in the state to go public.

According to the filing, the HashKey Hong Kong IPO is jointly sponsored by JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International. Once listed, it will be among the first fully compliant virtual asset trading platforms in Asia to make a public market debut, a significant step for both the digital-asset ambition and the broader tokenization industry.

A Licensed, End-to-End Digital Asset Ecosystem

HashKey operates under a Hong Kong license, enabling it to serve both professional and retail users. Its core businesses include transaction facilitation, on-chain services, and digital asset management. The company also owns Hash Blockchain Limited, which operates the regulated HashKey Exchange.

As of September 30, 2025, the platform supported 80 tokens, including BTC, ETH, SOL, LINK, AVAX, XRP, and major stablecoins. Assets held on the platform exceeded HK$19.9 billion, highlighting the rapid expansion of Hong Kong’s licensed crypto market. It also launched HashKey-Chain, an Ethereum Layer-2 designed for tokenized real-world assets, compliant dApps, and institutional-grade on-chain activity.

Despite rapid growth, losses persisted due to expansion and infrastructure costs, with HK$1.19B recorded in 2024.

Asia’s Leading Virtual Asset Infrastructure Provider

Independent research from Frost & Sullivan shows the exchnage ranked:

• Largest regional onshore platform in Asia by trading volume (2024)

• Largest on-chain service provider in Asia by collateralized assets

• Largest digital assets manager in the continent by AUM

• Ranked 15th globally on CoinGecko (as of Sept 2025)

The company has processed HK$1.3 trillion in cumulative spot trading volume on its exchange since launch. Its Bermuda platform provides access to 72 digital asset categories, while its licensed OTC operations offer institutional-grade settlement backed by integrated custody.

On the staking side, the platform held HK$29 billion in staked assets, with HK$1.7 billion tokenized on HashKey-Chain, the highest in Asia.

It also shows a strong institutional backing with as the major shareholders of Hashkey Holdings Limited include Lu Weiding, GDZ International, Puxing Energy (00090), with institutional supporter like Gaorang Capital, Fidelity Funds, and Meitu, reflecting the global interest in regulated digital resources platforms. 

IPO Funds to Power Next Phase of Growth

Proceeds from the market listing will be used to:

• Enhance technology and Layer-2 infrastructure

• Expand markets and ecosystem partnerships

• Strengthen operations and risk management

• Support general corporate activities
  

With the HashKey Exchange IPO now approaching, Hong Kong is positioning itself as a global hub for compliant crypto innovation. If completed, it will become a fully licensed crypto trading platform to achieve the listing, setting a new benchmark for regulated digital asset companies in Asia.