coinspress.com
HashKey has begun taking investor orders for its Hong Kong Stock Exchange listing, aiming to raise up to HK$1.67 billion (about $215 million).
Trading is set to start on December 17, 2025, marking a major step in Hong Kong’s strategy to attract institutional crypto participation. The subscription window remains open until Friday.
A Market Debut Designed For Institutional Demand
HashKey plans to offer 240.6 million shares within a range of HK$5.95 to HK$6.95. If shares price at the top, the company would reach a valuation near HK$19 billion (about $2.47 billion). The listing will use stock code 03887, supported by JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International.
Institutional appetite appears strong. Nine cornerstone investors, including Fidelity International and UBS Asset Management Singapore, have placed about $75 million in advance orders. Their commitments show rising confidence in Hong Kong’s regulated approach to digital assets. It also signals support for HashKey’s long-term expansion plans.
Heavy Investments Position HashKey For Regional Expansion
HashKey reported a HK$506.7 million loss in the first half of 2025. The company attributes the result to large investments in compliance, technology, and staffing. These upgrades were needed to meet Hong Kong’s licensing standards. The effort has paid off, as HashKey now operates the city’s largest licensed crypto exchange.
Cumulative spot trading volume reached HK$1.3 trillion by September. This growth highlights strong demand for regulated digital-asset platforms in Asia. It also reflects HashKey’s role in shaping Hong Kong’s institutional trading ecosystem.
IPO Funds Aimed At Technology, Risk Controls, And Market Growth
Capital raised from the IPO will support infrastructure upgrades and improved risk-management systems. HashKey also plans to expand its workforce and accelerate market development. The company’s ecosystem spans trading, asset management, and venture investment, giving it a broad base for regional leadership.
With new capital and rising institutional interest, HashKey enters the public market at a pivotal moment. Hong Kong aims to be a trusted gateway for digital assets, and HashKey’s growth could play a central role in that strategy.