HashKey Revenue Rises 20.6% as Adjusted First-Half Loss Narrows

HashKey Holdings reported HK$342.5 million in revenue for the first half of 2026, an increase of 20.6% from the same period a year earlier. Its unaudited interim results released on August 27 also show that the company’s non-IFRS adjusted loss narrowed 21% to HK$314.8 million.

Trading services produced most revenue

Transaction-facilitation revenue rose 38.6% to HK$267.9 million, accounting for most of the group’s reported sales. Total platform trading volume increased 31.8% to HK$282.2 billion, while institutional customer volume climbed 58.8% to HK$231.5 billion.

Institutional activity represented 82% of platform volume during the reporting period. Gross profit increased 12.5% to HK$207.5 million, while the company said its gross margin improved sequentially to 60.6% from the second half of 2025.

Tokenized assets expanded faster than the core group

HashKey reported HK$2.68 billion in total value locked across on-chain real-world assets, up 167.8% year over year. The company cited a tokenized Hong Kong real-estate project and a regulated silver token among products delivered during the period.

The group has continued adding externally managed tokenized funds, including plans to distribute Franklin Templeton’s OnChain US Government Liquidity Fund. Its exchange business has also strengthened banking access through a JPMorgan-approved account arrangement.

Adjusted loss remains larger than revenue

Although the adjusted loss improved from HK$398.3 million a year earlier, it remained close to the size of first-half revenue. HashKey defines the non-IFRS measure by excluding share-based payments, certain preferred-share interest and some digital-asset valuation changes.

The exclusions mean adjusted loss should not be treated as equivalent to statutory net income. HashKey also reported HK$5.94 billion in assets under management and HK$38.84 million in asset-management revenue. Future profitability will depend on whether growing institutional volume and tokenization revenue can outpace operating and expansion costs.

The company is also pursuing regional expansion. It signed a framework agreement in July to acquire Singapore’s APEX exchange, which holds exchange and clearing-house licences, and previously invested in a Vietnamese trading-platform venture. Those transactions may broaden HashKey’s regulated footprint, but their integration costs and execution risks cannot be evaluated from first-half trading growth alone. They will also affect future profitability. Outcomes remain uncertain.