Catenaa, Saturday, December 20, 2025- Hong Kong’s largest licensed crypto exchange HashKey has priced its initial public offering near the top of its marketed range, raising about HK$1.6 billion ($206 million) in a test of demand for regulated digital asset platforms.
The company sold 240.6 million shares at HK$6.68 each, with strong institutional interest concentrated among the top 20 investors.
HashKey did not increase the size of the offering, which allocated roughly 24.1 million shares for local investors and the remainder internationally.
The pricing values the company at approximately HK$19 billion, according to its prospectus. Shares are set to start trading on Wednesday in Hong Kong, with JPMorgan Chase and Guotai Junan serving as joint sponsors.
The IPO is a milestone for Hong Kong’s regulated crypto sector. HashKey was among the first exchanges to secure a license under the city’s 2022 digital asset framework and holds more than 75% of onshore digital asset trading volume.
The company offers staking, tokenization, and custodial services and manages billions in client assets through funds and structured products for institutional and high-net-worth investors.
Proceeds from the IPO will fund technology expansion, infrastructure upgrades, hiring, and risk management enhancements, positioning HashKey to benefit from Hong Kong’s push to become a regional crypto hub.
The debut comes amid softer global risk appetite and a roughly 30% decline in Bitcoin from its October record high, providing an early indicator of public market appetite for growth-focused, regulated digital asset companies.
