HashKey is set to be Hong Kong’s first fully crypto-native IPO, listing 240.57 million shares under the city’s regulatory regime. The company will offer a range of 5.95-6.95 Hong Kong dollars per share, with trading starting on Dec. 17. Revenue is increasing, but losses persist due to heavy investments in technology and compliance.

The IPO proceeds will fund infrastructure and international growth, making it a long-term bet on regulated digital asset markets. HashKey operates as Hong Kong’s largest licensed platform, offering trading, custody, staking, and tokenization services. The IPO is seen as a test of investor appetite for heavily regulated crypto infrastructure.

HashKey Holdings, the business going public, offers a broad crypto infrastructure stack under Hong Kong’s regulatory framework. The company operates HashKey Exchange, providing spot trading, staking services, and asset management. HashKey also offers staking for Ether ETFs, manages billions in staked assets and assets under management, and is venturing into tokenization.

Despite revenue growth, HashKey is incurring losses as it invests in expansion and compliance. The company reported a nearly doubled net loss in 2024 compared to 2022. Trading volumes have increased significantly, but costs of operating licensed venues across jurisdictions impact profitability. Recent numbers show a narrower net loss in the first half of 2025.

HashKey plans to use IPO proceeds for technology upgrades, market expansion, and operational purposes. The company aims to scale HashKey Chain, strengthen custody and security, and expand into new jurisdictions. Market expansion includes partnerships to connect banks and fintechs to HashKey’s infrastructure. The IPO will also support hiring, compliance, and risk management efforts.

In December, watch how the IPO is priced and shares trade post-listing, HashKey’s ability to generate steady revenue from its full stack, and Hong Kong’s approach to digital assets. The outcome could set a precedent for other exchanges and tokenization projects looking to go public in the city and highlight the limits of Hong Kong’s virtual asset experiment.

Read more at Cointelegraph: How HashKey Plans to Become Hong Kong’s First Crypto IPO