A recent Bloomberg report showed that HashKey Group has confidentially filed for an IPO in Hong Kong, seeking to go public potentially later in the year. The filing is not yet public, but sources say details such as timing and valuation remain under negotiation.
HashKey spokespersons declined to comment to Bloomberg’s query, stating that the company “has no listing-related information to disclose.” If successful, the IPO could raise as much as $500 million, according to insiders who spoke to Bloomberg.
HashKey Group, the operator of Hong Kong’s biggest licensed crypto exchange, has confidentially filed for an IPO in the Asian financial hub, sources say https://t.co/Cr7FjHy6PJ
— Bloomberg (@business) October 10, 2025
Founded in 2018, HashKey Group is a Hong Kong-based digital assets firm offering exchange, custody, asset management, venture capital, and blockchain infrastructure services. It operates HashKey Exchange, one of the leading licensed crypto trading platforms in Hong Kong, serving retail and institutional clients.
Hashkey is also seeking to expand globally; recently, it applied for regulatory authorizations in Dubai under VARA. In Ireland, it has sought permits as a Virtual Asset Service Provider and has a Class F license in Bermuda. In September 2025, HashKey also unveiled plans for a $500 million Digital Asset Treasury (DAT) fund to bridge TradFi and crypto, highlighting its ambition beyond just exchange operations.
Why choose Hong Kong for the IPO?
Hong Kong has been actively crafting a regulatory framework supportive of virtual assets, licensing crypto firms, and positioning itself as a digital asset hub. That environment provides legitimacy and institutional investor access. A listing in Hong Kong also lets HashKey tap local capital pools and Asian investor appetite for crypto plays.
By staying put in Hong Kong, HashKey links its identity to Asia’s financial center, as well as gets access to Chinese capital flows. Moreover, it avoids the hurdles of U.S. listings or competing with Western exchanges. Also, since the company has an existing Hong Kong license, it means they already have a domestic base of regulatory alignment.
Officials have remained tight-lipped, but the crypto community will be eagerly awaiting details of its valuation, share structure, or underwriters, which may come to light once executives from HashKey get to the road show stage post approvals.