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- HashKey is set to open investor orders soon for a $200M Hong Kong IPO after HKEX approval

- The exchange reported $167B spot volume and reduced losses ahead of its planned December debut

- Hong Kong's new digital-asset rules and recent oversubscribed listings boost sector momentum

HashKey is entering the final phase of its public market push, with the crypto exchange operator preparing to open investor orders for its $200 million Hong Kong IPO as early as next week. The step puts the company on track for one of Hong Kong's largest digital-asset listings and could position the exchange for a debut on the Hong Kong Stock Exchange before the end of the year. The progress follows months of regulatory review that culminated in formal clearance from HKEX's listing committee.

According to Bloomberg, HashKey received approval from Hong Kong Exchanges and Clearing (HKEX) earlier this week, enabling the firm to proceed with the offering. HKEX also released a 633-page post-hearing information pack, marking the final procedural stage before HashKey can market the deal to investors.

The IPO aims to raise at least $200 million. If the schedule holds, HashKey could complete the listing before 2025 ends, adding a new digital-asset entity to Hong Kong's evolving regulatory environment for virtual-asset service providers.

Founded in 2018 by Xiao Feng, HashKey operates across Hong Kong, Singapore, Japan, Ireland, the UAE, and Bermuda. Early investor Gaorong Ventures previously injected $30 million at a valuation above $1 billion. The group currently provides exchange services, asset-management operations, and venture investment activities.

Operational Metrics and Financial Position Detailed in Filing

HashKey's listing documents show a $65 million loss in the first half of 2025, though the figures represent an improvement from the previous year, based on filing disclosures. As of September, the company recorded $167 billion in total spot trading volume across its exchange business.

The pending IPO comes as Hong Kong continues refining its digital-asset framework. Authorities rolled out a licensing regime for virtual-asset trading platforms in 2023 and introduced additional policy measures in 2025, including the passage of the Stablecoin Bill in May.

Public-Market Interest Builds Across Crypto Sector

HashKey's progress follows several recent capital market initiatives from major digital asset firms. Gemini's recent offering was reportedly more than 20 times oversubscribed, signaling ongoing interest from institutional investors. In the United States, custodian BitGo is preparing its own IPO after reporting a four-fold revenue increase earlier in 2025.

If completed this month, HashKey's listing would become Hong Kong's most significant public-market entry for a digital-asset exchange to date, marking a key moment for the city's regulatory and market ambitions