HashKey Clears HKEX Listing Hearing, Moves Closer to IPO

HashKey Holdings Limited has passed a key regulatory hurdle on its way to becoming a public company.

The company has cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase

The hearing is a critical step in Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices before granting approval to proceed.

With the hearing cleared, companies typically move to prospectus registration, followed by investor marketing, book-building and pricing.

HashKey said it plans to use proceeds from the offering to upgrade its technology stack, develop new products and strengthen security systems, alongside supporting overseas expansion and general corporate needs.

The firm did not reveal the size or timing of the offering and declined to comment on valuation expectations.

Bloomberg reported in October that HashKey may be seeking to raise as much as $500 million through the flotation, though the company has not confirmed the figure.

In a separate filing Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.

HashKey holds one of Hong Kong’s coveted licenses to run a virtual asset trading platform. As of the end of September, its platforms supported 80 tokens, according to the filing.

Financial disclosures also show the business continues to operate at a loss as it builds scale.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a year earlier.

Management said the red ink reflects heavy upfront spending to establish a compliant and scalable operation in a tightly regulated market.

“Our net losses and operating cash outflows… primarily reflect the nature of our business development cycle,” the company said.

If completed, the float would place HashKey alongside local rival OSL as a publicly listed crypto exchange operator.

OSL shares were down 7.6% on Monday afternoon, according to data from Yahoo Finance.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

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