Key Takeaways:
- HashKey Group plans to raise up to $500 million through a Hong Kong IPO, aiming for a listing by end of 2025.
- The firm, Hong Kong’s top licensed crypto exchange, is expanding into staking and treasury fund services while combating rising impersonation scams.
- Amid tightening regulations, HashKey has maintained growth, recently reaching a $1.5 billion valuation after multiple funding rounds.
HashKey Group, operator of Hong Kong’s top licensed crypto exchange, has reportedly filed for an initial public offering (IPO) in the city, targeting up to $500 million in proceeds.
Sources suggest the listing could take place before the end of 2025.
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
With a daily trading volume near $117 million, HashKey has solidified its leadership in Hong Kong’s regulated crypto market but has also faced growing impersonation scams.
Earlier this year, Hong Kong’s Securities and Futures Commission (SFC) flagged 33 fake websites posing as HashKey, bringing total impersonation cases to 45.
Amid tighter crypto regulations, Hong Kong recently banned smart contracts in cold wallets and introduced stricter custody requirements, while also warning of rising fraud tied to stablecoins.
Meanwhile, mainland Chinese authorities reportedly moved to restrict state-owned firms from crypto involvement, though that report was later removed.
Beyond exchange services, HashKey is expanding into investment and staking.
It launched a $500 million Digital Asset Treasury fund, gained approval for Ether staking services, and raised $30 million in April at a $1.5 billion valuation, following a $100 million funding round in January.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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