October 13, 2025
According to reports, the top-licensed cryptocurrency exchange in Hong Kong, owned by HashKey Group, has applied for an IPO in the city.
HashKey Group might be aiming for a Hong Kong IPO this year, according to a Bloomberg report published on Friday that cited unnamed persons with knowledge of the situation. The sources referenced in the paper suggest that the IPO might garner up to $500 million.
According to CoinGecko data, HashKey is the leading cryptocurrency exchange in Hong Kong, with a 24-hour volume of about $117 million as of this writing. Due to its popularity, scammers have also targeted the exchange.
With new custody regulations that forbid smart contracts in cold wallets and enforce more stringent security requirements, Hong Kong strengthened its monitoring of cryptocurrencies in August. A few days later, the SFC issued a warning that the new stablecoin framework was increasing the danger of fraud. The head of DBS Hong Kong stated in September that trading in onchain derivatives will be effectively prohibited by the city’s stablecoin regulations.
Local media said in early September that Chinese authorities were getting ready to block mainland banks and state-owned companies from launching stablecoin and cryptocurrency projects in Hong Kong, but the story has since been taken down.
Disciplined crypto treasuries will “survive any market,” according to the CEO of HashKey, which introduced a $500 million Digital Asset Treasury fund in September.
With the intention of offering Ether staking services for spot exchange-traded funds (ETFs), Hong Kong authorized HashKey to provide staking services in April.
In mid-February, the business raised $30 million from Gaorong Ventures, a Chinese venture capital firm valued at $1.5 billion. This came after HashKey raised about $100 million in a funding round at a pre-money valuation of over $1.2 billion, making it a so-called unicorn and surpassing a $1 billion valuation in mid-January.
