HashKey Holdings Ltd. raised HK$1.6 billion (about $206 million) in its Hong Kong IPO, pricing shares near the top of its range and drawing strong investor interest even as crypto markets face ongoing pressure.
Key Takeaways
- HashKey priced its IPO at HK$6.68, close to the upper limit of its HK$5.95 to HK$6.95 range.
- The company raised $206 million by selling 240.6 million shares, with no changes to the deal size.
- Around 80% of the institutional tranche went to just 20 investors, excluding cornerstone allocations.
- The listing reflects Hong Kong’s push to become a regulated crypto hub, even as Bitcoin slid by over 30% since October.
What Happened?
HashKey, Hong Kong’s largest licensed crypto exchange, launched its IPO at a time when digital assets are experiencing major price volatility. Despite Bitcoin’s recent 30% drop from its all-time high in October, HashKey’s offering received strong demand across both institutional and retail segments.
HashKey Holdings, the operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its initial public offering toward the high end of the marketed range, according to people familiar with the matter https://t.co/vwGm6HAFST
— Bloomberg (@business) December 15, 2025
HashKey’s IPO Stands Out in Busy Hong Kong Market
HashKey set its IPO price at HK$6.68, close to the top of its marketed range, and sold 240.6 million shares, raising HK$1.6 billion. Investors chased the deal aggressively, with institutional demand far exceeding supply. According to reports, the top 20 institutional buyers accounted for approximately 80% of the allocation, not including shares reserved for cornerstone investors.
The timing is significant. Hong Kong’s IPO market is experiencing its busiest month in years, with 19 companies either debuting or preparing listings in December. This surge marks the strongest activity since July 2021 and has helped push total IPO proceeds for the year past $34 billion, the highest since 2021.
HashKey’s IPO adds to a year-end rally of listings that includes companies like Guoxia Technology, CiDi, Jingdong Industrials, and chipmaker Suzhou Novosense. Although some recent listings, like Jingdong Industrials and Novosense, are now trading below issue price, HashKey’s crypto focus and early compliance with Hong Kong’s licensing regime help differentiate it.
Crypto Confidence Amid Market Uncertainty
Founded in 2018, HashKey is more than just a crypto exchange. It also offers asset management, venture capital services, and tokenization platforms. It was one of the first companies to gain a license under Hong Kong’s digital asset framework introduced in 2022, helping it secure an early regulatory edge.
Even with crypto market turbulence and China’s strict anti-crypto stance, HashKey’s IPO success shows investor faith in the company’s long-term positioning. The company stated that IPO proceeds will go toward enhancing its technology stack, expanding infrastructure, hiring more employees, and strengthening risk controls.
Backed by major sponsors like JPMorgan Chase & Co. and Guotai Junan, the listing sends a signal that Hong Kong is serious about positioning itself as a global center for digital finance, distinct from mainland China’s restrictive crypto policies.
CoinLaw’s Takeaway
Honestly, I found HashKey’s IPO performance pretty impressive, especially given the current state of crypto. In my experience, most firms would have delayed or scaled back such offerings when Bitcoin is down 30%. But HashKey pushed forward, clearly benefiting from Hong Kong’s unique stance on digital assets and investor confidence in its business model. This isn’t just another IPO. It’s a signal that crypto, at least in regulated environments, still has investor backing. I’ll be watching closely how it trades post-listing.
