HashKey Group launches its IPO as it looks to raise up to $214.7 million, backed by JPMorgan, targeting expansion in crypto exchange, asset management and blockchain infrastructure.
HashKey opens IPO subscriptions as it seeks to raise $214.7 million, valuing Hong Kong’s biggest crypto exchange at about $2.5 billion.HashKey Group, operator of one of Hong Kong’s licensed crypto exchanges, has opened subscriptions for its initial public offering ahead of an expected listing next week.
HashKey is seeking to raise up to 1.67 billion Hong Kong dollars in an IPO that is scheduled to debut on Dec. 17,The company is offering 240.6 million shares at $0.76–$0.89 each, which would bring HashKey’s valuation to $2.46 billion at the top of the range. With the subscription period beginning Tuesday, investors can apply for HashKey shares online through the HK eIPO White Form or using an electronic application via HKEX’s digital IPO settlement platform FINI until Friday.Founded in 2018, HashKey has grown into Hong Kong’s biggest crypto exchange, reportedly capturing a 75% market share, or more than three times that of its nearest competitor. After commencing operations and obtaining key regulatory approvals in Hong Kong in 2022, HashKey entered full-scale operations in 2023. According to its prospectus, HashKey had facilitated $167 billion in cumulative spot trading volume as of Sept. 30.The company emerged as the largest Asian, Hong Kong-based asset management provider in 2024, with $1 billion in assets under management as of Sept. 30, the prospectus said.including major US investment bank JPMorgan The IPO proceeds are planned to go toward scaling its ecosystem and infrastructure, bolstering risk management and hiring talent, the filing said.a 209% year-on-year increase in funds raised through IPOs in 2025, totaling $27.8 billion in the first months of the year.Bitcoin Hash Ribbons flash ‘buy’ signal at $90K: Will BTC price rebound?
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