Hong Kong-based HashKey Group, which operates one of the first licensed cryptocurrency exchanges in the region, has commenced its initial public offering (IPO) subscription, aiming to raise approximately $215 million. This IPO is being closely watched as a crucial indicator of public market appetite for regulated digital asset platforms and a test for Hong Kong's ambition to establish itself as a global hub for digital assets.

The company is offering 240.57 million shares with a price range between HK$5.95 and HK$6.95 per share. If priced at the higher end of the range, HashKey's valuation could reach nearly HK$19 billion (approximately $2.47 billion). The IPO has garnered significant backing from major institutional investors, including UBS's asset-management arm and Fidelity International, who have committed a combined $75 million as cornerstone investors. Infini Capital is also among the backers.

The subscription period commenced on December 9, 2025, at 9:00 a.m. HKT and will remain open until noon on December 12. Investors can apply for shares online or through the HKEX's FINI platform. Trading is scheduled to commence on December 17 on the Hong Kong Stock Exchange under the ticker 3887. JPMorgan Chase and Guotai Junan are acting as joint sponsors for the deal.

HashKey intends to allocate the net proceeds from the IPO to several key areas:

• Technology Upgrades and Infrastructure: Approximately 40% of the funds will be directed towards enhancing the platform's technology, fostering product innovation, and improving infrastructure over the next three to five years.
• Ecosystem Expansion: A significant portion of the capital will be used to scale HashKey's regulated ecosystem, which encompasses asset management, venture investments, and on-chain services. This includes HashKey Chain, an Ethereum layer-2 network for real-world assets, stablecoins, and decentralized applications.
• Team Growth and Risk Management: Proceeds will also be used to increase staff numbers and enhance risk controls.

HashKey has positioned itself as a comprehensive digital asset ecosystem, integrating trading, custody, tokenization, and asset management within a licensed framework. The company claims to hold over 75% of Hong Kong's onshore digital asset trading volume. As of September 30, 2025, HashKey had facilitated $167 billion in cumulative spot trading volume. The company's revenue has seen substantial growth, rising from HK$129 million in 2022 to HK$721 million in 2024.

The success of HashKey's IPO could encourage other Web3 companies to seek public listings in Hong Kong, further solidifying the city's position as a major financial hub for digital assets. The listing comes as Hong Kong advances policies on stablecoins and tokenized securities.