HashKey Holdings, one of Hong Kong's licensed crypto exchange, has announced its strategy to raise USD 206 million in Hong Kong IPO.
According to Reuters, UBS, Fidelity, and the Chinese investment firm CDH are among important investors in the IPO, as mentioned by HashKey's offering prospectus.
This initiative follows The People’s Bank of China’s statement launched in late November 2025, which focused on the coordination mechanism for combating speculation in virtual currency transactions. The meeting also emphasised the idea that virtual currency does not have the same legal status as legal tender, does not have legal compensation, and that it should not and cannot be circulated and used as currency in the market, while virtual currency-related business activities represent illegal financial activities.
Developing in the crypto landscape
HashKey was founded in 2018, and it was developed in order to offer a wide range of services, including asset management, brokerage, and tokenisation, while also running the city's largest licensed crypto exchange. According to the statement, it was also scheduled to start trading on the Hong Kong Stock Exchange on December 17, 2025.
HashKey launched the IPO last week, offering USD 240.6 million shares at a price of HKD 5.95 to HKD 6.95 each. This initiative follows a series of developments that HashKey Capital made in order to accelerate its growth and development in the industry. Included in this list is the process of being approved for crypto fund token entries, which was announced back in April 2025. The strategy was expected to give investors the opportunity to contribute a range of secure and efficient digital assets directly into the actively managed fund, marking a shift from conventional fiat-based subscription models.
At the same time, the firm’s offering was developed in order to support contributions in any of the top 100 cryptocurrencies by market capitalisation, including assets such as Bitcoin, Ether, Ripple, Solana, Dogecoin, Cardano, Sui, Chainlink, Toncoin, and Polkadot. Furthermore, through the process of allowing direct transfers of supported tokens, the new mechanism aimed to remove this step while streamlining the overall access to the fund for crypto holders as well.
