Hashkey Clears Hkex Listing Hearing, Moves Closer To Ipo

What Happened

The exchange plans to use IPO proceeds to fund technology upgrades, product rollout, and overseas growth.

Despite narrowing losses, HashKey remains unprofitable as it invests heavily in compliance and scale.

With the hearing cleared, companies typically move to prospectus registration, followed by investor marketing, book-building and pricing.

HashKey said it plans to use proceeds from the offering to upgrade its technology stack, develop new products and strengthen security systems, alongside supporting overseas expansion and general corporate needs.

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

Market Context

HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase

HashKey holds one of Hong Kong’s coveted licenses to run a virtual asset trading platform. As of the end of September, its platforms supported 80 tokens, according to the filing.

Management said the red ink reflects heavy upfront spending to establish a compliant and scalable operation in a tightly regulated market.

Why It Matters

The firm did not reveal the size or timing of the offering and declined to comment on valuation expectations.

Bloomberg reported in October that HashKey may be seeking to raise as much as $500 million through the flotation, though the company has not confirmed the figure.

Details

HashKey Holdings Limited has passed a key regulatory hurdle on its way to becoming a public company.

Key Takeaways:

HashKey cleared the HKEX listing hearing, advancing into the final stages of its Hong Kong IPO.

The company has cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

The hearing is a critical step in Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices before granting approval to proceed.

In a separate filing Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.

Financial disclosures also show the business continues to operate at a loss as it builds scale.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a year earlier.

“Our net losses and operating cash outflows… primarily reflect the nature of our business development cycle,” the company said.

If completed, the float would place HashKey alongside local rival OSL as a publicly listed crypto exchange operator.

OSL shares were down 7.6% on Monday afternoon, according to data from Yahoo Finance.

Crypto IPOs Gain Momentum