Cryptocurrency-exchange operator HashKey Holdings Ltd. is preparing to open its order books as early as next week for its highly anticipated Hong Kong initial public offering, according to people familiar with the matter.
The listing would mark one of the most significant public market debuts by a regulated digital-asset firm in Asia since the industry’s prolonged downturn.
HashKey, one of the first licensed cryptocurrency exchanges under Hong Kong’s revamped virtual-asset framework, is aiming to raise at least $200 million from the share sale, the people said, requesting anonymity because the discussions are private.
The company is targeting a listing as soon as this month, though details including the offer size, final fundraising amount and timing remain subject to change depending on market conditions.
A successful IPO would position HashKey as a key test case for Hong Kong’s ambitions to establish itself as a major global center for regulated digital-asset activity.
The city has been pushing aggressively to attract crypto firms after tightening rules in the aftermath of industry scandals, most notably the collapse of FTX in 2022. HashKey was among the first to secure a Type 1 and Type 7 license, enabling it to serve retail users under stringent compliance and investor-protection guidelines.
Industry observers note that Hong Kong capital-market sentiment has improved in recent months, and a sizable crypto-sector listing could provide a further confidence boost.
However, the offering will still face the broader challenges of subdued global IPO activity and cautious investor appetite toward cryptocurrency-related businesses.
The planned fundraising comes as HashKey continues to expand its trading platform, custody services and token-issuance capabilities.
The company has reported strong user-growth momentum since receiving its full retail license, which allows it to compete directly with international crypto exchanges seeking regulatory clarity.
If the listing proceeds as expected, HashKey would become one of the few regulated digital-asset exchanges worldwide to tap public equity markets, potentially setting a precedent for other firms eyeing mainstream investor capital.