HashKey Group, the operator of Hong Kong’s largest licensed cryptocurrency exchange, has confidentially filed for an initial public offering (IPO) in the Asian financial hub, according to sources familiar with the matter.
It aims to list as early as this year, potentially raising up to $500 million, the sources added.
The move comes as Hong Kong intensifies its efforts to become a global cryptocurrency hub. In June 2025, the city released an updated policy statement focused on accelerating stablecoin use and tokenization efforts, amid renewed momentum in the U.S. HashKey Group’s IPO filing is a significant development in Hong Kong’s evolving crypto landscape.
The city’s regulatory environment has become more favorable for digital asset firms, with the Securities and Futures Commission (SFC) approving several cryptocurrency exchanges in recent months.
The potential IPO underscores the growing confidence in Hong Kong’s crypto market and its ambition to lead in digital asset innovation. As global interest in cryptocurrencies continues to rise, Hong Kong’s regulatory advancements position it as a key player in the digital asset space.
In addition to the IPO, HashKey Group is launching its inaugural Digital Asset Treasury fund with an initial target size of $500 million. The multi-currency fund’s DAT strategy refers to public companies accumulating cryptocurrency assets to capitalize on higher token prices and a softening regulatory environment.
The strategy’s popularity surged this year as many companies seek to replicate the success of the U.S. based Strategy, which holds more than $63 billion in crypto.
The company’s strategic initiatives, including the IPO and the launch of the DAT fund, reflect its commitment to expanding its presence in the global digital asset market and contributing to the growth of the Web3 ecosystem.
As Hong Kong continues to position itself as a leading hub for digital innovation, HashKey Group’s endeavors signify a significant step in the evolution of the city’s cryptocurrency landscape.