Hong Kong crypto exchange operator HashKey Holdings has been cleared by the Hong Kong Stock Exchange for a listing that would allow it to move forward with an initial public offering.

HashKey Holdings, which operates the largest licensed digital asset trading platform in Hong Kong, said in a Dec. 1 disclosure to the exchange that it has cleared the listing hearing, according to local media reports.

While the size or exact timing of the offering has not been disclosed, the development follows earlier reports in October that suggested HashKey could be looking to raise as much as $500 million. The filing lists JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International as joint sponsors of the deal.

According to local media, HashKey said it plans to use the funds raised to strengthen its technology and infrastructure, while also driving product innovation and expanding its offerings. Other priorities include improving operational capacity, enhancing risk management frameworks, and extending its reach into new markets.

HashKey operates as a Securities and Futures Commission-regulated entity in Hong Kong, and was among the first to receive approval to serve both institutional and retail investors under the city’s revamped crypto licensing regime. 

It holds a Type 1 license that allows it to deal in securities, including tokenized assets deemed securities, and a Type 7 license that enables it to operate an automated trading platform. Alongside these, its asset management arm is licensed to manage portfolios comprising up to 100% virtual assets.

It is currently one of 11 licensed virtual asset trading platforms in Hong Kong that offer services to retail users, even as regulators in mainland China have maintained a strict ban on crypto-related activity. Authorities in Hong Kong, however, have taken a contrasting approach by positioning the city as a regulated hub for digital assets under a distinct legal and supervisory framework.

HashKey revenue tanks despite expansion efforts

According to the filing, the company captured over three-quarters of the region’s onshore digital asset trading volume in 2024 and held nearly HK$20 billion (US$2.56 billion) in client assets.

Yet, despite its position as a market leader, HashKey remains unprofitable and has posted consecutive losses over the past few years. For the first half of 2025 alone, the company reported a net loss of HK$506 million, though this narrowed from HK$777 million in the same period a year earlier.

“Our operating results have fluctuated and are expected to continue fluctuating due to the highly volatile nature of the digital asset market,” the company noted in its filing.

As previously reported by crypto.news, HashKey recently launched a $500 million perpetual fund focused on institutional investment in digital asset treasury projects, through which it hopes to support core blockchain ecosystems like Ethereum by backing long-term treasury initiatives and operating directly within these projects to promote adoption and capital flow.

HashKey has also expanded its global footprint in 2025, acquiring conditional approval to operate in Dubai, as well as regulatory greenlights to run licensed platforms in Bermuda and Ireland.