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TLDR HashKey aims to raise $200M in a Hong Kong IPO, with listing expected this December. HashKey posted a $65M loss in H1 2025 but improved from the prior year. The firm has operated across Hong Kong, the the UAE, Singapore, and more since 2018. Spot trading volume reached $167B as of September, per its [...] The post Crypto Exchange HashKey Targets 200 Million IPO in Hong Kong This Month appeared first on CoinCentral.TLDR HashKey aims to raise $200M in a Hong Kong IPO, with listing expected this December. HashKey posted a $65M loss in H1 2025 but improved from the prior year. The firm has operated across Hong Kong, the the UAE, Singapore, and more since 2018. Spot trading volume reached $167B as of September, per its [...] The post Crypto Exchange HashKey Targets 200 Million IPO in Hong Kong This Month appeared first on CoinCentral.

Crypto Exchange HashKey Targets 200 Million IPO in Hong Kong This Month

2025/12/05 19:48

TLDR

HashKey aims to raise $200M in a Hong Kong IPO, with listing expected this December.
HashKey posted a $65M loss in H1 2025 but improved from the prior year.
The firm has operated across Hong Kong, the the UAE, Singapore, and more since 2018.
Spot trading volume reached $167B as of September, per its IPO filing.

HashKey Holdings Ltd., a leading cryptocurrency exchange operator, is preparing to open investor orders next week for its highly anticipated Hong Kong IPO. The company aims to raise at least $200 million and plans to list before the end of December. This move comes as Hong Kong pushes to become a major digital asset hub in Asia, following regulatory efforts to attract crypto firms and revive investor interest.

IPO Plans and Timing

Cryptocurrency exchange operator HashKey Holdings Ltd. is preparing to open investor orders for its Hong Kong IPO as early as next week. According to sources familiar with the matter, the company is targeting to raise at least $200 million in the offering.

The IPO could see the firm listed on the Hong Kong Stock Exchange before the end of December. Final details about the deal size and listing date may still change. HashKey has not responded to media requests for official comment.

This public listing arrives during a push by Hong Kong to establish itself as a hub for digital assets in Asia. The offering could provide a boost to local capital markets and attract more crypto firms to the region.

Company Background and Expansion

Founded in 2018 by Xiao Feng, HashKey was spun off from Wanxiang Group, a Chinese conglomerate involved in automotive and energy sectors. Since its founding, HashKey has developed into a multi-jurisdiction crypto business.

The company provides services such as cryptocurrency trading, venture investments, and digital asset management. It operates in Hong Kong, Singapore, Japan, the United Arab Emirates, Ireland, and Bermuda.

HashKey is also known for being an early corporate investor in Ethereum. The firm received a $30 million investment from Gaorong Ventures at a pre-money valuation of over $1 billion, according to people familiar with the deal.

Financial Performance and Trading Activity

According to its IPO documents, HashKey reported a loss of HK$506 million (around $65 million) in the first half of 2025. This loss is narrower compared to the same period last year. Revenue during the period fell 26% to HK$384 million.

Despite the loss, the company reported HK$1.3 trillion (approximately $167 billion) in total spot trading volume as of September. This trading activity indicates strong user participation and demand on the platform.

HashKey’s business strategy includes long-term plans to expand its offerings and increase efficiency across its trading and asset management units.

Hong Kong’s Crypto Regulatory Framework

The IPO aligns with Hong Kong’s broader strategy to revive its status as a regional crypto center. Since China banned crypto trading in 2021, Hong Kong has moved to create its own clear regulatory system for virtual assets.

In 2023, local authorities introduced a framework designed to license and monitor digital asset firms. The region is also considering additional policy changes to make it easier for local and foreign investors to participate in the crypto economy.

Although crypto activity in Hong Kong remains moderate, the listing of a firm like HashKey could attract attention from investors in China and other Asian markets. Authorities hope such listings can increase investor confidence and participation in the city’s regulated crypto environment.

A selloff in Bitcoin earlier this year affected market sentiment, but recent signs suggest recovery. Analysts attribute this to expectations that the U.S. Federal Reserve may lower interest rates soon.

The post Crypto Exchange HashKey Targets 200 Million IPO in Hong Kong This Month appeared first on CoinCentral.

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        Highlights:  US prosecutors requested a 12-year prison sentence for Do Kwon after the Terra collapse. Terraform’s $40 billion downfall caused huge losses and sparked a long downturn in crypto markets.  Do Kwon will face sentencing on December 11 and must give up $19 million in earnings.   US prosecutors have asked a judge to give Do Kwon, Terraform Labs co-founder, a 12-year prison sentence for his role in the remarkable $40 billion collapse of the Terra and Luna tokens. The request also seeks to finalize taking away Kwon’s criminal earnings.  The court filing came in New York’s Southern District on Thursday. This is about four months after Kwon admitted guilt on two charges: wire fraud and conspiracy to defraud. Prosecutors said Kwon caused more losses than Samuel Bankman-Fried, Alexander Mashinsky, and Karl Sebastian Greenwood combined.  U.S. prosecutors have asked a New York federal judge to sentence Terraform Labs co-founder Do Kwon to 12 years in prison, calling his role in the 2022 TerraUSD collapse a “colossal” fraud that triggered broader crypto-market failures, including the downfall of FTX. Sentencing is… — Wu Blockchain (@WuBlockchain) December 5, 2025  Terraform Collapse Shakes Crypto Market Authorities explained that Terraform’s collapse affected the entire crypto market. They said it helped trigger what is now called the ‘Crypto Winter.’ The filing stressed that Kwon’s conduct harmed many investors and the broader crypto world. On Thursday, prosecutors said Kwon must give up just over $19 million. They added that they will not ask for any additional restitution. They said: “The cost and time associated with calculating each investor-victim’s loss, determining whether the victim has already been compensated through the pending bankruptcy, and then paying out a percentage of the victim’s losses, will delay payment and diminish the amount of money ultimately paid to victims.” Authorities will sentence Do Kwon on December 11. They charged him in March 2023 with multiple crimes, including securities fraud, market manipulation, money laundering, and wire fraud. All connections are tied to his role at Terraform. After Terra fell in 2022, authorities lost track of Kwon until they arrested him in Montenegro on unrelated charges and sent him to the U.S. Do Kwon’s Legal Case and Sentencing In April last year, a jury ruled that both Terraform and Kwon committed civil fraud. They found the company and its co-founder misled investors about how the business operated and its finances. Jay Clayton, U.S. Attorney for the Southern District of New York, submitted the sentencing request in November.  TERRA STATEMENT: “We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps.” — Zack Guzmán  (@zGuz) April 5, 2024  The news of Kwon’s sentencing caused Terraform’s token, LUNA, to jump over 40% in one day, from $0.07 to $0.10. Still, this rise remains small compared to its all-time high of more than $19, which the ecosystem reached before collapsing in May 2022. In a November court filing, Do Kwon’s lawyers asked for a maximum five-year sentence. They argued for a shorter term partly because he could face up to 40 years in prison in South Korea, where prosecutors are also pursuing a case against him. The legal team added that even if Kwon serves time in the U.S., he would not be released freely. He would be moved from prison to an immigration detention center and then sent to Seoul to face pretrial detention for his South Korea charges.    eToro Platform    Best Crypto Exchange   Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users    9.9   Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.