Hong Kong Crypto Exchange HashKey to Raise $206 Million in IPO

Cryptocurrency exchange HashKey is set to raise $206 million after pricing its initial public offering, Reuters reported Monday (Dec. 15), citing an unnamed source.

HashKey, founded in 2018, is Hong Kong’s largest licensed crypto exchange, the report said. Its other services include asset management, brokerage and tokenization. The company is due to begin trading on the Hong Kong Stock Exchange Wednesday (Dec. 17).

The IPO is happening amid a roller coaster year for crypto prices, which reached record numbers during 2025, per the report. The most popular crypto, Bitcoin, fell by 36% in about a month after reaching an all-time high above $126,000 in early ⁠October.

Meanwhile, the Chinese government, which outlawed crypto trading in 2021, has restated its warnings about digital assets, the report said.

Last month, the People’s Bank of China warned against a rise of crypto speculation and promised a crackdown on illegal activity tied to virtual currency. But Hong Kong operates with more economic freedom than mainland China and has embraced crypto in a bid to bolster its stance as a top financial center, according to the report.

This year has seen several companies in the digital asset space go public , such as Circle , Figure Technologies and Bullish . Crypto exchange Kraken filed for an IPO last month.

Meanwhile, the U.S. Office of the Comptroller of the Currency on Friday (Dec. 12) conditionally approved applications for new national bank trust charters to five applicants from the digital asset and blockchain finance space.

The approvals include de novo charters for Circle’s First National Digital Currency Bank and Ripple National Trust Bank, along with conversions from state trust company charters for BitGo Bank & Trust, National Association; Fidelity Digital Assets, National Association; and Paxos Trust Company, National Association.

“A national bank charter can convey significant advantages, including the preemption of state banking laws in certain areas, access to the Federal Reserve payments system, and the license of federal supervision,” PYMNTS wrote at the time.

All of these can lower friction for scaling operations nationwide.

The five application approvals , which digital asset companies have long been seeking, mark a departure from the OCC’s “more traditional trust bank cadre, which has historically been dominated by institutions focused on custodial and fiduciary services for conventional assets,” the report said.