HashKey Group, operator of Hong Kong’s largest licensed cryptocurrency exchange, has confidentially filed for an IPO in the city, according to a Bloomberg report citing sources familiar with the matter.
The listing could take place as early as this year, with one source estimating that the company may raise up to US$500 million, though details remain subject to change as discussions progress.
HashKey operates trading, venture investment, and asset management businesses across Hong Kong and Singapore.
Earlier this year, Gaorong Ventures invested US$30 million in HashKey at a pre-money valuation exceeding US$1 billion.
Hong Kong introduced a regulatory framework for virtual assets last year, aiming to attract cryptocurrency businesses despite the strict ban on digital assets in mainland China since 2021.
A public debut by HashKey would gauge investor appetite for cryptocurrency-related assets in Asia, following US listings such as stablecoin issuer Circle Internet Group, which raised nearly US$1.1 billion in June and saw its shares surge by 385%.
HashKey stated that it has no information to disclose regarding any listing plans.
Featured image credit: Edited by Fintech News Hong Kong, based on image by tayhifi5 via Freepik
