US EditionCrypto Exchange HashKey Seeks $215 Million in H.K. IPO While Racing Against Its Cash Burn Rate
HashKey aims to boost liquidity with a HK$1.67 billion IPO despite over HK$3 billion losses since 2022 and $5.2 million monthly cash burn in Q3 2025.
- HashKey filed a Hong Kong IPO prospectus seeking up to HK$1.67 billion, citing heavy infrastructure spending amid losses of more than HK$3.0 billion between 2022 and mid-2025, the company says.
- The filing says upfront spending is needed to build custody, compliance and on‑chain services required of a licensed exchange, while management argues fees can grow faster than fixed costs under a regulated market structure.
- Registered users surged to 1.44 million from fewer than 200 in 2022, even as retail trading volumes fell in early 2025 and institutional flows remained resilient.
- With cash, digital assets and expected IPO proceeds, HashKey estimates more than 70 months of liquidity and plans to fund licensed exchange infrastructure.
- Rivalry with Bullish and HK$506.7 million loss in first-half 2025 plus HK$40.9 million monthly cash burn in Q3 heighten HashKey's fundraising urgency.
20 Articles
20 Articles
Crypto Exchange HashKey Seeks $215 Million in H.K. IPO While Racing Against Its Cash Burn Rate
HashKey's prospectus highlights surging institutional volume, expanding staking and tokenization pipelines and more than 1.44 million users, while losses and a US$5.2 million monthly burn rate loom over one of Asia’s largest regulated crypto bets.
Hashkey Prepares For Hong Kong IPO, Targets 240,570,000 Shares
HashKey plans to offer over 240 million shares at a maximum price of HK$6.95. The company already has a strong market foundation including HK$638.4 billion in trading volume, HK$29 billion in staking assets, and nearly HK$20 billion in client funds making it prepared for launching the IPO. HashKey Holdings Limited, one of the leading cryptocurrency companies in Asia, is preparing for a global IPO on the Hong Kong Stock Exchange under the stock c…
HashKey’s outing to the stock market occurs as Hong Kong continues to refine its cryptocurrency regulations, with the ambition to position itself as a hub of financial innovation in the region. *** HashKey said it seeks to raise $1.67 billion from Hong Kong in its local IPO. The user base of the exchange grew from less than 200 in 2022 to more than 1.44 million in 2025. Despite rapid growth, it reported accumulated net losses of around $386 mill…
Cointelegraph
Cryptocurrency News | Cryptocurrency Prices | Market CapHashKey crypto exchange opens Hong Kong IPO subscription, targets $215M
HashKey Group launches its IPO as it looks to raise up to $214.7 million, backed by JPMorgan, targeting expansion in crypto exchange, asset management and blockchain infrastructure.
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