jakiro
Editor: Arti
According to the Hong Kong Stock Exchange’s disclosure on December 1,HashKey Holdings Limited has passed the hearing of the Hong Kong Stock Exchange, with JPMorgan Chase and Cathay Haitong and Guotai Junan International as joint sponsors.
HashKey provides a licensed digital asset platform that provides transaction facilitation services, on-chain services and asset management services.The company’s platform has the ability to issue and circulate tokenized real-world assets and has launched HashKey Chain, a scalable, interoperable Layer 2 infrastructure to support on-chain migration.
Today, HashKey has become a mature comprehensive digital asset company in Asia with operations all over the world, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology and investment management.Specifically, according to Frost & Sullivan, the company is Asia’s largest regional onshore platform in terms of transaction volume in 2024.In addition to its trading business, the company is also Asia’s largest on-chain service provider in terms of pledged assets and the largest digital asset management institution in terms of assets under management, fully demonstrating the company’s leadership in various business sectors.
HashKey is a comprehensive digital asset company with a solid foundation in Asia, with operations all over the world.The company has created a digital asset ecosystem that offers a comprehensive and ever-expanding portfolio of products and services designed to meet the unique and evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain.
The company’s products cover all aspects of digital asset-related products, including digital asset transaction facilitation services, on-chain services and asset management services.As of September 30, 2025, the company’s platform supports a total of 80 digital asset tokens, covering multiple categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stable coins and emerging ecosystem projects.
During the Track Record Period, the company’s revenue mainly came from transaction facilitation services, on-chain services, and asset management services.
As of September 30, 2025, HashKey’s Hong Kong platform supports transactions in USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, XRP, etc., and the company’s Bermuda platform supports transactions in a variety of digital assets, covering a total of 72 categories.As of June 30, 2025, the company’s platform does not provide trading of other digital assets other than cryptocurrencies.
The company’s exchange services provide clients with licensed market access, institutional-grade security, and seamless connections to custody, OTC and tokenization services.The company is one of the few exchanges that provides fully compliant deposit/withdrawal services around the clock.
In August 2023, HashKey became one of the first VATPs approved to provide services to both professional investors and retail investors, marking a regulatory milestone for Hong Kong’s virtual asset market.As of September 30, 2025, the company’s digital asset exchange has promoted spot trading volume to HK$1.3 trillion, making the company a licensed digital asset trading service provider with a solid foundation in Asia.
The company provides over-the-counter trading services as a licensed supplement to the company’s exchanges.The service is designed for large-scale or customized digital asset trading, providing customers with a compliant trading venue with greater flexibility, confidentiality and less impact on the market than order book trading.Direct integration with the company’s custody services also ensures efficient settlement and lower counterparty risk, making the company’s OTC services an institutional-grade channel in a one-stop digital asset ecosystem.The Company conducts OTC transactions in a commissioned capacity and generates revenue from OTC services primarily through the spread applied to quoted prices and is accounted for on a net basis as commission revenue in the financial statements.
HashKey provides a comprehensive set of on-chain services integrating blockchain staking infrastructure, tokenization capabilities, and blockchain-native development.The company’s institutional-level staking service allows customers to directly participate in online staking, and assets are protected through isolated custody and powerful slashing protection.As of September 30, 2025, the company has 29 billion Hong Kong dollars in pledged assets, and the total real-world assets of the HashKey chain have reached 1.7 billion Hong Kong dollars. The company has become the largest pledge service provider in Asia and the eighth largest in the world.
HashKey chain is a new generation of Ethereum Layer 2 extension network developed by the company, aiming to provide an efficient, secure and compliant infrastructure for the global digital asset economy.The HashKey chain is built on leading Layer 2 technology as an integrated platform that connects real-world assets, stablecoins, and a wide range of decentralized applications and services.
The company provides digital asset investment opportunities for institutional customers, covering venture capital and secondary fund investments.As of September 30, 2025, the company’s assets under management have been HK$7.8 billion since its establishment. As of December 31, 2024, the company is Asia’s largest asset management service provider headquartered in Hong Kong in terms of assets under management.
The company’s strong investment performance record is evidenced by the HashKey Blockchain Investment Fund, which has achieved a return on investment of more than 10 times and, according to Frost & Sullivan, returns exceeding the industry average of 2 times.By integrating asset management into the broader ecosystem, the company deepens customer engagement and enhances the company’s overall value proposition.
The company provides blockchain and digital asset innovation opportunities for institutional investors through venture capital business.As of September 30, 2025, since its establishment, the company has managed client assets of HK$7.8 billion and completed more than 400 investments through 2 flagship funds.This makes the company one of the earliest and most mature institutional investors in the Asian blockchain industry.
HashKey’s secondary market fund solutions combine passive and active digital asset investment products to provide institutional investors with compliant, diversified and efficient industry exposure.Through passive index tracking of investment portfolios, the company provides long-term and cost-effective investment channels for the digital asset market; while the company’s active management strategy utilizes institutional-grade infrastructure to pursue excess returns under strict compliance and risk control.As one of the first fund management companies licensed to directly launch cryptocurrency investment funds approved by the Hong Kong Securities and Futures Commission, the company is a leader in providing licensed and transparent digital asset investment channels to global customers.
Financially, HashKey’s revenue was HK$129 million, HK$208 million and HK$721 million in 2022, 2023 and 2024 respectively, reflecting the rapid expansion of transaction facilitation services, which has become the main source of revenue during the track record period.For the six months ended June 30, 2024, revenue dropped from HK$384 million to HK$284 million in the same period in 2025, mainly due to a decrease in transaction-facilitated service revenue.
The company recorded gross profits of HK$126 million, HK$195 million, HK$533 million, HK$278 million and HK$185 million in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively.The company’s gross profit margin reached 97.2%, 94.0%, 73.9%, 72.5% and 65.0% in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively.
During the track record period, the company recorded year/period losses of HK$585 million, HK$580 million, HK$1.190 billion, HK$773 million and HK$507 million in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively.
As of August 31, 2025, HashKey had cash and cash equivalents of HK$1.657 billion and digital assets totaling HK$592 million. Among the HK$592 million in digital assets, mainstream tokens accounted for 84%, including ETH, BTC, USDC, USDT and SOL.
HashKey’s trading volume increased significantly from HK$4.2 billion in 2022 to HK$328 billion in 2023, and subsequently increased to HK$638.4 billion in 2024, mainly due to the company’s Hong Kong digital asset trading platform commencing operations in the second half of 2023, and the company’s Bermuda digital asset trading platform commencing operations in 2024.The Company’s trading volume decreased from HK$347.6 billion for the six months ended June 30, 2024 to HK$214.0 billion for the six months ended June 30, 2025. This was mainly due to the Company’s strategic adjustments in the context of the market downturn, which resulted in a reduction in trading activities by retail customers, as evidenced by the decrease in the monthly trading volume of retail customers during the same period.
After the IPO, Mr. Lu, GDZ International Limited, HashKey FintechIII and Puxing Energy Co., Ltd. (stock code: 00090) will constitute the company’s controlling shareholders.The company’s shareholders also include Gaorong Venture Capital, Fidelity Funds, Meitu, etc.
According to the company’s strategy, the funds raised from HashKey’s Hong Kong IPO are planned to be allocated according to the following purposes: it will be used for technology and infrastructure iteration.It will be used for market expansion and ecosystem cooperation.It will be used for operations and risk management.It will be used for working capital and general corporate purposes.
