
The crypto exchange seeks HK$1.67 billion despite reporting multi-billion-dollar losses, highlighting rapid user growth and a strategic pivot toward institutional onshore services in Hong Kong.
HashKey is aiming to raise HK$1.67 billion ($215 million) in a Hong Kong IPO as disclosed in its prospectus. The company’s registered user accounts grew from fewer than 200 in 2022 to 1.44 million by mid-2025, but it incurred HK$3.0 billion ($386 million) in cumulative net losses over the same period due to infrastructure investments. First-half 2025 losses totaled HK$506.7 million, with an average monthly cash burn of HK$40.9 million in Q3, though HashKey projects over 70 months of liquidity. The exchange is shifting focus to licensed onshore platforms integrated with institutional flows and ETF channels, while scaling back its Bermuda-based retail-focused HashKey Global due to lack of fiat on/off ramps.