- HashKey filed for an IPO in Hong Kong and looks to raise $215 million.
- The crypto exchange is part of a short list of licensed crypto firms in the region.
- A lack of bullish sentiment may dampen listing hopes.
On Tuesday, HashKey’s parent company announced it would seek a public listing on the Hong Kong stock exchange.
HashKey Holdings Ltd., which operates the largest cryptocurrency exchange in the region, hopes to raise as much as $215 million from the listing, potentially vaulting its valuation to more than $2 billion, according to a filing.
JP Morgan and the Chinese securities firm Guotai Junan are joint sponsors of the listing.
At just $96 million in trading volume over the last day, HashKey Exchange is far smaller than leading platforms, such as Binance or Coinbase.
But unlike brand-name exchanges, HashKey is one of only 11 companies in Hong Kong with an operating license.
And with its shares set to hit the trading floor on December 17, HashKey is joining another exclusive – but growing – list of crypto companies.
IPO spree
US crypto exchange Coinbase filed for an initial public offering in 2021, executing the digital asset industry’s first listing.
Skip ahead four years, and this year’s bullish wave has lifted several crypto companies to national exchanges.
Stablecoin provider Circle, which issues the USDC token, raised just over $1 billion in June after it listed on the New York Stock Exchange. Crypto exchange Bullish, which is also one of the few licensed operators in Hong Kong, also raised $1 billion in August via its public listing.
Still more firms are eyeing listings, including crypto exchange Kraken, Strategy underwriter Clear Street, and custody provider BitGo.
The recent downturn in crypto markets may, however, dampen crypto listings, HashKey’s included.
After an eye-watering rally of more than 34% between January and October, Bitcoin’s price has plummeted amid geopolitical tensions and US President Donald Trump’s tariff threats.
At press time, Bitcoin is worth just over $90,000, down nearly 30% since its all-time high on October 6.
Liam Kelly is DL News’ Berlin-based DeFi correspondent. Have a tip? Get in touch at liam@dlnews.com.