HashKey Holdings successfully raised 1.6 billion Hong Kong dollars (approximately 206 million dollars) in its initial public offering (IPO) in Hong Kong by pricing its shares at the upper limit of its advertised range. This response showcases the strong institutional demand for a fully registered cryptocurrency exchange in the city.
IPO Pricing, Demand, and Investor Mix
The operator of Hong Kong’s largest licensed cryptocurrency exchange sold 240.6 million shares at 6.68 Hong Kong dollars each, close to the top of the 5.95–6.95 dollar range flagged in earlier filings. At that price, HashKey came just below the ceiling valuation implied by the range and finished modestly under the roughly 1.67 billion Hong Kong dollars (215 million dollars) the deal could have raised at the absolute top.
Sources familiar with the allocation say the top 20 institutional accounts took around 80% of the institutional tranche, a split that signals heavy interest from funds willing to back a regulated venue despite the sector’s volatility.
HashKey chose not to exercise an option to expand the deal size, keeping the raise at 1.6 billion Hong Kong dollars and leaving some excess demand unsatisfied ahead of the stock’s debut later in the week.
How HashKey Plans to Use the New Capital
Company statements and deal commentary indicate that the proceeds will support three core priorities: upgrading technology infrastructure, hiring across compliance and engineering, and strengthening risk-control systems as trading volumes grow. HashKey also plans to expand its suite of licensed services, including institutional trading, custody and tokenization products, within Hong Kong’s virtual-asset framework.
The offering positions HashKey as a flagship test of Hong Kong’s attempt to build a regulated digital‑asset hub under the Securities and Futures Commission’s licensing regime.
Analysts note that strong pricing and oversubscription give regulators a reference point when arguing that compliant exchanges can attract capital and scale, in contrast to the offshore platforms that dominated the last cycle.
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