Overview
- Bloomberg reported a confidential HKEX filing targeting as much as $500 million, with timing and valuation still being discussed and the company declining to comment.
- HashKey’s HSK token jumped about 13% after the IPO reports.
- The firm operates Hong Kong’s largest licensed crypto exchange and reports roughly $117 million in daily trading volume.
- Analysts view a potential listing as a gauge of investor appetite for regulated crypto in Hong Kong, which introduced tougher custody and stablecoin-related rules in August.
- HashKey has expanded through a $500 million Digital Asset Treasury fund, approval to offer Ether staking, development of HashKey Chain, and a $30 million raise from Gaorong as published valuations range from just over $1 billion to $1.5 billion.