HashKey Group, which runs Hong Kong’s largest licensed cryptocurrency exchange, has confidentially filed for an IPO in the city, according to sources familiar with the matter.

The filing could lead to a listing as soon as this year, and one source estimated the company might raise up to US$500 million, though details may change as discussions continue.

HashKey operates trading, venture funding, and asset management businesses in Hong Kong and Singapore.

Earlier, Gaorong Ventures invested US$30 million in HashKey at a pre-money valuation above US$1 billion.

Hong Kong introduced a virtual-asset regulatory framework last year, aiming to attract cryptocurrency business despite strict bans on the asset class in mainland China since 2021.

A public debut by HashKey would test market demand for cryptocurrency-related assets in Asia, after US listings such as stablecoin issuer Circle Internet Group, which raised nearly US$1.1 billion in June and saw its stock rally 385%.

HashKey said it has no listing-related information to disclose.

🔗 Source: Bloomberg

Recent HashKey Group developments