HashKey, the main institutional client, "passes" the Hong Kong Stock Exchange

On December 1, HashKey Holdings Limited (“HashKey”) passed the hearing of the Hong Kong Stock Exchange. Sponsors include J.P. Morgan, Guotai Haitong, and others.

As an integrated digital asset company, HashKey mainly provides trading facilitation, on-chain, and asset management services through its self-built licensed digital asset platform.

Trading facilitation is the core business, as the increase in trading volume forms the foundation for HashKey’s revenue growth.

Verified users can access HashKey’s exchange platform to trade assets, after which HashKey charges commission fees based on trading volume and the type of services provided. From 2022 to 2024, commission rates ranged from 0.03% to 0.29%.

With the launch of platforms in Hong Kong and Bermuda, HashKey’s trading volume has also surged. The trading volume facilitated in 2024 has reached HKD 638.4 billion, a year-on-year increase of over 90%.

However, due to weak performance of digital assets and obstacles in fiat channels in Bermuda, HashKey’s trading volume in the first half of 2025 was only HKD 214 billion, a year-on-year decrease of nearly 40%.

Currently, HashKey mainly allocates resources to the Hong Kong market.

In terms of client types, institutional clients are the main drivers of trading volume. In the first half of 2025, monthly trading volume of institutional clients reached HKD 24.304 billion, nearly five times that of retail clients during the same period.

However, HashKey has not yet achieved profitability, with a net loss of HKD 1.19 billion in 2024.

This is partly due to the overall limited scale of revenue, which was only HKD 721 million in the same period; on the other hand, HashKey mainly invested funds in basic hardware and platform construction, with R&D expenses reaching HKD 557 million in 2024, accounting for 77.2% of income.

For this IPO, HashKey plans to use the funds raised for technology and infrastructure upgrades, as well as product innovation.

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