Crypto Exchange HashKey Raises $206 Million in Hong Kong IPO, Source Says

Hong Kong–based crypto exchange HashKey has reportedly raised $206 million through its initial public offering, marking one of the most significant crypto-related IPOs to come out of Asia in recent years. While the company has yet to make a full public statement, sources familiar with the deal say the fundraising attracted strong interest from both regional and international investors.

The listing is widely seen as a vote of confidence in Hong Kong’s ambition to position itself as a regulated hub for digital assets. Over the past two years, the city has rolled out a clearer licensing framework for crypto exchanges, drawing firms that want regulatory certainty without leaving Asia. HashKey, already licensed to serve institutional and retail clients under Hong Kong rules, has benefited directly from that shift.

Investor appetite also reflects a broader change in sentiment. After a tough period for crypto valuations and venture funding, public markets appear more willing to back companies with compliance-first models, transparent governance, and ties to traditional finance. HashKey fits that profile, operating under strict regulatory oversight rather than offshore ambiguity.

The fresh capital is expected to support expansion, technology upgrades, and potential new product lines, including tokenized assets and institutional trading services. More importantly, the IPO could set a precedent. If HashKey performs well post-listing, it may open the door for other crypto firms to test public markets in Hong Kong, reinforcing the city’s growing role in the global digital-asset landscape.