Recently, global investment bank J.P. Morgan released a new research report upgrading the stock rating of licensed digital asset financial services provider HashKey> (3887.HK) from “Neutral” to “Overweight,” while maintaining its target price at HK$5.00.

J.P. Morgan stated in the report that, following participation in the J.P. Morgan China Summit and meetings with HashKey management, it now has clearer expectations regarding the company’s recent business performance and medium-term profitability roadmap. The bank believes HashKey’s growth has been more resilient than expected and that the digital asset industry’s long-term structural trends remain favorable.

The report noted that despite weaker overall virtual asset trading activity recently, HashKey achieved year-over-year trading volume growth year-to-date (YTD), driven by its active expansion in the Hong Kong market. On financial metrics, J.P. Morgan expects HashKey’s gross margin to expand by approximately 10 percentage points in fiscal year 2026 as trading-related costs normalize, significantly improving profitability.

Strategically, J.P. Morgan highlighted HashKey’s potential in the real-world asset (RWA) sector. The bank expects tokenized equities to gain market traction over the next 6 to 12 months, with HashKey Chain positioned as a core RWA infrastructure layer.

In addition, the report emphasized several long-term structural trends in the digital asset market. J.P. Morgan believes trading activity is accelerating its shift from offshore platforms to onshore platforms, which will directly benefit HashKey as one of Hong Kong’s key licensed institutions. The report also noted that the company’s initiatives in stablecoin licensing applications and payment infrastructure, alongside plans to launch perpetual futures contracts this year and ongoing development of crypto options products, could open new revenue streams.