HashKey Group, the operator of one Hong Kong’s largest licensed digital assets exchanges, confidentially filed for an initial public offering in the Asian financial center. This, according to source familiar with the matter and cited by Bloomberg.
HashKey might now plan to list as soon as 2025, the sources claimed.
A listing may command as much as $500 million, one of the people noted.
Deliberations are currently said to be ongoing and pertinent details like valuation and timing might potentially change, the sourced stated. A spokesperson for HashKey clarified that the firm has no listing-related details to share at this time.
HashKey, which is the firm behind the HashKey Exchange, would carry out its initial public offering (IPO) in Hong Kong (if this report is accurate). This move is consistent with Hong Kong’s ongoing regulatory policies that intend to encourage crypto-assets and web3 innovation and integration into the more TradFi industry.
In other recent updates, HashKey MENA, part of the HashKey Group, announced the launch of its OTC Marketplace in the MENA region.
The platform builds on the design of HashKey’s Hong Kong Marketplace while adapting to requirements and technical parameters “tailored for institutional and high-net-worth clients in MENA.”
Having demonstrated “success” in Hong Kong, where the Marketplace enabled block-trade users to compare live quotes from different liquidity providers, select the “best all-in price, and settle trades either instantly or with a delay, HashKey is now extending that model to the Middle East.”
In the MENA version, the Marketplace will allow conversion between fiat and a range of digital assets, “giving clients seamless access to both entry and exit points in the market.”
Trades can be as small as $10, ensuring “accessibility for clients who wish to test the platform with minimal exposure.”
This dual range makes the system relevant for “accredited investors new to digital assets, family offices, and large professional traders.”