FINANCE

HashKey Becomes Hong Kong’s Most Valuable Listed Crypto Firm

Published: Dec. 17, 2025 12:18 p.m. GMT+8

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HashKey Holdings Ltd., the parent of a Hong Kong licensed virtual asset exchange, edged higher in its trading debut Wednesday, becoming the city’s most valuable listed crypto firm.

Shares opened 0.3% above the IPO price, giving the company a market capitalization of about HK$18.5 billion ($2.4 billion). That puts HashKey ahead of local rival OSL Group, which closed Tuesday with a market value of roughly HK$14.1 billion.

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HashKey Holdings debuted on the Hong Kong stock market with a HK$18.5 billion ($2.4 billion) valuation, surpassing OSL Group as the city’s most valuable listed crypto company.
The IPO saw strong demand: retail oversubscription was over 390 times and institutional investors subscribed over 5 times; $75 million came from nine cornerstone investors.
Despite high demand, HashKey remains loss-making, reporting a HK$506 million net loss in H1 2024 and HK$2.9 billion in accumulated losses over 3.5 years.

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Who’s Who

HashKey Holdings Ltd.: HashKey Holdings Ltd. is the parent company of a Hong Kong-licensed virtual asset exchange. It recently debuted on the stock market, becoming Hong Kong's most valuable listed crypto firm with a market capitalization of HK$18.5 billion ($2.4 billion). The company raised HK$1.6 billion in its IPO and plans to use the proceeds for technology upgrades, infrastructure, and operations expansion. HashKey aims to be a bellwether for Hong Kong's ambition to become a global digital-asset hub.

OSL Group: OSL Group is a local rival to HashKey Holdings Ltd. in Hong Kong's crypto market. As of Tuesday's close, OSL Group had a market value of approximately HK$14.1 billion, which is less than HashKey's HK$18.5 billion valuation on its trading debut. On Wednesday, OSL shares dropped 4.3%.

UBS Asset Management (Singapore) Ltd.: UBS Asset Management (Singapore) Ltd. is an investor in HashKey Holdings Ltd. They were one of nine cornerstone investors who collectively purchased approximately $75 million worth of shares in HashKey's IPO.

FIL Investment Management (Hong Kong) Ltd.: FIL Investment Management (Hong Kong) Ltd. is an institutional investor that participated as one of the nine cornerstone investors in HashKey's IPO. They purchased approximately $75 million worth of shares, indicating their support and confidence in HashKey's market debut. Their involvement highlights the interest from traditional financial institutions in Hong Kong's regulated crypto market.

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