Original Author: He Muxiang | Hong Kong 01
As the global regulatory framework becomes increasingly clear, institutional participation accelerates, and breakthroughs in underlying blockchain technology occur, the digital asset market is transitioning from an "early experimentation" phase to a new stage of "institutional development." According to Frost & Sullivan data, from 2024 to 2029, the global onshore digital asset trading scale is expected to achieve a CAGR of 48.9%, with the tokenization service market reaching a CAGR of 94.8%, and the digital asset management service market achieving a CAGR of 54.5%. The industry is entering a long-term, sustainable structural expansion cycle.
In this round of structural upward cycle in the industry, compliance, licensing, and security have become the core elements of greatest concern for institutions and incremental capital. As a leading integrated digital asset company in Asia, HashKey is becoming a core bridge connecting traditional finance and the digital economy, thanks to its compliance-first strategic layout and comprehensive business ecosystem, standing at the starting point of a value uplift cycle.
Recently, with HashKey passing the Hong Kong Stock Exchange hearing, the Hong Kong IPO will soon be launched. This leading integrated digital asset group in Asia is showcasing its compliance moat, technological capabilities, and systemic value of its entire ecosystem to the capital market. The industry generally believes that HashKey's push for listing will become an important milestone in the institutionalization era of digital assets in Hong Kong.
Building a Foundation of Compliance, Collaboratively Creating Systemic Advantages through an Integrated Ecosystem
In the digital asset field, compliance and security have always been the primary principles determining whether a company can develop sustainably in the long term. As the global regulatory framework accelerates its improvement, licensing and compliance capabilities have transformed from being a bonus to becoming the core passport for companies to expand their business boundaries and attract incremental institutional capital. Especially in high-entry-threshold sectors such as custody, RWA, and institutional-level asset management, regulatory approval is a direct ticket to entry and the only way to build competitive barriers.
For this reason, HashKey has established a global compliance system covering core markets such as Hong Kong, Singapore, and Japan, with compliance as its strategic foundation since its inception. As the first virtual asset trading platform (VATP) in Hong Kong authorized to serve both retail and institutional investors, HashKey currently holds 13 cross-regional licenses, forming an unreplicable regulatory moat. At the same time, the company's annual internal control audits have passed international certifications such as SOC 1 (Type 2), SOC 2 (Type 2), ISO27001, and ISO27701, maintaining an industry record of "zero customer fund losses, zero on-chain confiscations" since its operation, laying an unshakeable foundation for its long-term credibility.
Technological Empowerment from Internal Use to External Spillover, Expanding Growth Boundaries
Relying on this compliance foundation, HashKey has structured a full-chain business ecosystem of "transaction facilitation + on-chain services + asset management," rapidly expanding its market-leading advantage.
According to the information in the prospectus, as of August 31, 2025, the transaction facilitation business occupies 75% of the market share in Hong Kong, with a cumulative spot trading volume reaching HKD 13 trillion; the on-chain service staking scale exceeds HKD 25 billion; and the asset management scale surpasses HKD 8 billion, with fund returns exceeding 10 times.
All three sectors rank first in Asia. More importantly, this integrated business is not a simple combination but a self-reinforcing network that can grow stronger over time. Its flywheel effect is reflected in: on-chain services providing tokenization tools for project parties and institutions, exchanges meeting distribution and circulation needs, and asset management accumulating long-term capital and incremental demand.
The three mutually serve as entry points and reinforce each other, forming a positive cycle of value that continuously expands HashKey's ecosystem stickiness and market competitiveness. From the compliance system to the technology platform, and to multi-business collaboration, HashKey is no longer just a trading platform but a core hub for building Asia's digital asset infrastructure.
On the technological foundation, HashKey has created a high-performance platform specifically designed for institutional scenarios: capable of supporting up to 50,000 transactions per second, with dynamic scaling capabilities to handle periodic traffic surges, ensuring stable and smooth trading even in extreme market conditions. At a deeper level, the company's self-developed HashKey Chain—an Ethereum Layer 2 network for financial institutions—has become a technological carrier for key scenarios such as RWA tokenization, stablecoins, and DeFi applications, being adopted by multiple financial institutions and gradually becoming the infrastructure for the flow of on-chain and off-chain assets.
Even more noteworthy is that HashKey's technological capabilities have begun to spill over to external financial and technology institutions, creating cross-market growth spillover effects. For example: collaborating with Coins.ph to provide underlying technology and liquidity capabilities to create a licensed cross-border remittance channel; partnering with brokerages like Victory Securities to launch compliant comprehensive account solutions; and working with Standard Chartered Bank, ZhongAn Bank, and others to provide 24/7 fiat deposit and withdrawal services.
This "technological infrastructure spillover" model essentially expands HashKey's growth boundaries from a single platform business to a broader regional fintech market, bringing higher elasticity for long-term growth compared to trading business, and establishing a clear leading position in the Asian digital asset infrastructure competition.
As scenarios such as RWA, stablecoins, on-chain clearing, and payments accelerate their implementation, companies that master compliance entry and underlying technological capabilities will capture the next long-cycle dividend of the entire industry. HashKey's early layout in this direction is effectively opening up growth space far exceeding its current scale.
Ecological Effects Begin to Show, Growth Enters an Acceleration Phase
As the business ecosystem gradually takes shape, HashKey's growth is entering an acceleration phase, and the ecosystem amplification effect is fully unfolding. Financial data has shown a significant structural upward trend:
Total revenue increased from HKD 129 million in 2022 to HKD 721 million in 2024, a growth of 4.6 times over two years; the Hong Kong platform launched in 2023 has become a new engine, with Hong Kong revenue in the first half of 2025 increasing by 58% year-on-year to HKD 89 million.
From the revenue structure, transaction facilitation services have become the main driver of growth, contributing 71.8% in 2024; at the same time, high-margin on-chain services and asset management services continue to provide stable cash flow, forming a virtuous combination. Revenue growth has driven rapid expansion of gross profit: gross profit increased from HKD 125 million in 2022 to HKD 533 million in 2024, with a compound annual growth rate of 106%; adjusted net loss has also further narrowed from HKD 400 million in 2022 to HKD 376 million in 2024.
Overall, the company's multiple advantages in compliance foundation, technological capabilities, and ecological layout have built a significant comprehensive competitive barrier, firmly occupying a core hub position in the Asian digital asset market.
In the context of the deep integration of global traditional finance and the digital economy, companies that integrate compliance, technology, and infrastructure will gain the deepest cyclical dividends. HashKey's layout aligns perfectly with this wave of structural migration in the industry, and its technological spillover, ecological expansion, and first-mover advantage in compliance are allowing the market to see its true long-term value.
In the Asian market, HashKey's strategic position deserves a more imaginative reassessment, and the growth potential it carries has yet to be fully released. Especially against the backdrop of digital assets moving towards institutionalization, this not only represents a new stage of development for the company but also symbolizes a new trajectory for Hong Kong in the global financial landscape.
Original Article URL: HashKey is About to Go Public: Anchoring the Golden Era of Digital Assets, Creating a Benchmark for Compliance Ecosystems in Asia | Hong Kong 01 https://www.hk01.com/article/60300961?utmsource=01articlecopy&utmmedium=referral
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