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Hashkey Holdings aims to raise $215 million through an initial public offering (IPO) in Hong Kong. The IPO highlights Hong Kong’s ambitions to become a leading hub for digital assets in Asia.
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Hashkey Holdings, which operates Hong Kong’s largest licensed cryptocurrency exchange, has filed plans for a Hong Kong IPO targeting HK$1.67 billion, equivalent to about $215 million.
The company has over 240 million shares on offer, priced between HK$5.95 and HK$6.95 per share. Hashkey’s market value at these levels would range from HK$16.4 billion ($2 billion) to HK$19 billion ($2.4 billion).
HashKey plans to use the net proceeds of the IPO to fund growth, with 40% allocated to technology and infrastructure, 40% to market expansion and ecosystem partnerships, and 10% to operational risk management and general corporate purposes.
HashKey’s IPO is part of Hong Kong’s strategy to become a regional hub for digital assets. Thanks to the regulatory environment, cryptocurrency companies have the opportunity to pursue traditional corporate milestones such as going public.
