There are new developments regarding HashKey Holdings’ plan to go public in Hong Kong. According to insiders, the investor subscription phase could start as soon as next week, with the goal of raising at least $200 million. If all goes smoothly, the company could ring the bell and list within this month.

However, the exact fundraising amount and listing date haven’t been finalized yet, since market conditions are constantly changing. Looking through their submitted listing documents, HashKey posted a loss of HK$506 million in the first half of 2025, and revenue dropped 26% compared to the same period last year. But the trading volume numbers are still decent—the spot trading volume facilitated in the first nine months of this year reached HK$1.3 trillion.

Whether this move will be well received by the capital markets remains to be seen in the coming days.