We offer a licensed digital asset platform to provide (i) transaction facilitation services, (ii) on-chain services, and (iii) asset management services. Our platform has the capability to issue and circulate tokenised RWAs, and has launched HashKey Chain, a scalable and interoperable Layer 2 infrastructure designed to support on-chain migration.
Today, we are an established comprehensive digital asset company in Asia with a global footprint, providing end-to-end financial infrastructure, technology and investment management to create a digital assets ecosystem. Specifically, we are the largest regional onshore platform in Asia by trading volume in 2024, according to Frost & Sullivan. Beyond trading, we are also the largest on-chain services provider in terms of assets under staking and the largest digital asset manager by AUM in Asia, underscoring our leadership across all our businesses.
OUR SOLUTIONS
We are an established comprehensive digital asset company in Asia with a global footprint. We create a digital asset ecosystem that delivers a comprehensive and expanding suite of products and services, tailored to meet distinct and evolving needs of retail investors, institutional clients and other stakeholders alongside the blockchain value chain. Our offerings span the spectrum of digital asset related offerings, including digital asset transaction facilitation services, on-chain services and asset management services. As of September 30, 2025, our platforms supported a total of 80 digital asset tokens, covering a wide range of categories including major layer-1 assets, DeFi tokens, stablecoins and emerging ecosystem projects.
Transaction facilitation services
As our core business, we operate one-stop trading platforms to facilitate digital asset investments for both institutional and retail investors. We are the largest regional onshore digital asset platform in Asia in terms of trading volume in 2024, and the largest in Hong Kong with over 75% market share, over three times that of our nearest competitor, according to Frost & Sullivan. The onshore market represents the core gateway for institutional adoption of digital assets. We are among the few exchanges that hold relevant licenses in every jurisdiction where we operate, and all of our business activities and facilitated transactions are carried out through licensed entities under the applicable regulatory regimes.
We commenced our transaction facilitation services in 2022, during which our exchange platform was in its early stage of development. As market conditions were volatile and our platform was still in the process of building its infrastructure and client base, our revenue contribution from this segment was limited. Moreover, the fair value loss of digital assets further impacted our financial performance in 2022. However, this initial stage laid a solid foundation for our subsequent growth. With the progressive enhancement of our trading system, compliance framework and institutional client onboarding, we entered into full-scale operations in 2023 and began to experience steady increases in trading volume and client engagement. In 2024, our revenue from transaction facilitation services reached HK$517.8 million as compared with a loss of HK$14.9 million in 2022, reflecting the strong momentum of our business expansion and the effectiveness of our early strategic investments. Our assets on platforms increased from nil as of December 31, 2022 to HK$0.9 billion as of December 31, 2023, and further to HK$11.4 billion as of December 31, 2024. As of September 30, 2025, 3.1% of our assets on platforms were held in hot wallets and 96.9% in cold wallets. As of September 30, 2025, our assets on platforms exceeded HK$19.9 billion. During the Track Record Period, a majority of our trading volume was contributed by institutional clients, underscoring the significant role they play in driving the overall activity on our platform. As of September 30, 2025, our Hong Kong platform supported the trading of USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, XRP and others, while our Bermuda platform enabled trading in a diversified range of digital assets covering 72 categories in total. As of June 30, 2025, we did not offer trading of digital assets other than cryptocurrencies on our platform.
Exchange services
Our exchange services provide clients with licensed market access, institutional-grade security and seamless connectivity to custody, OTC and tokenisation services. We are one of the few exchanges offering fully compliant on/off ramp services with round-the-clock availability. In August 2023, we became the first VATP approved to serve both professional and retail investors, marking a regulatory milestone in Hong Kong’s virtual asset market. As of September 30, 2025, our digital asset exchanges had facilitated HK$1.3 trillion in cumulative spot trading volume, positioning us as an established licensed digital asset exchange provider in Asia.
OTC services
We offer over-the-counter trading services as a licensed complement to our exchange platforms. Designed for large-scale or customized digital asset transactions, it provides clients with a compliant venue that delivers greater flexibility, confidentiality, and reduces market impact compared to order book trading. Direct integration with our custody services also ensures efficient settlement and lower counterparty risk, positioning our OTC services as an institutional-grade channel within our one-stop digital asset ecosystem. We act as a principal in OTC transactions and generate revenue from our OTC services primarily through the spread applied to quoted prices, which is recorded in the financial statement as commission income on a net basis.
On-chain services
We deliver a comprehensive suite of on-chain services that integrate blockchain staking infrastructure, tokenisation capabilities and blockchain-native development. Our institutional- grade staking services enable clients to participate directly in network staking, with assets safeguarded through segregated custody and robust slashing protection. As of September 30, 2025, we had HK$29.0 billion of assets under staking, and HashKey Chain’s total RWA value has achieved HK$1.7 billion, positioning us as the largest staking services provider in Asia and the eighth largest globally. Far beyond traditional crypto trading or asset management, our services empower institutional investors and developers to participate securely in blockchain networks and to issue and manage compliant digital assets at scale.
Staking services
Our staking services are built around enterprise-grade staking, forming the technological foundation of our on-chain operations. Staking services involve operating and maintaining blockchain nodes to validate transactions and secure networks for quality investors. Our infrastructure is designed with adequate backup redundancy, high-availability failover mechanisms and active slashing protection, ensuring institutional-grade reliability and security.
We deliver institutional-grade staking services through HashKey Cloud, one of the first providers in Hong Kong approved by the SFC to support ETH ETF staking services. Designed for institutional clients, HashKey Cloud provides professional validator and staking operation services. Its solutions ensure verifiable on-chain performance, transparent governance, auditable operational processes and robust risk management. The service enables clients to earn staking rewards without affecting asset ownership, supported by insurance coverage, redundancy measures and API-based reporting systems that ensure operational safety and control. Institutional and ETF clients may delegate assets directly to our validator nodes through our custody platform, without transferring assets to third-party wallets, thereby combining staking efficiency with regulatory compliance. Our validator nodes are blockchain network nodes that perform transaction validation and block attestation under proof-of-stake consensus. We need to obtain additional licenses to provide staking services for assets under custody. Our monetization rate for staking services was 0.7%, 0.4%, 0.3%, 0.3% and 0.3% in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively. Our average assets under staking increased from HK$10.2 billion in 2022 to HK$11.3 billion in 2023, and further to HK$25.7 billion in 2024. Our assets under staking reached HK$29.0 billion as of September 30, 2025.
Tokenisation services
Our tokenisation services allow market participants to digitalize real-world assets, issue compliant tokens and unlock new forms of liquidity and investment opportunities. Beyond simple token issuance, we also provide a full suite of complementary services that covers asset structuring, compliant token design, blockchain deployment, exchange distribution, and licensed custody. This enables traditional financial products to move on-chain while embedding compliance and transparency at every stage. Currently, since the tokenisation services are in the early stage, we need to communicate with the relevant regulatory authorities in the applicable jurisdictions before rolling out new tokenisation projects. We supported leading asset managers in launching the world’s first tokenised money market fund, positioning tokenisation as a viable pathway for regulated fund products. Our RWA projects primarily involve financial assets as underlying assets, and we are actively expanding into new categories such as precious metals, computing power and green energy. Clients for our tokenisation services are mainly sourced through established partnerships with financial institutions, leveraging our strong brand reputation and industry recognition, as well as referrals from market participants. In addition, our team of seasoned professionals in the digital asset industry has also attracted direct invitations and collaborations from institutional partners. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, revenue generated from tokenisation service was nil, HK$0.4 million, HK$7.0 million, HK$5.8 million and HK$1.1 million, respectively. Prior to 2025, our tokenisation business mainly focused on tokenising assets that potentially could be traded on our trading platform. Thus, the related revenue was classified under Transaction Facilitation Services – Service Fee Income. In 2025, our tokenisation business shifted its focus towards tokenising real-world financial assets on-chain, as we saw the emerging trend of digital-twins assets. Accordingly, the related revenue started to be classified under On-chain Services – Others in 2025. In the future, we plan to tokenize the real-world financial assets through HashKey Chain, and we will monetize through the gas fees.
HashKey Chain
HashKey Chain is a next-generation Ethereum Layer 2 scaling network developed by us, designed to provide efficient, secure and compliant infrastructure for the global digital asset economy. Built on leading Layer 2 technologies, HashKey Chain functions as an integrated platform connecting RWAs, stablecoins and a broad spectrum of decentralized applications and services. Our HashKey Chain is selected by major financial institutions as the infrastructure for tokenised securities, underscoring both the technical robustness and the regulatory acceptance of our on-chain framework, reinforcing our leadership in building compliant tokenisation infrastructure for institutional finance. We also plan to launch Crypto-as-a-Service based on our HashKey Chain, to provide businesses with readily-available infrastructure and tools, such as APIs and smart contract protocols. This enables them to integrate crypto functionalities into their own products without building complex systems from scratch.
Asset management services
We offer institutional clients access to digital asset investment opportunities, spanning venture capital and secondary fund investments. As of September 30, 2025, we had HK$7.8 billion in assets under management since inception, and are the largest Asian, and Hong Kong-based asset management service provider in terms of AUM as of December 31, 2024.
Our strong investment track record is demonstrated by HashKey Blockchain Investment Fund, which delivered a multiple on invested capital of more than 10x, outperforming the industry average return which is 2x, according to Frost & Sullivan. By embedding asset management within our broader ecosystem, we deepen client engagement and enhance our overall value proposition.
Venture capital solutions
We provide institutional investors with access to blockchain and digital asset innovation through our venture capital business. As of September 30, 2025, we have managed HK$7.8 billion in client assets since inception and have made over 400 investments across 2 flagship funds. This makes us one of the earliest and most established institutional investors in Asia’s blockchain industry.
Secondary market fund solutions
Our secondary market fund solutions combine passive and active digital asset investment products to provide institutions with compliant, diversified and efficient exposure to the sector.
Through passive index-tracking portfolios, we offer long-term, cost-effective access to the digital asset market, while our actively managed strategies leverage institutional-grade infrastructure to pursue excess returns under robust compliance and risk controls. As one of the earliest licensed managers to launch SFC-approved funds directly investing in cryptocurrencies, we have established a leadership position in delivering licensed and transparent digital asset investment channels for global clients.
Source: HashKey Holdings (03887) Prospectus (IPO Date : 2025/12/09) |