HashKey Group

HashKey Group is a Hong Kong-headquartered digital asset financial services group founded in 2018. The company's stated aim is to make digital assets accessible to one billion global users through a regulated, multi-product platform that serves both retail investors and institutional clients. Across seven business divisions — exchange, global exchange, asset management, OTC, cloud infrastructure, tokenisation, and a Layer 2 blockchain — HashKey has built one of the most diversified compliant crypto businesses in Asia.

Business Divisions

HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong and the flagship consumer-facing product for the group. It holds a Type 1 (securities dealing) and Type 7 (automated trading services) licence from the Securities and Futures Commission (SFC), as well as a virtual asset trading platform licence under the Anti-Money Laundering Ordinance (AMLO). Retail investors in Hong Kong can trade Bitcoin, Ether, Solana, Avalanche, and Chainlink with Hong Kong dollars and US dollars. Professional investors have access to a broader set of assets including XRP. As of September 2025, the exchange had facilitated approximately HK$1.7 trillion (roughly US$218 billion) in cumulative trading volume.

HashKey Global is the group's international exchange, registered in Bermuda with a Class F Digital Asset Business Licence from the Bermuda Monetary Authority. It offers spot trading, futures and perpetual contracts, and a Launchpool product for new token listings. HashKey Global has expanded its licensing footprint to include Singapore (Major Payment Institution licence), Japan (CAESP licence), and Dubai (VARA exchange and broker-dealer services licence), giving the group regulated access across five major jurisdictions.

HashKey Capital is the group's asset management arm, managing four flagship funds with more than 400 portfolio companies across 17-plus countries. The firm has backed over 15 crypto unicorns and focuses on both venture-stage investments and liquid, professionally managed crypto portfolios. In February 2025, HashKey Capital received SFC approval for virtual assets discretionary account management in Hong Kong, adding regulated advisory services to its offering.

HashKey OTC provides compliant over-the-counter trading for institutional and high-net-worth clients who require large-block settlement outside of public order books.

HashKey Cloud is the group's Web3 infrastructure division. It operates validator nodes across multiple proof-of-stake networks and provides staking infrastructure for institutional clients. In November 2025, HashKey Cloud joined Marinade Select as one of approximately 30 KYB-verified institutional validator partners on Solana.

HashKey Tokenisation offers tokenisation-as-a-service to financial institutions and asset managers looking to issue on-chain representations of real-world assets. In June 2026, the division joined the Hong Kong Monetary Authority's Tokenised Bond Expert Group as a founding member institution.

HashKey Chain is an Ethereum Layer 2 network built to support the group's on-chain ecosystem and the native HSK platform token.

Founding and Leadership

Dr. Xiao Feng serves as Chairman and CEO. Dr. Feng is a veteran of Chinese financial markets and an early institutional advocate for blockchain technology in Asia. The group's CFO is Eric Zhu and CTO is Devin Zhang. Division heads include Ru Haiyang (CEO, HashKey Exchange), Deng Chao (President and CEO, HashKey Capital), Anna Liu (CEO, HashKey Tokenisation), and Leo Li (CEO, HashKey On-Chain Business Group). The group maintains offices in Hong Kong, Singapore, Tokyo, and Bermuda, with regional leadership in the Middle East through Ben Hazim El-Baz.

Public Listing

On December 17, 2025, HashKey Holdings Limited listed on the Main Board of the Hong Kong Stock Exchange, becoming the first digital asset company to complete a full IPO in Hong Kong. The listing raised approximately HK$1.6 billion (around US$207 million) at HK$6.68 per share, pricing near the top of the HK$5.95 to HK$6.95 marketed range. Cornerstone investors included Fidelity, UBS, Chinese private equity firm CDH Investments, and Cithara Fund. The listing gave HashKey a market capitalisation of approximately HK$18.5 billion (US$2.4 billion) on debut, making it Hong Kong's most valuable listed crypto firm at the time.

Key Products and Recent Milestones

In July 2026, HashKey Exchange co-launched one of Asia's first bank-and-licensed-exchange co-branded Visa cards, in partnership with Shanghai Commercial Bank, enabling cryptocurrency rewards on everyday spending. The same month, HashKey Capital launched what it described as the industry's first Bitcoin Hashrate Fund, with BITMAIN supplying computing power. In June 2026, HashKey Exchange activated customer fund accounts with DBS Bank for fiat deposit and withdrawal services. Also in June 2026, the exchange received Bloomberg Businessweek's Fintech Platform Provider Excellence Award for the second consecutive year.

In January 2026, HashKey Exchange was named Digital Asset Exchange of the Year by The Asset, a Hong Kong-based international financial publication.

The group also manages a Digital Asset Treasury perpetual fund targeting over US$500 million in initial subscriptions, focused on Bitcoin and Ethereum and structured to allow staking and governance participation within a regulated framework.

Security and Audit

HashKey Global commissions Big Four accounting firm audits for transparency and proof-of-reserve verification. Both HashKey Exchange and HashKey Global operate under mandatory regulatory reporting requirements tied to their respective SFC, BMA, MAS, FSA (Japan), and VARA licences. All counterparties on HashKey Cloud's Marinade Select validator programme undergo KYB (Know Your Business) verification, and the validator relationship requires zero tolerance for malicious MEV extraction and regular auditable reward reporting.

Solana Ecosystem Fit

HashKey's connection to the Solana ecosystem runs across two distinct layers.

At the trading level, Solana (SOL) is one of the five assets approved for retail trading on HashKey Exchange under Hong Kong's SFC framework, placing it alongside Bitcoin and Ether as a sanctioned investment asset for ordinary Hong Kong investors. SOL is also listed on HashKey Global for international users.

At the infrastructure level, HashKey Cloud formalised its Solana commitment in November 2025 through a strategic partnership with Marinade Select, the institutional staking arm of Marinade Finance — Solana's largest liquid staking protocol. Under the arrangement, HashKey Cloud operates and maintains validator nodes on behalf of institutional clients and high-net-worth investors, providing KYB-compliant access channels, auditable reward distribution reports, and flexible asset management policies consistent with institutional risk standards. Marinade Select's validator pool, of which HashKey Cloud is a member, was also appointed as the exclusive staking service provider for the Canary Marinade Solana ETF in the United States.

This combination of regulated retail trading access and institutional validator infrastructure makes HashKey one of the few Asia-Pacific entities with regulated exposure to Solana at both the product and network levels.