HashKey Group
Hong Kong's largest licensed crypto exchange and digital asset manager.
On the record
Checkpoint: HashKey FY2026 annual results, testing whether losses narrow and Korea/MENA MOUs convert to revenue
The call
HashKey dominates a regulated niche that outsiders can't enter, but inside that niche a licensed rival is growing fast while HashKey's own economics stay underwater.
HashKey Group is a licensed cryptocurrency trading platform in Hong Kong that holds most of the region's regulated market share. The company has legal approval that big global competitors cannot easily get, but this protection does not stop OSL Group, a rival with the same licenses, which is growing much faster by focusing on stablecoins and payments while HashKey's revenue stays flat despite higher trading volume. The real problem is that HashKey makes almost no profit per trade (less than 0.1% fee), causing billion-dollar losses. If OSL keeps stealing market share or HashKey cannot raise its fees significantly, losses will keep growing and eventually drain the company's cash.
Why
01
AI pressure: AI agent-to-agent stablecoin payment systems. Autonomous AI agents settling payments directly via stablecoins could bypass exchange interfaces like HashKey's, but this remains speculative, not shipped. Could AI do the core job? Unlikely.
02
Bigger players: OSL Group (00863.HK). OSL grew 58% YoY in H1 2025 via stablecoins and payments while HashKey's revenue stayed flat in the same regulated Hong Kong market. Could a giant copy it? No, they are blocked.
03
What protects it. SFC Type 1/7 and AMLO licenses give HashKey 75% of Hong Kong's regulated crypto trading, blocking unlicensed global entrants.
What would change this call
HashKey FY2026 results show losses cut roughly in half from FY2025's HK$1.09B. Would show the core business is becoming economically sustainable, not just growing volume without profit.
OSL's share of Hong Kong licensed crypto trading crosses 35-40% in exchange filings or HK SFC data. Would show HashKey's regulatory dominance is eroding to its main licensed competitor.
HashKey's Korea and MENA partnerships (e.g. Kbank, BPMG, ANAP Japan) produce reported revenue by Q4 2026. Would show international expansion is converting from MOUs into an actual revenue stream.
OSL's share of Hong Kong licensed crypto trading crosses 35-40% in exchange filings or HK SFC data. Would show HashKey's regulatory dominance is eroding to its main licensed competitor.
HashKey's Korea and MENA partnerships (e.g. Kbank, BPMG, ANAP Japan) produce reported revenue by Q4 2026. Would show international expansion is converting from MOUs into an actual revenue stream.
Key numbers
- FY2025 revenue HK$723M, net loss HK$1.09B
- IPO raised ~HK$1.6B, stock now near HK$1.7-1.9
- 75% share of HK licensed crypto trading
Named risks
- Sub-0.1% fee take with flat revenue despite doubled trading volume threatens path to profitability.
- Beijing's ongoing hostility toward crypto creates regulatory tail risk for HK-based platforms with China exposure.
- Stock down roughly 72% from December 2025 IPO price by mid-July 2026, straining capital raising ability.
- OSL Group's 58% YoY stablecoin and payments growth could erode HashKey's dominant Hong Kong market share.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| OSL Group | gaining on | OSL revenue up 58% YoY to HK$195.4M in H1 2025 vs HashKey's near-flat FY2025 revenue |
| Binance | contesting | Blocked from Hong Kong retail by SFC licensing that HashKey holds as of Dec 2025 |
| Coinbase | contesting | Global scale dwarfs HashKey but lacks HashKey's Hong Kong SFC Type 1/7/AMLO licenses |
| Bullish (CoinDesk parent) | contesting | Named as competitor in HashKey's own IPO-related disclosures, Dec 17 2025 |
Questions people ask
- Is HashKey Group profitable in 2026?
- No. HashKey Holdings reported a net loss of HK$1.09B for FY2025 on revenue of just HK$723.09M, only 0.33% higher than 2024 despite trading volume roughly doubling, as disclosed in its FY2025 annual results as of December 31, 2025.
- Who owns HashKey Group and is it publicly traded?
- HashKey Holdings Limited listed on the HKEX Main Board (ticker 3887.HK) on December 17, 2025, raising about HK$1.6B. Founder Dr. Xiao Feng serves as Chairman/CEO; cornerstone investors from the IPO included UBS AM Singapore, Fidelity, and CDH Investments.
- Who is HashKey Group's biggest competitor?
- OSL Group (00863.HK), the other SFC-licensed Hong Kong crypto exchange, is HashKey's closest rival. OSL grew revenue 58% year over year to HK$195.4M in H1 2025 via its stablecoin and payments business, while HashKey's FY2025 revenue was essentially flat.
- Could AI replace HashKey Group's exchange business?
- Not directly. HashKey's SFC Type 1, Type 7, and AMLO licenses covering roughly 75% of Hong Kong's licensed crypto trading market cannot be replicated by AI wrappers as of December 2025. A longer-term risk flagged in July 2026 commentary is AI agents transacting via stablecoins, potentially bypassing exchange interfaces altogether.
- What market share does HashKey Group have in Hong Kong?
- HashKey controlled about 75% of Hong Kong's licensed crypto trading market as of its December 17, 2025 IPO filing, more than three times the share of its nearest licensed competitor, OSL Group.
- How much did HashKey Group lose before going public?
- HashKey's full-year net loss nearly doubled from HK$580M in 2023 to HK$1.19B in 2024, with an additional H1 2025 adjusted net loss of HK$506M disclosed in its IPO filings dated December 1, 2025.
Timeline
- 2026-07-21Signed MOU with South Korea's Kbank and BPMG for Asia Connect expansion
- 2026-07-19Stock rallied 8.5% in a single day amid a broader tech rally
- 2026-06-12Board approved HK$100M share buyback program
- 2026-04-21Released 3rd Web3 whitepaper on Dual-Token Architecture; announced Kraken partnership
- 2025-12-23HashKey Capital closed first $250M tranche of targeted $500M Fund IV
- 2025-12-17IPO'd on HKEX Main Board at HK$6.68 per share, raising about HK$1.6B
- 2025-12-01IPO filings disclosed deepening losses ahead of listing
- 2025-04-10SFC greenlit ETH staking; HashKey Exchange among first to offer it
- 2025-02-14Gaorong Ventures invested $30M at roughly $1.5B post-money valuation
- 2024-05-31Obtained AMLO license, becoming a fully licensed unicorn
Head to head
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- HashKey IPO Hits HKEX, Raising HKD 1.6B (2025-12-17)
- Crypto exchange HashKey's shares fall 5% on trading debut in Hong Kong (2025-12-17)
- 3887) Stock Price & Overview
- Hashkey Holdings Surges 8% on Tech Rally (2026-07-19)
- HashKey Leads Hong Kong's Crypto Market as Losses Deepen Ahead of IPO (2025-12-01)
- HashKey Seeks Up to $215 Million in Hong Kong IPO (2025-12-09)
- HashKey Capital Announces First Closing of US$250 Million Fund IV (2025-12-23)
- Digital asset firm HashKey bags $100m Series A funding at unicorn valuation
- Gaorong Ventures Invests $30M in Hong Kong-Based Crypto Exchange HashKey Group (2025-02-14)
- HashKey Approves HK$100M Share Buyback After 2026 AGM Mandate (2026-06-12)
- HashKey Holdings Annual Results Announcement FY2025
- HashKey Digital Asset Grp Number of Employees 2026