JPMorgan to shepherd HashKey listing as crypto firm eyes $215m raise

Group 1 - HashKey Holdings Ltd. plans to seek a public listing on the Hong Kong stock exchange, aiming to raise up to $215 million and potentially achieving a valuation exceeding $2 billion [1] - HashKey Exchange has a trading volume of $96 million over the last day, making it smaller than major platforms like Binance and Coinbase, but it holds one of only 11 operating licenses in Hong Kong [2] - The listing is set to occur on December 17, joining a growing list of crypto companies entering public markets [2] Group 2 - The crypto industry has seen a surge in IPOs, with Coinbase being the first to list in 2021, and several companies now pursuing public offerings [3] - Circle, a stablecoin provider, raised over $1 billion in June after listing on the New York Stock Exchange, while Bullish raised $1 billion in August through its public listing [4] - Other firms, including Kraken and BitGo, are also considering listings, indicating continued interest in public offerings within the crypto sector [4] Group 3 - Recent downturns in the crypto market may impact upcoming listings, including HashKey's, as Bitcoin's price has dropped nearly 30% from its all-time high of over $90,000 [5]