HashKey Holdings Limited reported stronger first-half revenue and a narrower adjusted loss as institutional trading and tokenised real-world assets drove activity across its regulated digital-asset platform. Revenue rose 20.6% from a year earlier to HK$342.5 million for the six months ended June 30, 2026, while adjusted loss narrowed 21.0% to HK$314.8 million, according to the company’s unaudited interim results.
The performance places transaction facilitation at the centre of HashKey’s business model. Revenue from that segment climbed 38.6% year on year to HK$267.9 million, while platform trading volume increased 31.8% to HK$282.2 billion. Institutional clients accounted for HK$231.5 billion of that volume, or 82.0% of all activity on the platform.
That concentration gives the results a different profile from a retail-led trading venue. Institutional volume grew 58.8% from the prior-year period, substantially faster than overall platform turnover. HashKey’s figures indicate that larger professional participants are providing most of its trading activity and fee-generating flow, while its expansion into asset management and tokenisation adds businesses beyond spot trading.
Gross profit rose 12.5% to HK$207.5 million. Gross margin reached 60.6% in the first half, compared with 51.0% in the second half of 2025, suggesting that the company improved the economics of revenue growth even as it remained loss-making on an adjusted basis.
HashKey said its reduced adjusted loss reflected operational-efficiency measures during the period. Its adjusted figure excludes equity-settled share-based payment expenses, interest expenses linked to Preferred Shares—HashKey Series A that converted into equity on listing, and net fair-value losses and write-downs on digital assets. On that basis, adjusted loss fell from HK$398.3 million in the first half of 2025 to HK$314.8 million this year.
Institutional business drives trading growth
The interim results show how heavily HashKey depends on institutional activity, a segment that tends to require deeper liquidity, fiat settlement routes and compliance infrastructure than retail-focused platforms. The company said it widened its network of ecosystem partners during the half, including cooperation with J.P. Morgan and DBS intended to broaden fiat on- and off-ramp channels.
Fiat ramps allow clients to move between traditional currencies and digital assets. For a platform seeking institutional flows, those connections can be as commercially relevant as adding new tokens or trading pairs, since professional firms need reliable pathways for deposits, withdrawals and settlement.
HashKey also cited partnerships with Canton and Morpho, and said it initiated the Ethereum Applications Guild, or EAG. The announcement did not provide revenue contributions from those arrangements, though the partnerships point to an effort to connect its regulated platform with institutional blockchain infrastructure and decentralised-finance protocols.
The company, founded in 2018, listed in Hong Kong on December 17, 2025, under stock code 3887.HK. Its first-half report therefore offers an early view of the operating priorities following the listing: increasing institutional transaction revenue, building regulated infrastructure and developing products tied to tokenised assets.
Tokenised assets add a second growth channel
HashKey reported sharp growth in on-chain real-world asset activity. Total value locked in its RWA products rose 167.8% year on year to HK$2.68 billion during the first half.
Real-world asset tokenisation refers to representing claims on assets such as property, commodities or financial instruments through blockchain-based tokens. The structure can make ownership records and transfers programmable, although the legal claim attached to a token depends on the specific product documentation and regulatory framework.
During the period, HashKey said it delivered Hong Kong’s first real-estate RWA project and the city’s first regulated silver RWA token. The company did not disclose financial terms for either project, but their arrival supports its effort to build products that can generate platform activity outside conventional cryptocurrency trading.
The RWA figures remain smaller than HashKey’s trading volumes, yet the pace of expansion gives the business strategic value. Tokenised products can create recurring demand for custody, issuance, settlement and secondary-market infrastructure, allowing regulated operators to earn revenue across several stages of an asset’s lifecycle.
Asset management broadens product range
HashKey’s asset-management segment held HK$5.94 billion in assets under management at the end of June and generated HK$38.84 million in revenue during the half. The business introduced Stablecoin and Bitcoin wealth-management products, alongside a Bitcoin Hashrate Fund.
A hashrate fund gives participants exposure to the economics of Bitcoin mining capacity rather than requiring them to acquire mining equipment or operate the machines directly. Its risk profile remains dependent on Bitcoin prices, mining difficulty, energy costs and the operational arrangements behind the fund.
The addition of managed products complements HashKey’s trading platform. Asset management can produce fee income less directly tied to transaction turnover, although the interim results show transaction facilitation remains by far the larger source of revenue.
Singapore and Vietnam deals extend regional reach
HashKey moved to expand beyond Hong Kong after the reporting period. In July, a wholly owned subsidiary signed a framework agreement with Asia Pacific Exchange, or APEX, in Singapore and APEX’s major shareholders to acquire 100% of APEX’s equity interest.
APEX holds Approved Exchange and Approved Clearing House licences in Singapore. If completed, the transaction would give HashKey a route into Singapore’s regulated market infrastructure, including a clearing function that sits alongside exchange operations. The company did not disclose a transaction value or timetable for completion.
In April, HashKey Capital invested in Vietnam Prosperity Crypto Assets Exchange Joint Stock Company, known as CAEX, and entered a technology partnership to build a compliant digital-asset trading platform in Vietnam. The arrangement extends HashKey’s technology and capital-management presence into another Asian market rather than representing a disclosed acquisition of the Vietnamese business.
HashKey Capital also led a Series B+ financing for SignalPlus in May through funds under its management. The round involved a US$40 million investment, including US$20 million from the HashKey group.
The first-half results show a company improving margins and narrowing losses while using institutional trading, asset management and tokenisation to diversify its revenue base. Its planned Singapore acquisition and Vietnam partnership suggest that the next stage of that strategy will depend on whether HashKey can translate regulatory infrastructure and institutional relationships into operating businesses across multiple jurisdictions.
Explore how regulated tokenisation is reshaping finance in 2026—read this in-depth RWA megatrend analysis now.
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