HashKey Holdings, which runs Hong Kong’s largest licensed crypto exchange, has submitted plans for a Hong Kong IPO targeting HK$1.67 billion, equivalent to around $215 million.

The company is offering more than 240 million shares, priced between HK$5.95 and HK$6.95 each. At these levels, HashKey’s market value would range from HK$16.4 billion ($2 billion) to HK$19 billion ($2.4 billion).

HashKey intends to use net IPO proceeds to fund its growth, allocating 40% to technology and infrastructure, 40% to market expansion and ecosystem partnerships, and 10% each to operational risk management and general corporate purposes.

HashKey’s IPO is part of Hong Kong’s strategy to become a regional hub for digital assets. Crypto companies now have the opportunity to pursue traditional corporate milestones like public offerings, thanks to the regulatory environment.