HashKey Holdings has received its first research coverage from Soochow Securities, which assigned the digital asset company a “Buy” rating and outlined a gradual path to profitability by 2028.
The brokerage expects HashKey to remain loss-making in the near term, forecasting attributable net losses of HK$794 million in 2026 and HK$296 million in 2027, before turning a profit of HK$511 million in 2028. The outlook suggests continued investment in expansion and infrastructure before earnings stabilize.
📊 HashKey (https://t.co/mVfdXgaNZB) received its first coverage from Soochow Securities with a Buy rating.
The report highlighted HashKey’s regulated digital asset ecosystem spanning trading, on-chain services, and asset management, while noting the scarcity value of its… pic.twitter.com/VJZ09kkq2X
— HashKey Group (@HashKeyGroup) June 2, 2026
Strong trading activity and revenue growth supports outlook
According to the report, HashKey generated HK$723 million in revenue in 2025, supported by strong activity across its digital asset business. Total trading volume reached HK$590.8 billion during the year, highlighting its role as a major regulated platform in Hong Kong’s crypto ecosystem.
Trading facilitation services accounted for around 72% of total revenue, making it the company’s core income driver. At the same time, on-chain services recorded gross margins above 90%, reflecting strong unit economics in blockchain-based operations.
HashKey’s asset management division also showed notable growth, with revenue rising 49.8% year-on-year and assets under management reaching HK$7.2 billion.
Regulatory advantage and Hong Kong crypto expansion drive optimism
Soochow Securities said HashKey is well positioned to benefit from the continued growth of Hong Kong’s regulated digital asset market. The firm pointed to the scarcity value of HashKey’s licenses as a key advantage in a tightly regulated space.
Analysts added that holding these licenses gives HashKey a strong edge because very few firms are approved to operate at this level. As regulation tightens, access becomes more limited, which increases the value of early licensed players.
They also highlighted HashKey’s integrated business model, which brings trading, on-chain services, and asset management together in one platform. This setup gives the company more ways to earn revenue and serve different user needs in one system.
Soochow noted that this structure could help HashKey capture more long-term growth as institutional adoption increases in Hong Kong and other markets.
Meanwhile, HashKey Chain launched Hong Kong’s first regulated silver-backed Real World Asset (RWA) tokens, providing professional investors with direct access to fractional ownership of physical silver through blockchain technology.
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