HashKey Holdings reported HK$342.5 million in revenue for the first half of 2026, an increase of 20.6% from the same period a year earlier. Its unaudited interim results released on August 27 also show that the company’s non-IFRS adjusted loss narrowed 21% to HK$314.8 million.
Trading services produced most revenue
Transaction-facilitation revenue rose 38.6% to HK$267.9 million, accounting for most of the group’s reported sales. Total platform trading volume increased 31.8% to HK$282.2 billion, while institutional customer volume climbed 58.8% to HK$231.5 billion.
Institutional activity represented 82% of platform volume during the reporting period. Gross profit increased 12.5% to HK$207.5 million, while the company said its gross margin improved sequentially to 60.6% from the second half of 2025.
Tokenized assets expanded faster than the core group
HashKey reported HK$2.68 billion in total value locked across on-chain real-world assets, up 167.8% year over year. The company cited a tokenized Hong Kong real-estate project and a regulated silver token among products delivered during the period.
The group has continued adding externally managed tokenized funds, including plans to distribute Franklin Templeton’s OnChain US Government Liquidity Fund . Its exchange business has also strengthened banking access through a JPMorgan-approved account arrangement .
Adjusted loss remains larger than revenue
Although the adjusted loss improved from HK$398.3 million a year earlier, it remained close to the size of first-half revenue. HashKey defines the non-IFRS measure by excluding share-based payments, certain preferred-share interest and some digital-asset valuation changes.
The exclusions mean adjusted loss should not be treated as equivalent to statutory net income. HashKey also reported HK$5.94 billion in assets under management and HK$38.84 million in asset-management revenue. Future profitability will depend on whether growing institutional volume and tokenization revenue can outpace operating and expansion costs.
The company is also pursuing regional expansion. It signed a framework agreement in July to acquire Singapore’s APEX exchange, which holds exchange and clearing-house licences, and previously invested in a Vietnamese trading-platform venture. Those transactions may broaden HashKey’s regulated footprint, but their integration costs and execution risks cannot be evaluated from first-half trading growth alone. They will also affect future profitability. Outcomes remain uncertain.
