Key Notes
- JPMorgan initiated coverage on HashKey with an Overweight rating and a HK$9 target, implying roughly 28% upside.
- The bank expects institutional digital asset inflows in Hong Kong to grow at about an 85% CAGR through 2027.
- HashKey’s licensed status and roughly 75% local market share support its growth outlook amid expanding crypto services.
The stock of crypto exchange HaskKey Holdings (HKG) jumped 6% during the Jan. 28 trading session in Hong Kong after banking giant JPMorgan initiated coverage.
The bank highlighted a potential 28% upside for HKG stock, citing 85% growth in institutional digital asset inflows in Hong Kong.
JPMorgan Sets $9 Target for HashKey Stock Price
J.P. Morgan has released a report initiating coverage on HashKey stock, assigning an “Overweight” rating with a target price of HK$9 by the end of 2026.
Crypto exchange HashKey debuted on the Hong Kong Stock Exchange (HKSE) in December 2025.
Its share price initially fell to HK$5.50 before rebounding in subsequent trading sessions.
According to JPMorgan, from an industry growth perspective, institutional capital inflows into digital assets in Hong Kong are expected to rise at a rapid compound annual growth rate (CAGR) of about 85% between 2024 and 2027.
J.P. Morgan expects crypto exchange HashKey to deliver strong growth over the next few years.
The bank forecasts the company’s revenue to rise around 80% in 2026. Following its IPO last month, HashKey quickly secured $250 million in funding for its new crypto fund.
As a licensed virtual asset trading platform in Hong Kong, HashKey held a local market share of about 75% in 2024.
This gives the exchange a clear first-mover advantage in terms of regulatory compliance and product coverage.
Hong Kong to Broaden Crypto Services in 2026
The JPMorgan report mentions that Hong Kong will further expand the scope for digital asset services.
This will include the listing of more crypto assets, potential crypto derivatives, and the development of stablecoin-related services.
The report believes that as a fully compliant, one-stop digital asset platform, HashKey will capitalize on these services.
J.P. Morgan also noted that HashKey’s management team has experience across both traditional finance and digital assets.
Following its listing, the company has strengthened its capital market profile. Based on these factors, the exchange is expected to deliver growth above the industry average in the coming years.
As activity in the crypto sector picks up in 2026, exchanges and trading platforms are likely to benefit from increased participation. HashKey is positioned to capture a share of this growth in the Hong Kong market.
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