JPMorgan Initiates Coverage on HashKey: Gives "Overweight" Rating, $9 HKD Target Price

BlockBeats News, January 28, 2026 - On January 28, 2026, a leading international investment bank, JPMorgan, initiated coverage on HashKey (3887.HK) for the first time, assigning an "Overweight" rating with a target price of HK$9.0 by December 2026, implying approximately 28% upside from the time of the report (HK$6.98).

The report notes that based on industry growth momentum, it is anticipated that from 2024 to 2027, the scale of institutional funds flowing into digital assets in Hong Kong will experience rapid growth at a compound annual growth rate of approximately 85%. In this context, HashKey is expected to achieve sustained high growth over the next few years, with institutional business being the key driver of HashKey's future growth. JPMorgan forecasts that the company's revenue growth rate in 2026 will reach around 80%.

As a licensed virtual asset trading platform in Hong Kong, HashKey held a market share of up to 75% locally in 2024, enjoying a significant first-mover advantage in brand reputation, compliance capabilities, and product coverage. With the further expansion of digital asset services in Hong Kong, including more cryptocurrency listings, potential crypto derivatives, and advancements in stablecoin-related services, the industry is poised for a new stage of development. As a compliantly operated one-stop digital asset platform, the report believes that HashKey has the ability to seize relevant opportunities first and receive a valuation premium over comparable local companies.

Furthermore, JPMorgan points out in the report that the HashKey management team has relevant experience in both traditional finance and the digital asset field, and the company's listing has further enhanced its capital brand impact and market recognition. Considering the industry environment and the company's positioning, HashKey is expected to achieve above-industry-average growth in the coming years.