JPMorgan Upgrades HashKey (3887.HK) to “Overweight”
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JPMorgan Upgrades HashKey (3887.HK) to “Overweight”
The firm expects stock tokenization to gain market traction within the next 6 to 12 months, with HashKey Chain positioned as a core RWA infrastructure layer.
Navigating Web3 tides with focused insightsRecently, J.P. Morgan released a new research report upgrading the stock rating of licensed digital asset financial services provider HashKey (Stock Code: 3887.HK) from “Neutral” to “Overweight,” maintaining its target price at HK$5.00.
In the report, J.P. Morgan noted that following meetings with HashKey’s management during the recent J.P. Morgan China Summit, it gained clearer visibility into HashKey’s recent operational performance and its medium-term profitability roadmap. The bank believes HashKey’s growth has proven more resilient than expected and that long-term structural trends in the digital asset industry continue to favor the company.
The report states that although overall virtual asset trading activity has been relatively weak recently, HashKey’s trading volume has grown year-to-date (YTD) thanks to its active expansion in the Hong Kong market. On the financial front, J.P. Morgan expects HashKey’s gross margin to expand by approximately 10 percentage points in fiscal year 2026 as trading-related costs normalize, significantly restoring profitability.
Strategically, J.P. Morgan highlighted HashKey’s potential in the real-world assets (RWA) space. The bank anticipates that equity tokenization will gain market traction within the next 6 to 12 months, with HashKey Chain positioned as a core RWA infrastructure layer.
Additionally, the report emphasized several long-term structural trends in the digital asset market. J.P. Morgan believes trading activity is accelerating its shift from offshore platforms to onshore platforms, directly benefiting HashKey as a core licensed entity in Hong Kong. Furthermore, HashKey’s initiatives—including its stablecoin license application, payment infrastructure development, planned launch of perpetual futures contracts this year, and ongoing development of cryptocurrency options products—are expanding its revenue streams.
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