Futu, China’s largest internet brokerage with 27 million registered users, is blazing a trail for the crypto transformation of Chinese (Hong Kong) brokerages as it ventures into the digital asset sector.

On the evening of August 20, 2025, Futu released its second-quarter earnings report, offering the market a clearer look at the company’s crypto strategy and progress. Since launching its crypto trading services in August 2024, Futu expanded digital asset operations in just one year across Hong Kong, Singapore, and the United States—achieving comprehensive business rollout in all three regions.

In Hong Kong, Futu has offered crypto trading to local residents for a full year, and its VATP license application is expected to be approved for formal operation within the next six months. In Singapore, Futu Moomoo has also provided crypto trading services to Singapore residents for a year and is currently the only licensed internet brokerage offering digital asset trading in the country. In the United States, Futu began rolling out cryptocurrency trading services in most states in June, supporting more than 30 major spot crypto pairs.

Futu is aggressively seeking crypto operating licenses worldwide—including Hong Kong, Singapore, and the U.S.—to unlock this new business vertical.

After a year of dedicated exploration, Futu stands among the first and most deeply engaged Chinese brokerages in the digital asset arena. At the company’s Q2 2025 earnings call, a Futu executive stated, “As of the end of the second quarter of 2025, Futu held about HKD 4 billion in crypto-related assets, with peak average daily trading volume reaching USD 40 million.”

Futu’s Crypto Footprint

As brokerages worldwide accelerate their crypto strategies, digital assets are becoming a mainstream trend in the financial sector. Robinhood—the largest U.S. internet brokerage—pioneered crypto trading back in 2018, offering users seamless access to Bitcoin, Ethereum, and a range of leading digital assets.

As of Q2 2025, Robinhood’s crypto revenue had soared nearly 98% year-over-year to USD 160 million, with total revenue at USD 989 million. This demonstrates that crypto business has become a core revenue engine for leading American brokerages like Robinhood, and the digital transformation of brokerages is clearly gaining speed.

With U.S. brokers crowding in, Hong Kong’s brokerages are following suit: statistics show that up to 40 Hong Kong-based firms have successfully upgraded to a Type 1 license to engage in virtual asset services, with Futu Niuniu, Victory Securities, and others leading the pack.

Futu’s approach to crypto is wide-ranging. Just within Hong Kong, initiatives include: upgrading to a Type 1 license (enabling local users to buy Bitcoin, Ethereum, Solana, and more via the Futu App), applying for a VATP license (serving both retail and institutional clients), tokenizing ChinaAMC’s money market funds (mixing real-world assets with crypto products for wealth management), and stablecoins (Futu invested HKD 440 million in Tianxing Bank to gain a foothold in the stablecoin ecosystem), among others.

The VATP license, in particular, is a focus of market attention. Once approved, it will allow Futu to legally run a crypto exchange in Hong Kong. At the Q2 earnings call, a Futu executive noted, “As a gateway to digital assets, an exchange offers huge monetization opportunities beyond spot—think staking, derivatives, and many more areas for value creation.”

The executive added, “Securing the VATP license enables us to serve retail clients, reduces some upstream settlement costs, and allows us to offer upstream services to institutional customers such as brokerages.”

While crypto currently comprises less than 1% of Futu’s business, it commands significant internal focus. At Futu’s Q2 2025 earnings call, both institutional investors—including those from Morgan Stanley—and Futu executives referenced the crypto vertical frequently.

Intense Competition: What’s Futu’s Edge?

Hong Kong’s crypto market already features several leading players, including HashKey, OSL, Victory Securities, and Tiger Brokers. More than 50 companies now provide crypto services to retail clients, by most counts.

So where does Futu stand out?

First, its massive user base gives Futu a decisive edge entering digital assets. Futu boasts 27.12 million registered users, and its “asset-holding” clients grew 41% year-over-year to 2.88 million, a number that continues to climb. In the first half of 2025 alone, a Futu executive reported the company added 460,000 new “asset-holding” clients.

Second, Futu’s strong revenue and profitability are fuel for its innovation engine. Q2 2025 results show revenue at HKD 5.3 billion (up nearly 70% year-over-year) and net profit of HKD 2.6 billion (up 113%). Futu also plans to ramp up investment in digital asset and AI-driven products.

Futu’s internet DNA is a natural fit for crypto. As an online brokerage, Futu leverages technology and uncovers new types of assets—drawing retail customers away from traditional firms and achieving dual growth in scale and innovation. Robinhood’s crypto success highlights the upside potential for internet-first brokerages in this space.

Additionally, Futu’s early moves in global stock trading have paved the way for future expansion of its digital asset business.

According to a Futu executive, “In Q2, Hong Kong and Malaysia contributed over half of our new asset-holding clients, while Singapore, the U.S., and Japan also posted strong growth.”

Outside its Hong Kong headquarters, Futu’s largest overseas markets are Singapore and the U.S., trailed by fast-growing Malaysia and Japan, with Australia and Canada also showing solid momentum.

“We plan to roll out deposit and withdrawal features in Singapore and the U.S. in the second half of the year; this functionality is already live in Hong Kong.” Futu’s trading infrastructure is globally adaptable, driving down marginal costs while boosting profitability for its digital asset business.

In July 2025, Futu Moomoo launched crypto trading in most U.S. states, supporting more than 30 major spot trading pairs.

Futu’s “All In” Approach Reflects the Broader Crypto Transformation of Hong Kong Brokerages

Futu’s aggressive crypto push mirrors the overarching “crypto transformation” sweeping through Hong Kong’s brokerage sector.

Since Hong Kong’s Virtual Asset Declaration in 2022, the city’s crypto industry has evolved over three years into an ecosystem spanning more than 40 brokerages, over 35 fund management firms, and more than 10 major banks and accounting firms active in virtual assets. With Hong Kong’s new stablecoin policy officially taking effect this August, a new wave of stablecoin companies and industry partners is expected to emerge.

As a new class of financial asset, crypto has gained widespread recognition and acceptance in Hong Kong’s financial sector. As a rapidly growing vertical, its full potential is difficult to quantify. This presents Hong Kong’s local small- and mid-sized brokerages with an opportunity to leapfrog larger competitors, while unlocking new growth channels for internet brokerages.

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