Written by: Zhou Zhou, Foresight News
Futu, China's largest internet brokerage with 27 million registered users, is writing the first template for the crypto transformation of Chinese (Hong Kong) brokerages through its exploration in the Crypto field.
On the evening of August 20, 2025, as Futu released its Q2 financial report, the market gained a clearer understanding of its layout and progress in the cryptocurrency business. Since officially launching crypto trading services in August 2024, Futu has rapidly expanded its crypto business to Hong Kong, Singapore, and the United States within just a year, achieving full-scale operations in three regions.
In Hong Kong, Futu has provided Crypto trading services for local residents for a year, and the applied VATP license may be approved for formal operation in the next six months; in Singapore, Futu Moomoo has also provided Crypto trading services for Singapore residents for a year and is currently the only licensed internet brokerage providing Crypto trading in Singapore; in the United States, Futu began launching cryptocurrency trading services in most states in June of this year, supporting over 30 mainstream cryptocurrency spot trading pairs.
Hong Kong, Singapore, the United States....... Futu is trying to quickly obtain cryptocurrency operation licenses globally to expand this new business line.
Through a year of exploration, Futu has become one of the earliest and most in-depth Chinese brokerages to explore the Crypto business. In the Q2 2025 earnings call, an executive from Futu stated: 'As of the end of Q2 2025, the balance of Futu's crypto-related assets reached approximately HKD 4 billion, with the highest average daily trading volume reaching USD 40 million.'
Futu's Crypto map
As global brokerages are increasingly laying out cryptocurrency business, this field is gradually becoming a new trend in the financial industry. Taking America's largest internet brokerage Robinhood as an example, it launched cryptocurrency trading services as early as 2018, providing users with channels to buy and sell Bitcoin, Ethereum, and various mainstream digital assets.
As of Q2 2025, Robinhood's cryptocurrency revenue surged by about 98% year-on-year, reaching USD 160 million, while the company's total revenue was USD 989 million. This shows that the cryptocurrency business has become an important segment of income structure for American internet brokerages such as Robinhood, also indicating that the crypto transformation of brokerages is accelerating.
Seeing the influx of American brokerages, Hong Kong brokerages are also accelerating their entry into this field. According to statistics, up to 40 Hong Kong brokerages have successfully upgraded to 'License No. 1' to engage in virtual asset business. Among them, Futu NiuNiu and Victory Securities are among the leaders.
Futu's layout in Crypto is very broad; just from the Hong Kong market, it involves: upgrading to License No. 1 (Hong Kong users can buy cryptocurrencies like Bitcoin, Ethereum, Solana on the Futu App), applying for the VATP license (which can serve both retail users and institutional clients), tokenized currency funds from Huaxia Fund (RWA and cryptocurrency wealth management), stablecoins (Futu is participating in the stablecoin business layout by investing HKD 440 million in Tianxing Bank), etc.
Especially the VATP license, which is a hot topic in the market; once approved, it means that Futu will have a compliant cryptocurrency exchange in Hong Kong. An executive from Futu stated in the Q2 earnings call: 'As an entry point for cryptocurrency, we believe that besides spot trading, there may be more monetization opportunities in the future, such as staking, derivative business, etc.'
'Obtaining the VATP license not only allows us to do business with retail users and save on some upstream clearing and settlement costs, but also provides upstream services for institutional clients such as brokerages,' said the executive.
Thus, although the current Crypto business accounts for less than one percent of Futu's overall business, it has received considerable attention within Futu. In the Q2 2025 earnings call, both institutional investors like Morgan Stanley and Futu executives frequently mentioned the Crypto business.
With a hundred flowers blooming, what is Futu's advantage?
Currently, there are many companies emerging in Hong Kong's Crypto market, including HashKey, OSL, Victory Securities, Tiger Brokers, and more. An incomplete count shows that over 50 companies can provide cryptocurrency services for retail users.
So, what is Futu's advantage?
Firstly, Futu's user base has become one of its biggest advantages in entering the Crypto field. Futu has reached 27.12 million registered users, with the number of 'asset clients' increasing by 41% year-on-year, reaching 2.88 million. Moreover, this number continues to grow. In the Q2 2025 earnings call, an executive stated: In the first half of 2025, Futu added 460,000 'asset clients'.
Secondly, Futu's own revenue and profitability are continuously supporting and safeguarding its new business. According to the Q2 2025 financial report, Futu achieved a revenue of up to HKD 5.3 billion, a year-on-year increase of about 70%, with a net profit of HKD 2.6 billion, a year-on-year increase of 113%. Futu also stated that it will further increase investment in crypto and AI products.
Futu's own internet gene is highly compatible with the cryptocurrency business. As an internet brokerage, Futu is good at utilizing new technologies and discovering new assets, thereby attracting more retail users from traditional brokerages and achieving dual growth in user scale and business innovation. The success of Robinhood in the cryptocurrency field also confirms the development potential of internet brokerages in this area.
In addition, Futu has long been laying out the global market through stock trading, laying a foundation for the future growth of its Crypto business.
An executive from Futu stated: 'The Hong Kong and Malaysian markets contributed more than half of the new asset clients in the second quarter, while growth in other markets mainly includes Singapore, the United States, and Japan.'
It is understood that outside of Futu's main market in Hong Kong, Singapore and the United States are the largest overseas markets, followed by rapidly expanding Malaysia and Japan, with Australia and Canada also showing robust growth momentum.
'We will also launch deposit and withdrawal functions in Singapore and the United States in the second half of the year, which have already been launched in Hong Kong.' Futu's trading framework can be adapted to crypto business globally, allowing for diminishing marginal costs and increasing profits.
In July 2025, Futu Moomoo launched cryptocurrency trading in most states in the United States, supporting more than 30 mainstream cryptocurrency spot trading pairs.
Futu all in behind, the 'crypto transformation' of Hong Kong brokerages
Futu's comprehensive entry into cryptocurrency is also a microcosm of the entire Hong Kong brokerages' 'crypto transformation'.
Since the Hong Kong Virtual Asset Declaration in 2022, the Hong Kong Crypto industry has formed a large industry involving over 40 brokerages, more than 35 fund companies, and over 10 large banks and major accounting firms engaged in virtual asset business within three years. With the formal implementation of Hong Kong's stablecoin policy in August this year, it can be predicted that a number of stablecoin companies and upstream and downstream enterprises will emerge in Hong Kong.
Cryptocurrency, as a new type of financial asset, has gained broad recognition and acceptance in Hong Kong's financial industry. As an emerging track, the incremental market value is difficult to estimate simply. This not only provides local small and medium brokerages in Hong Kong with opportunities to overtake on curves but also opens up new growth space for internet brokerages.
