Key Highlights
- HashKey raised $206 million in its Hong Kong IPO after pricing shares at HK$6.68, near the top of its proposed range.
- Shares jumped 6.6% on debut, touching HK$7.11 before falling to HK$6.48 amid volatility in crypto markets.
- Investor demand was strong, with the institutional tranche 5.5 times oversubscribed and retail demand nearly 394 times.
Cryptocurrency exchange HashKey Holdings made its Hong Kong Stock Exchange debut on Wednesday, raising $206 million in its initial public offering (IPO).
The company priced its shares at HK$6.68 each, near the upper end of its proposed range of HK$5.95 to HK$6.95, according to an exchange filing.
HashKey’s shares initially rose 6.6%, opening at HK$6.70 and climbing as high as HK$7.11 during the morning session. However, The stock later slipped to HK$6.41, down around 4%, according to Yahoo Finance.
This movement reflects investor caution amid ongoing volatility in the cryptocurrency market, which has experienced sharp swings after hitting record highs earlier this year.
Founded in 2018, HashKey operates Hong Kong’s largest licensed crypto exchange and offers other services such as asset management, brokerage, and tokenization.
The IPO was popular, with its institutional portion being oversubscribed 5.5 times and the retail tranche almost 394 times. The company has also clinched nine cornerstone investors, including UBS AM Singapore and Fidelity.
CEO outlook on long-term prospects
Despite short-term market uncertainty, CEO and Chairman Xiao Feng expressed confidence in the long-term prospects of digital assets.
“My confidence is only growing stronger and I am more optimistic than 10 years ago because there are more regulation and compliance guidelines for us to follow, which will allow the industry to grow further,” Xiao said in a report by Reuters.
He added that Hong Kong’s supportive policies have helped HashKey expand, even as mainland China continues to impose strict bans on cryptocurrency trading, targeting scams and pyramid schemes.
It began reporting losses in 2022. For the first half of 2025, it posted a net loss of HK$506.7 million ($65 million), improving from HK$772.6 million ($99.2 million) in the same period last year.
With operations projected to be cash-burning, at least for now, the company said it would prioritize cash flow over near-term profitability and invest IPO proceeds into technology, market expansion, risk management, and tie-ups.
Rival crypto exchange OSL’s stock fell 4.29% to HK$16.96; over the last month, it has gained 10.7%, but over the last six months, it has risen 30.5%, reflecting the longer-term trend despite a temporary loss.
Market context
HashKey was listed as the broader markets cooled. Bitcoin changed hands at about $87,000, well beneath the record $126,000 in October.
Hong Kong Financial Secretary Paul Chan joined the listing ceremony, underlining efforts by the city to lure new listings.
HashKey has become the first cryptocurrency company to list in Hong Kong as a wave of initial public offerings has helped the city raise more than $34 billion so far this year in what is shaping up as one of its strongest years since 2021.
Also Read: HashKey Raises $206 Million in Hong Kong Crypto IPO