HashKey Raises HK$1.61 Billion in HKEX IPO; Shares End Near Flat on Debut

HashKey Holdings Ltd., operator of one of Hong Kong’s largest regulated cryptocurrency exchanges, officially began trading on the Hong Kong Stock Exchange, following its well-anticipated initial public offering (IPO).

Getting listed was a rather big milestone for the company and for the city’s plan to become a top destination for licensed crypto businesses.

The IPO raised approximately HK$1.6 billion (about $206 million) by selling roughly 240.6 million shares at HK$6.68 each, close to the marketed price range.

That being said, on its first day of trading, HashKey’s stock saw limited movement with some ups and downs.

The stock jumped more than 6% above its IPO price shortly after trading began, showing early enthusiasm from buyers. However, by midday and at closing, the stock closed slightly below or nearly flat relative to its offer price.

The uneven performance shows traders are being careful, likely because of recent swings in the crypto market, such as Bitcoin’s notable decline from its earlier annual peaks.

Still, HashKey’s stock market debut is a big moment for Hong Kong’s crypto scene. It’s the first major crypto exchange to go public there, showing the city’s push to become a top spot for regulated crypto companies. This is very different from mainland China, where crypto trading is completely banned.

Founded in 2018, HashKey operates one of Hong Kong’s largest licensed cryptocurrency exchanges, serving both retail and institutional investors under official regulatory supervision.

The company also offers investment management and trading services, tokenization and on-chain execution capabilities, and custody and risk-management infrastructure.

HashKey says in its prospectus that it and has processed over HK$1.3 trillion in total spot trades.

The IPO saw very strong demand, especially from individual investors, who applied for nearly 394 times more shares than were available. It also got solid support from big financial institutions like Fidelity International and UBS.

Despite its dominant market share locally, HashKey reported declining trading revenue this year, attributed to a general slowdown in the crypto market. Revenue fell in the first half of the year compared to 2024, highlighting reliance on trading volumes.