HashKey IPO marks milestone for Hong Kong’s regulated crypto market

• The $206 million IPO was heavily oversubscribed by both retail and international investors.
• Early trading was volatile, with shares dipping below the IPO price after an initial rise.
• The listing adds to a growing pipeline of crypto companies planning public market debuts in 2025.

Hong Kong’s push to position itself as a global hub for regulated digital assets took a visible step forward this week as HashKey, the city’s largest cryptocurrency exchange, began trading on the Stock Exchange of Hong Kong.

The debut followed a $206 million initial public offering that drew strong demand across retail and institutional channels.

While early trading was volatile, the listing placed HashKey at the centre of a growing wave of crypto firms seeking public market exposure in Asia and beyond.

The move also underlined Hong Kong’s ambition to blend capital markets depth with tighter digital asset oversight, at a time when global regulators are taking a more cautious stance on crypto activity.

Shares of HashKey Holdings listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars, or about $0.86, according to exchange data.

The company confirmed in a blog post that the listing made it the first digital asset company in Asia to go public via an IPO in Hong Kong, setting a regional precedent for crypto firms pursuing traditional capital market routes.

Hong Kong listing milestone

HashKey’s IPO was launched on Dec. 9 and involved the sale of 240 million shares, raising a total of $206 million, based on its HKEX filings.

The structure reflected a split between local and international tranches, aligning with Hong Kong’s standard IPO framework while attracting a broad investor base.

The Hong Kong public offering component saw demand surge well beyond expectations. The retail tranche was oversubscribed by nearly 394 times, with 24 million shares allocated.

The international offering also drew solid interest, reaching 5.5 times subscription and accounting for 216.5 million shares sold.

The response highlighted continued appetite for crypto-linked equities despite recent market volatility in the sector.

Investor demand and structure

Nine cornerstone investors participated in the IPO, adding a layer of institutional credibility to the transaction.

These included Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity, and CDH.

Among them, Cithara and UBS emerged as the largest backers, receiving allocations of roughly 17.5 million shares and 11.7 million shares, respectively.

The presence of established asset managers suggested confidence in HashKey’s business model and regulatory positioning.

It also reflected investor interest in companies operating within Hong Kong’s licensing regime, which has been promoted as a framework for compliant digital asset trading and custody.

Volatile first trading session

Despite the strong fundraising outcome, HashKey’s first day of trading was marked by price swings.

During the morning session, shares briefly climbed about 5% above the opening price, reaching roughly $0.91, before reversing course and dropping to a low near $0.78.

By the afternoon, the stock was trading slightly below its IPO price, at around $0.84.

The movement underscored the cautious tone among investors toward newly listed crypto firms, even as demand for IPO allocations remained robust.

Market participants appeared to weigh long-term growth prospects against near-term uncertainties in the global digital asset market.

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