HashKey shares fell 3% by midday Wednesday in Hong Kong, marking a lukewarm debut following the company’s $206 million initial public offering.
HashKey Holdings, which operates Hong Kong’s largest cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its IPO at HK$6.68 per share, toward the upper end of its proposed range of HK$5.95 to HK$6.95, according to an exchange filing.
The company said in a statement shared with The Block that it attracted nine cornerstone investors, including UBS AM Singapore, Fidelity, and CDH.
“Listing on the HKEX is a starting point that resembles greater responsibility,” said Xiao Feng, chairman and CEO of HashKey. “As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth.”
Xiao said the company will continue to upgrade its infrastructure and bolster core capabilities across security, custody, onchain execution, and compliance.
HashKey’s stock opened at HK$6.7 and rose to as high as HK$7.11 in the morning session before slipping to HK$6.48 by midday, according to Yahoo Finance data. The Hang Seng Index was up 0.22% at noon.
Founded in 2018, HashKey holds a license to operate as a virtual asset trading platform in Hong Kong. As of the end of September, its platforms supported 80 tokens, according to its previous exchange filing.
Its prospectus shows that the company has been reporting net losses since 2022. In the first six months of 2025, HashKey booked a net loss of HK$506.7 million ($65 million), compared to a loss of HK$772.6 million ($99.2 million) in the same period last year.
HashKey rival OSL also saw its shares decline on Wednesday, with the stock down 4.29% by midday to HK$16.96. Despite the drop, OSL shares have gained 10.7% over the past month and 30.5% over the past six months.
HashKey’s debut coincided with a broader cooling in the crypto market, as bitcoin traded at $87,266 at the time of writing, below the record high reached earlier this year.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
