HashKey, Hong Kong’s largest cryptocurrency exchange, has begun trading on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.
HashKey Holdings shares officially listed on the HKEX main board on Wednesday, opening at 6.7 Hong Kong dollars (about $0.86), according to exchange data.
In a blog post announcing the listing, HashKey Group said it had become the first digital asset company in Asia to go public via an IPO in Hong Kong.
The company described the listing as a major milestone, saying it marks a new phase of growth and provides a stronger platform for global expansion and long-term strategic development.
Oversubscribed IPO followed by early share weakness
Launched on Dec. 9, HashKey’s IPO attracted strong demand from both institutional and retail investors, with a total of 240 million shares sold for 1.6 billion Hong Kong dollars ($206 million), according to filings with the HKEX.
The Hong Kong public offering was oversubscribed by nearly 394 times, with 24 million shares allocated to local investors. Meanwhile, the international tranche was oversubscribed by 5.5 times, with 216.5 million shares sold.
The offering drew backing from nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity, and CDH. Cithara and UBS emerged as the largest participants, committing to roughly 17.5 million shares and 11.7 million shares, respectively.
During its first day of trading, HashKey shares showed sharp volatility in the morning session. The stock briefly climbed about 5% above its opening price to 7.1 Hong Kong dollars ($0.91) before reversing course and falling to a low of 6.1 Hong Kong dollars ($0.78).
The shares remained slightly below their IPO price in afternoon trading, hovering around 6.5 Hong Kong dollars ($0.84).
“Listing on the HKEX is just the beginning and comes with greater responsibility,” HashKey chairman and CEO Xiao Feng said at the listing ceremony. “As a company firmly rooted in Hong Kong, we have always believed that compliance is fundamental to long-term success and sustainable growth,” he added, pointing to plans to strengthen the firm’s infrastructure, security, and regulatory compliance.
HashKey’s market debut adds to a growing wave of crypto companies going public in 2025, including UDSC stablecoin issuer Circle and crypto exchanges Bullish and Gemini.
Meanwhile, U.S.-based crypto exchange Kraken announced in November that it had confidentially filed a draft registration statement for a potential initial public offering.
