HashKey IPO Raises $206M, but Shares Slide After HKEX Debut

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• HashKey raised $206M in a heavily oversubscribed Hong Kong IPO
• Shares saw sharp volatility on their first trading day
• The listing highlights renewed momentum for crypto IPOs in 2025

HashKey, Hong Kong’s largest cryptocurrency exchange, has officially gone public following a highly oversubscribed initial public offering, marking a major milestone for Asia’s digital asset industry. The company debuted on the Stock Exchange of Hong Kong (HKEX) after raising $206 million, becoming the first digital asset firm in the region to list via a Hong Kong IPO.

Shares of HashKey Holdings opened at 6.70 Hong Kong dollars ($0.86) on their first day of trading, according to HKEX data, before experiencing sharp price swings during the session.

Oversubscribed IPO Draws Strong Investor Demand

HashKey’s IPO attracted significant interest from both retail and institutional investors. The company sold a total of 240 million shares, with the Hong Kong public offering oversubscribed by nearly 394 times. International demand was also robust, with overseas investors subscribing to more than five times the shares available.

The offering brought in nine cornerstone investors, including major global asset managers such as Fidelity, UBS Asset Management Singapore, CDH, and Cithara Global Multi-Strategy. These investors were allocated substantial portions of the offering, underscoring institutional confidence in HashKey’s business and regulatory positioning.

Volatile First Day of Trading

Despite the strong demand, HashKey’s first trading session was marked by notable volatility. Shares briefly climbed about 5% above the opening price during early trading before reversing course and falling to an intraday low near $0.78.

By the afternoon session, the stock was trading slightly below its IPO price, hovering around $0.84. The price action reflected a cautious tone among investors as the market digested the valuation and broader conditions affecting crypto-related equities.

Compliance and Expansion in Focus

Speaking at the listing ceremony, HashKey Chairman and CEO Xiao Feng described the HKEX debut as the beginning of a new phase for the company. He emphasized that being publicly listed brings greater responsibility, particularly in areas such as compliance, security, and infrastructure.

HashKey has positioned itself as a compliance-first exchange in Hong Kong’s regulated crypto market, a strategy that has helped it stand out as institutional interest in digital assets grows across Asia.

Part of a Broader Crypto IPO Wave

HashKey’s listing adds to a growing roster of crypto companies pursuing public markets in 2025. Stablecoin issuer Circle, along with exchanges Bullish and Gemini, have also gone public this year. Meanwhile, Kraken has confirmed it has confidentially filed draft IPO paperwork in the United States.

Together, these moves signal renewed momentum for crypto firms seeking public listings as regulatory clarity and investor appetite continue to evolve.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.