HashKey, Hong Kong’s largest cryptocurrency exchange, lists on HKEX after $206 million IPO
HashKey, Hong Kong’s leading cryptocurrency exchange, was officially listed on the Hong Kong Stock Exchange (HKEX) after raising $206 million through an initial public offering (IPO). The company’s shares began trading on the mainboard at HKD 6.70 (about USD 0.86), marking a significant milestone as Asia’s first publicly traded digital asset company.
HashKey’s IPO garnered significant investor interest, with the company selling 240 million shares, according to HKEX data. This offering was massively oversubscribed. The Hong Kong tranche sold 24 million shares, a multiple of nearly 394, and internationally, it sold 216.5 million shares, a multiple of 5.5. This demand highlights growing investor confidence in the cryptocurrency sector amid continued institutional and retail interest.
The listing saw participation from nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity and CDH. In particular, Cithara and UBS were allocated approximately 17.5 million shares and 11.7 million shares, respectively.
HashKey experienced notable volatility during its debut period. The stock surged about 5%, reaching around HKD 0.91 before falling to around HKD 0.78 during trading. The stock remained slightly below its IPO price (about HKD 0.84) in afternoon trading.
Xiao Feng, HashKey’s Chairman and CEO, emphasized the importance of listing and said, “Listing on HKEX is a starting point that means greater responsibility.” He highlighted the company’s commitment to compliance, security and infrastructure development as essential elements of its growth strategy, especially in Hong Kong.
As the cryptocurrency market continues to expand, HashKey’s public listing signals increased acceptance of digital assets within traditional capital markets. The IPO follows a trend of major cryptocurrency companies preparing or executing public offerings in 2025, including stablecoin issuers Circle and exchanges such as Gemini. This trend reflects the growing integration of mature industries into the global financial system.
Meanwhile, other high-profile U.S. companies, such as Kraken, have also entered the public markets, and reports of confidential IPO filings suggest a broader institutional shift in the industry’s pursuit of legitimacy and growth.