HashKey IPO marks a significant milestone as Hong Kong’s largest cryptocurrency exchange makes its debut on the Stock Exchange of Hong Kong (HKEX). Following a $206 million initial public offering, HashKey has established itself as the first Asian digital asset company to go public through an IPO in Hong Kong.
On its first trading day, HashKey’s shares opened at 6.7 Hong Kong dollars ($0.86), according to exchange data. This momentous occasion symbolizes the exchange’s transition into a new era, strengthening its foundation for global expansion and strategic growth initiatives.
HashKey IPO: Oversubscription and Investor Interest
Launched on December 9, the HashKey IPO was met with overwhelming demand from both institutional and retail investors. A total of 240 million shares were sold, raising 1.6 billion HK$ ($206 million), as detailed in the company’s HKEX filings. The Hong Kong offering was oversubscribed nearly 394 times, with 24 million shares sold locally. Meanwhile, the international IPO saw 216.5 million shares sold, reflecting a 5.5 times oversubscription.
The IPO attracted nine cornerstone investors, including names like Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity, and CDH. Notably, Cithara and UBS emerged as the largest investors, securing 17.5 million and 11.7 million shares, respectively.
Volatile Trading Marks HashKey’s Market Entry
HashKey’s public debut was characterized by notable volatility. During the morning session, the stock briefly surged approximately 5% above its opening price to reach 7.1 HK$ ($0.91), before dropping to 6.1 HK$ ($0.78). By the afternoon, the stock hovered slightly below the IPO price, trading around 6.5 HK$ ($0.84).
In light of the market fluctuations, HashKey’s chairman and CEO Xiao Feng expressed that listing on HKEX marks a starting point that brings greater responsibility. He emphasized the importance of compliance for long-term success and sustainable growth, outlining plans to enhance the company’s infrastructure, security, and compliance.
HashKey IPO: A Part of Growing Trend
The HashKey IPO adds to a growing list of crypto companies going public in 2025. This list includes USDC stablecoin issuer Circle, and crypto exchanges like Bullish and Gemini. Additionally, US exchange Kraken has confidentially filed a draft registration statement for a proposed IPO in November.
As HashKey embarks on this new journey, it sets a precedent for other cryptocurrency firms in Asia, highlighting the region’s potential to become a hub for digital asset trading and innovation.
