HashKey, Hong Kong’s largest cryptocurrency exchange, has made its trading debut on the Hong Kong Stock Exchange (HKEX) following a $206 million initial public offering.
Shares of HashKey Holdings were officially listed on the main board of the HKEX on Wednesday, opening at HK$6.70 ($0.86), according to to data from the central office.
Publishing news in a blog post, HashKey Group he said the exchange became the first public digital asset company in Asia to go public through an IPO in Hong Kong.
“This milestone marks the company’s entry into a new phase of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company said.
HashKey shares fall after subscription increase
Launched on December 9, HashKey’s IPO received strong demand from institutional and retail investors, sale a total of 240 million shares for $206 million, according to HKEX filings.
The offering in Hong Kong was oversubscribed almost 394 times with 24 million shares sold, while the international IPO reached 5.5 times the amount of shares offered, selling 216.5 million shares.
The raise attracted nine core investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. The largest investors were Cithara and UBS with around 17.5 million shares and 11.7 million shares respectively.
In its public debut, HashKey saw significant volatility during the morning session, with the stock briefly rising around 5% above its opening price at $0.91, before falling as low as $0.78.
Shares continued to trade slightly below the IPO price during the afternoon session, or around $0.84.
“Listing on the HKEX is a starting point that resembles a greater responsibility,” HashKey Chairman and CEO Xiao Feng said at the listing ceremony.
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“As a company deeply rooted in Hong Kong, we have always believed that compliance is key to achieving long-term success and sustainable growth,” the CEO noted, highlighting the company’s plans to improve its infrastructure, security and compliance.
HashKey’s public debut joins a growing list of crypto companies going public in 2025, including USDC (USDC) stablecoin issuer Circle, as well as crypto exchanges Bullish and Gemini.
US crypto exchange Kraken has announced a confidential filing of a draft registration statement for a proposed IPO in November.
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