HashKey crypto exchange sees bumpy Hong Kong debut after $206M IPO

cointelegraphPublished on 2025-12-17Last updated on 2025-12-17

Abstract

Hong Kong's largest cryptocurrency exchange, HashKey, debuted on the Hong Kong Stock Exchange (HKEX) after raising $206 million in an initial public offering (IPO). The stock opened at HK$6.7 ($0.86) but experienced significant volatility, briefly rising 5% before falling below the IPO price to as low as HK$6.1 ($0.78). The IPO was heavily oversubscribed, with the Hong Kong portion 394 times oversubscribed. HashKey is the first publicly-listed digital asset company in Asia to go public via a Hong Kong IPO. CEO Xiao Feng emphasized the company's commitment to compliance and long-term growth. The listing is part of a broader trend of crypto companies going public in 2025.

HashKey, Hong Kong’s largest cryptocurrency exchange, has made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.

Shares of HashKey Holdings officially listed on the HKEX main board on Wednesday, opening at 6.7 Hong Kong dollars ($0.86), according to data from the exchange.

Announcing the news in a blog post, HashKey Group said the exchange became the first publicly traded digital asset company in Asia to go public through an IPO in Hong Kong.

“This milestone marks the company’s entry into a new stage of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company stated.

HashKey stock slides following the oversubscribed raise

Launched on Dec. 9, HashKey’s IPO has received massive demand from institutional and retail investors, selling a total of 240 million shares for 1.6 billion HK$ ($206 million), according to the company’s HKEX filings.

The Hong Kong offering was oversubscribed by nearly 394 times with 24 million shares sold, while the international IPO reached 5.5 times the amount of stock on offer, selling 216.5 million shares.

*Allotment results data in HashKey’s Hong Kong public offering. Source: HKEX*

The raise attracted nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. Cithara and UBS were the largest investors, allocating around 17.5 million shares and 11.7 million shares, respectively.

In its public debut, HashKey experienced notable volatility during the morning session, with the stock briefly surging about 5% above its opening price to 7.1 HK$ ($0.91), before sliding to as low as 6.1 HK$ ($0.78).

*HashKey stock’s info and price chart. Source: HKEX*

The stock continued to trade slightly below the IPO price during the afternoon session, or around 6.5 HK$ ($0.84).

“Listing on the HKEX is a starting point that resembles greater responsibility,” HashKey chairman and CEO Xiao Feng said at the listing ceremony.

Related: Figure Technology files second IPO to bring native equity issuance to Solana

“As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth,” the CEO noted, highlighting the company’s plans to enhance its infrastructure, security and compliance.

HashKey’s public debut joins a growing list of crypto companies going public in 2025, including the UDSC (USDC) stablecoin issuer Circle, as well as crypto exchanges Bullish and Gemini.

The US crypto exchange Kraken announced the confidential filing of a draft registration statement for a proposed IPO in November.

It Took Me a Year to See the Bitter Truth About Agent Payments

After a year building infrastructure for the Agent economy, engaging with major players like Stripe, Visa, and Coinbase, the author shares a sobering analysis of the current state of Agent payments. The core finding is a stark lack of genuine, immediate demand across most envisioned use cases. The article breaks down four key market segments: 1. **Agent-to-Merchant (Consumer Shopping):** For most product categories (e.g., clothing, electronics), conversational AI shopping is a step backwards from visual e-commerce interfaces. While agents excel at understanding needs, they can't replace side-by-side product comparison. Real merchant interest is defensive "Agent Engine Optimization," not driven by current customer demand. Potential exists for high-frequency, low-decision purchases (like food delivery) or navigating complex store UIs, but these require massive B2C distribution channels dominated by giants like Amazon. 2. **Agent-to-API (Developer Services):** Developers already have subscriptions and billing relationships for APIs (compute, data). Prepaid balances solve micro-payment issues for low transaction volumes. A deeper structural problem is that major SaaS vendors' business models rely on enterprise contracts, resisting granular pay-per-call pricing. While protocols like MPP and x402 serve the long tail of niche services, this market is small and developers are historically low-willingness-to-pay. 3. **Agent-to-Agent:** This remains largely theoretical with minimal transaction volume. While it represents a long-term bet on a fundamentally new transaction infrastructure (sub-second, micro-penny to million-dollar, multi-party settlements), it does not constitute a present market. 4. **Agent-to-Finance:** This is the only category with existing, paying demand. Integrating AI into financial workflows (trading, portfolio management) is a natural evolution and enables new capabilities like autonomous rebalancing. However, competition favors established, regulated institutions. The "real problem" is not moving money between agents, but the broader challenge of **coordination**—orchestrating work between agents and humans, verifying outcomes, and settling results. Payment is just one component of settlement, which is itself part of coordination. Companies that solve the coordination layer will subsume payment, not the other way around. While well-funded incumbents build defensively for a long-term future, startups must find where the market is today—which, for the author's team, lies outside these four categories in an area of real, growing, and underserved activity.

marsbit5m ago

It Took Me a Year to See the Bitter Truth About Agent Payments

marsbit5m ago

It Took Me a Year to See the Hard Truth About Agent Payments

**Title: It Took Me a Year to See the Hard Truth About Agent Payments** Over the past year, I've worked on infrastructure for the Agent economy, engaging with major players like Stripe, Visa, Coinbase, and numerous startups. The findings reveal a stark reality: genuine, widespread demand for Agent-based payments does not yet exist. **Key Observations:** * **Agent-to-Merchant (Shopping):** The user experience for AI shopping often falls short, especially for visual product discovery. While AI excels at understanding needs, conversational interfaces can't yet replace browsing and comparing multiple products visually. Current merchant interest is largely defensive ("Agent Engine Optimization") for a future that hasn't arrived. High-frequency, low-friction purchases (like food delivery) are potential fits, but lack open APIs and face high AI inference costs. Simpler, more affordable, or cross-language interactions for complex UIs are a niche opportunity but require massive consumer distribution to scale. * **Agent-to-API (Developer Tools):** Developer payment needs for APIs (computing, data, models) are already met through subscriptions and prepaid credits. The core challenge is not payment friction but supplier economics: most large SaaS providers prefer enterprise contracts over micropayments for API calls. Protocols like MPP and x402 suit the long-tail of smaller services but cater to a developer market historically reluctant to pay for these tools. Major infrastructure needs at the top of the stack are already being addressed. * **Agent-to-Agent (Machine Commerce):** This is a long-term vision with almost no current transaction volume. While a future with high-speed, high-frequency, multi-party machine-to-machine transactions would require novel infrastructure, it remains theoretical. The market is not here yet. * **Agent-to-Finance:** This is the only category with clear, present demand. Financial professionals and DeFi users already pay for tools, and AI augmentation is a natural evolution. Autonomous AI agents can enable entirely new financial strategies. However, competition is fierce from established, regulated incumbents who can more easily layer AI onto their existing products. **The Core Insight:** Companies, especially giants with long time horizons, are building defensively for a potential future of mass machine commerce. For them, early investment is a low-cost hedge. For startups, the current market reality is different. The primary challenge isn't just moving money between agents (payments). The larger, unsolved problem is **orchestration** – coordinating work between agents and humans, verifying outcomes, and then settling. Payment is just a part of settlement, which is just a part of orchestration. Companies that solve the orchestration problem will subsume payments, not the other way around. After a year of building, we see the real, growing, and underserved market opportunity lies in this broader domain of orchestration.

链捕手29m ago

Claude Opus 4.8 Finds a $4.5 Billion Bug: The AI Era is Mass-Producing Hackers

A researcher discovered a critical "infinite mint" vulnerability in the Zcash cryptocurrency's Orchard protocol using Claude Opus 4.8, leading to a swift fix but also a 50% market drop, erasing billions in value. This incident highlights a new era where powerful, accessible AI models are dramatically lowering the barrier to finding software vulnerabilities. Previously, the security community feared specialized models like Claude Mythos Preview, capable of finding decades-old zero-day exploits. The Zcash case, however, involved a publicly available, general-purpose model. This shift makes advanced security auditing—and attack capabilities—accessible to far more people, not just experts. The mass democratization of vulnerability discovery brings a dual challenge: a flood of low-quality, AI-generated false reports that overwhelm maintainers, and the real, rapid uncovering of deep, dangerous bugs. Open-source projects, often understaffed and unfunded, are particularly vulnerable to this "attention DDoS." The article cites examples like curl shutting down its bug bounty program due to the unsustainable workload. Our perceived digital safety has often been luck, relying on the high cost and effort required to find deeply hidden flaws in complex systems, as seen with historical vulnerabilities like Heartbleed or Baron Samedit. AI changes this cost structure, effectively "mass-producing flashlights" to illuminate every corner of our codebase. While large companies operate extensive security chains involving external white-hat hackers and massive defensive operations, the global cybersecurity workforce faces a severe shortage, especially of experienced personnel capable of analyzing complex threats and coordinating fixes. The core dilemma emerges: AI makes *finding* bugs cheap and scalable, but *fixing* them remains a slow, expensive, and human-intensive process. The article concludes that AI won't destroy the internet but acts as a bright light, revealing that our digital existence is not inherently secure but is precariously maintained by ongoing human effort. The true cost in the AI era may not be discovery, but whether there will be enough people left willing and able to do the hard work of repair.

marsbit1h ago

Claude Opus 4.8 Finds a $4.5 Billion Bug: The AI Era is Mass-Producing Hackers

marsbit1h ago

Ethereum Price Prediction: ETH Could Double While Cardano (ADA) and This Newcomer Token Near 500% Rally

As the cryptocurrency market anticipates a potential bull cycle, investor focus is shifting toward projects with high return potential. Ethereum (ETH), currently at approximately $2,014, is highlighted for its long-term value, with predictions suggesting a possible 2x increase to over $4,000. Cardano (ADA), trading around $0.2329, remains a choice for its research-driven development and scalability focus, though some seek higher upside elsewhere. Significant attention is drawn to Little Pepe (LILPEPE), a new Layer 2 Ethereum-compatible token priced at $0.0022 in its presale stage, which has raised over $28.19 million. The project aims to build a dedicated blockchain for meme communities, offering lower costs and faster transactions. Backers speculate a potential 500% gain, driven by strong presale demand, planned ecosystem features like staking and a launchpad, and active community engagement through giveaways. While Ethereum and Cardano are viewed as foundational investments, LILPEPE represents a newer, high-growth opportunity for investors targeting the meme coin sector.

TheNewsCrypto1h ago

Ethereum Price Prediction: ETH Could Double While Cardano (ADA) and This Newcomer Token Near 500% Rally

TheNewsCrypto1h ago

Codex Goal Mode Usage Guide: How to Make AI Continuously Pursue a Specific Objective

"Codex Goal Mode: How to Make AI Work Continuously Toward a Specific Goal" OpenAI's Codex "goal mode" (/goal) transforms the AI from a reactive code assistant into a proactive execution agent capable of working autonomously for hours or even days to achieve a defined objective. To maximize its effectiveness, follow these key principles: 1. **Define Clear, Verifiable Exit Criteria:** The goal prompt should be a concise, measurable success condition, not a lengthy specification. Use quantifiable metrics like "reduce build time by 30%" or "achieve 100% test parity." 2. **Provide Initial Guidance and Tools:** Direct Codex toward likely problem areas and specify available tools (e.g., browsers, testing environments) to prevent it from exploring unproductive paths. 3. **Enable Progress Measurement:** Equip Codex with ways to track advancement, such as creating comparison tools for visual tasks or evaluation sets, ensuring it can gauge its own progress. 4. **Use a Realistic Execution Environment:** For tasks like performance optimization, provide access to environments that closely mimic production (e.g., similar configs, databases) to yield valid results. 5. **Be Cautious with Visual Goals:** Avoid vague "pixel-perfect" instructions. Instead, supplement visual references with functional checklists or design system specifications to prevent Codex from obsessing over minor details. 6. **Implement Progress Tracking:** For long-running tasks, have Codex commit code to draft PRs, update progress documents, or send Slack updates to maintain visibility into its work. 7. **Review and Consolidate Results:** Once the goal is met, instruct Codex to review its work, clean up ineffective experimental code, and reflect on what strategies succeeded or failed. Ultimately, using goal mode shifts the developer's role from writing prompts to managing a persistent engineering agent—defining objectives, establishing metrics, configuring environments, and conducting final reviews.

marsbit2h ago

Codex Goal Mode Usage Guide: How to Make AI Continuously Pursue a Specific Objective

marsbit2h ago

Trading

Spot

Futures

Hot Articles

What is DOGE M

Doge Matrix ($doge m): The New Breed of Community-Driven Cryptocurrency Introduction In the ever-evolving landscape of cryptocurrency, new projects constantly emerge, each aiming to capture the interest of investors and enthusiasts alike. One of the latest entrants to this domain is Doge Matrix, represented by the ticker symbol $doge m. This project has attracted attention thanks to its roots in the popular meme culture surrounding Dogecoin, establishing its place within the web3 space. This article aims to provide a comprehensive analysis of Doge Matrix, covering its overview, creator, investors, functionality, timeline, and notable aspects. What is Doge Matrix ($doge m)? Doge Matrix is a community-driven cryptocurrency project that seemingly builds upon the widespread appeal of Dogecoin, a digital currency known for its Shiba Inu mascot and its meme origins. While the overarching objectives of Doge Matrix are not extensively defined, it is characterized by a commitment to harnessing community involvement and support. Unlike traditional cryptocurrencies that often emphasize utility or intrinsic value through underlying technologies, Doge Matrix positions itself within a space that embraces the cultural phenomenon of cryptocurrencies, particularly appealing to those who resonate with the ethos of meme-based assets. Drawing on the strengths of the Dogecoin community, Doge Matrix operates as part of a broader ecosystem, inviting participation and engagement from users who share an interest in cryptocurrency and the digital landscape. Who is the Creator of Doge Matrix ($doge m)? The identity of the creator of Doge Matrix remains unknown. This lack of transparency is not an uncommon occurrence in the cryptocurrency space, where some projects are launched without revealing the identities of their founders. The absence of information regarding the founding team can raise questions among potential investors about the project’s accountability and direction. Who are the Investors of Doge Matrix ($doge m)? As it stands, there is no publicly available information detailing the investors or investment foundations that back Doge Matrix. The project appears to rely primarily on community support rather than institutional investment. This model aligns with the community-driven nature of the initiative, fostering an environment where the direction of the project is shaped by its participants rather than being dictated by a select few financial backers. How Does Doge Matrix ($doge m) Work? The specifics regarding the operational mechanisms of Doge Matrix are somewhat vague, reflecting a broader trend of projects in the meme coin space where innovative functionalities are not always clearly articulated. Nonetheless, Doge Matrix seems designed to tap into the existing cryptocurrency ecosystem by encouraging user participation while tapping into the familiar cultural references associated with Dogecoin. Its potentially unique characteristics derive from community interactions rather than technological advancements, emphasizing shared experiences and collaboration among token holders. While the exact innovations have not been explicitly outlined, the project appears to create a space where community members can engage, share ideas, and propel the project's potential forward. Timeline of Doge Matrix ($doge m) Reflecting on the project’s timeline reveals notable events that have defined its journey thus far: November 25, 2024: Doge Matrix reached its all-time high value, marking a significant milestone in its early history. January 1, 2025: Conversely, Doge Matrix hit its all-time low value, illustrating the volatility often associated with cryptocurrencies, especially in the early stages of a project's lifecycle. Ongoing: The project continues to be actively traded and supported by its community, although specific future milestones or objectives have yet to be disclosed. Key Points About Doge Matrix ($doge m) Community Focus At the heart of Doge Matrix is a commitment to community engagement. The project thrives on the premise of collaboration and shared objectives among its members, emphasizing the importance of collective effort. Unlike centralized projects that often have a defined leadership structure, Doge Matrix at present showcases a more fluid approach to governance, where every community member's voice matters. Volatility The cryptocurrency market is notorious for its volatility, and Doge Matrix is no exception. Its price history reflects significant fluctuations between high and low values, which is typical of many new cryptocurrencies but underscores the risks associated with investment in emerging tokens. Lack of Detailed Information One of the most striking features about Doge Matrix is the scarcity of detailed information regarding its technological underpinnings and operational mechanisms. This ambiguity necessitates that potential investors conduct thorough due diligence before engaging with the project. Conclusion In summary, Doge Matrix ($doge m) illustrates a new wave of cryptocurrency projects that lean heavily on community engagement and cultural relevance. While lacking in certain specifics—such as clear leadership, defined objectives, and detailed functionality—the project has managed to generate interest within the crypto community, leveraging the established appeal of meme culture. As with any investment in the cryptocurrency space, understanding the inherent risks and conducting comprehensive research is essential for potential participants. Doge Matrix stands as a reminder of the dynamic, sometimes unpredictable nature of the crypto industry, marked by constant evolution and enthusiasm for community-driven initiatives.

3.6k Total ViewsPublished 2025.02.03Updated 2025.02.03

What is $M

Understanding Mantis ($M): A New Era in Cross-Chain Interoperability In the continually evolving landscape of Web3 and cryptocurrency, new projects strive to offer innovative solutions aimed at enhancing the user experience and expanding functional possibilities within the decentralized financial ecosystem. One such project garnering attention is Mantis ($M), a pioneering protocol founded on the principles of cross-chain interoperability and intent-based settlements. This article delves into the essential aspects of Mantis, including its core functionality, creators, investment backing, innovative features, and critical milestones. What is Mantis ($M)? Mantis is described as a multi-domain intent settlement protocol that simplifies cross-chain interactions, enabling users to execute complex financial transactions across various blockchain platforms seamlessly. The protocol operates through three primary layers: Intent Expression: Users can articulate their transaction goals using natural language facilitated by the DISE LLM, an advanced AI language model. For instance, a user might express a desire to swap Ethereum (ETH) for Solana (SOL) with a specific slippage tolerance of 1%. Execution: This layer employs a network of solvers that compete to fulfill user intents. Transactions are executed using mechanisms such as Coincidence of Wants (CoWs) and Order Flow Auctions (OFAs), which ensure that user demands are met optimally. Settlement: Leveraging the Inter-Blockchain Communication (IBC) protocol, Mantis enables atomic cross-chain transactions, allowing users to operate across various supported chains, including Ethereum, Solana, and Cosmos. Mantis is engineered to introduce native yield generation for idle assets, employing cryptographic proofs to maintain the integrity of transactions throughout the entire process. Creators & Development Team Mantis was conceived by the Composable Foundation, a research-driven organization notable for its emphasis on blockchain interoperability solutions. This foundation collaborates with esteemed academic institutions, including Harvard University and the University of Lisbon, contributing to extensive research and development efforts that inform Mantis's architecture and functionality. The Composable Foundation’s commitment to fostering innovation in the blockchain space positions Mantis as a robust solution for the growing demand for interoperability among multiple blockchain networks. Investors & Backing While specific details about individual investors have not been publicly disclosed, Mantis enjoys substantial backing from various entities, including: Ecosystem grants from IBC-enabled chains, which support the protocol's growth and integration within decentralized finance ecosystems. Strategic partnerships with infrastructure providers that enhance Mantis's network capabilities and deployment strategies. Funding through the Composable Foundation's treasury, ensuring sustained financial support for ongoing development and operational costs. These collaborative efforts reflect a consensus among stakeholders about the importance of enhancing cross-chain functionality and the potential utility of Mantis's infrastructural innovations. Key Innovations Mantis sets itself apart through several pioneering innovations that enhance its functionality and utility: Chain-Agnostic Intents: Users can initiate transactions from any supported chain while settling on another. This flexibility empowers users, driving increased interaction among different platforms. AI-Powered Interface: The integration of DISE LLM allows users to conduct complex DeFi operations using natural language, thereby simplifying interactions and making blockchain technology accessible to a broader audience. Cross-Domain MEV Capture: Mantis creates an internal market for maximal extractable value (MEV) through competitions among solvers. This innovative approach allows for greater efficiency and value extraction in complex transactions. Modular Settlement Layer: The protocol supports various verification methods, including zero-knowledge proofs and optimistic rollups, providing a versatile framework that can adapt to emerging blockchain technologies. Historical Timeline Mantis's development is marked by several critical milestones that chart its trajectory and growth: | Year | Milestone | |————|————————————————————————-| | 2022 | Initial concept development within the Composable Foundation's research division. | | Q3 2024 | Launch of the testnet with bridging capabilities between Solana and Ethereum. | | Q1 2025 | Anticipated Token Generation Event (TGE) alongside the mainnet launch. | | Q2 2025 | Expected integration of DISE LLM and expansion of cross-chain capabilities. | | 2025 H2 | Planned support for over 15 chains through further IBC upgrades. | This timeline outlines Mantis's evolution, from conceptual discussions to active implementation and future growth phases. Ecosystem Growth Strategy Mantis's strategy for ecosystem growth includes several initiatives designed to encourage user participation and developer engagement: Credits System: Users can earn protocol credits by providing liquidity and engaging in referral programs. These credits are redeemable for incentives in the future, fostering a robust user community. Modular Software Development Kit (SDK): This toolkit empowers developers to create applications based on intent-driven models utilizing Mantis's infrastructure, thus promoting innovation within its ecosystem. Governance Model: As the protocol matures, $M token holders will have a voice in protocol governance, allowing them to vote on proposed upgrades and changes, thereby enhancing community engagement and decentralization. Mantis represents a significant advancement in the realm of cross-chain architecture. By seamlessly integrating advanced AI algorithms with a robust settlement framework, Mantis seeks to tackle the problems of fragmentation within multi-chain ecosystems. Its innovative approach prioritizes improved user experiences while adhering to the foundational principles of decentralization and security, setting a new standard for the future interoperability of blockchain technologies. As Mantis continues its journey of growth and implementation, it promises to be a project to watch closely in the competitive landscape of Web3 and decentralized finance. With its focus on crossing boundaries and elevating user engagement, Mantis is poised to be an integral part of the future developments in the cryptocurrency space.

244 Total ViewsPublished 2025.03.18Updated 2025.03.18

How to Buy M

Welcome to HTX.com! We've made purchasing MemeCore (M) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy MemeCore (M) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your MemeCore (M)After purchasing your MemeCore (M), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade MemeCore (M)Easily trade MemeCore (M) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

7.2k Total ViewsPublished 2025.07.02Updated 2026.06.02

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of M (M) are presented below.