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 ($0.86), according to data from the exchange.
Announcing the news in a blog post, HashKey Group said the exchange became the first publicly traded digital asset company in Asia to go public through an IPO in Hong Kong.
“This milestone marks the company’s entry into a new stage of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company stated.
HashKey stock slides following the oversubscribed raise
Launched on Dec. 9, HashKey’s IPO has received massive demand from institutional and retail investors, selling a total of 240 million shares for 1.6 billion HK$ ($206 million), according to the company’s HKEX filings.
The Hong Kong offering was oversubscribed by nearly 394 times with 24 million shares sold, while the international IPO reached 5.5 times the amount of stock on offer, selling 216.5 million shares.
The raise attracted nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. Cithara and UBS were the largest investors, allocating around 17.5 million shares and 11.7 million shares, respectively.
In its public debut, HashKey experienced notable volatility during the morning session, with the stock briefly surging about 5% above its opening price to 7.1 HK$ ($0.91), before sliding to as low as 6.1 HK$ ($0.78).
The stock continued to trade slightly below the IPO price during the afternoon session, or around 6.5 HK$ ($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.
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“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.
