HashKey Holdings Raises US$206 million in Hong Kong IPO Despite Crypto Market Volatility

HashKey Holdings Achieves Strong IPO Despite Crypto Volatility

HashKey Holdings Ltd., Hong Kong’s largest licensed cryptocurrency exchange, has raised HK$1.6 billion (around US$206 million) after pricing its initial public offering at HK$6.68 per share, close to the top of its marketed range.

The offering comprised 240.6 million shares and drew strong demand from both institutional and retail investors, signalling confidence in the company despite ongoing turbulence in global crypto markets.

Why Investors Flocked to HashKey’s IPO

The IPO comes at a time of significant digital asset price swings, with Bitcoin having fallen roughly 30% since its October high.

Nevertheless, investors filled orders throughout the book, with the top 20 institutional buyers taking about 80% of the allocation, excluding shares reserved for cornerstone investors.

UBS, Fidelity and China-based CDH were among the cornerstone participants, lending weight to the listing and demonstrating investor appetite for regulated crypto platforms.

Andy Wong, head of IPOs at SW Hong Kong, noted, “HashKey’s listing shows investor interest remains strong,” highlighting that many firms aim to finalise listings before potential regulatory changes in 2026.

What Sets HashKey Apart in Hong Kong’s Crowded Market

HashKey operates more than a trading platform.

Founded in 2018, it also offers asset management, venture capital services and tokenisation platforms.

It was among the first firms to secure a licence under Hong Kong’s updated digital asset regulatory framework introduced in 2022, giving it a clear compliance advantage.

The timing of the IPO aligns with Hong Kong’s busiest month for listings in years, with 19 companies launching or preparing offerings in December.

The city’s total IPO proceeds for 2025 have surpassed US$34 billion, the highest since 2021.

While some recent debutants like Jingdong Industrials and Suzhou Novosense have fallen below their issue prices, HashKey’s regulated crypto focus differentiates it in a crowded market.

How Hong Kong’s Approach Differs From Mainland China

The IPO highlights Hong Kong’s contrasting stance on crypto compared with mainland China.

Beijing maintains strict restrictions, having banned cryptocurrency trading in 2021 and recently warning again about virtual currency risks.

Hong Kong, under a separate legal system, promotes licensed exchanges and regulated trading, aiming to strengthen its position as an international hub for digital finance.

HashKey’s early licensing under this framework and its regulated operations across trading, asset management, and venture capital position it as a test case for Hong Kong’s model.

Its IPO proceeds will be used to enhance technology, expand infrastructure, hire additional staff, and strengthen risk controls.

Will Market Volatility Affect Long-Term Confidence

Despite the crypto market downturn, HashKey’s strong IPO reception suggests confidence in the company’s long-term strategy.

The firm sold shares at HK$6.68, near the top of its HK$5.95–HK$6.95 range, and kept the deal size fixed at 240.6 million shares amid oversubscription.

Backed by major sponsors JPMorgan Chase & Co. and Guotai Junan, the offering sends a signal that regulated crypto ventures can attract capital even during periods of market uncertainty.

With trading scheduled to begin on 17 December 2025, investors and analysts will closely monitor HashKey’s performance as Hong Kong continues to position itself as a hub for regulated digital asset activity.