HashKey Holdings Experiences a Rough Trading Debut in Hong Kong
- HashKey Holdings’ shares fell approximately 5% during their trading debut, opening below the IPO price at around HK$6.34.
- The exchange processed over $81.8 billion (HK$638 billion) in trading volume for the year.
- Cumulative net losses reached about $385 million (HK$3 billion) from mid-2022 to mid-2025.
- HashKey controls roughly three-quarters of Hong Kong’s licensed crypto trading market.
- The company’s ultra-low fee strategy has resulted in revenue growth lagging behind operating costs.
Investors are cautious about HashKey’s business model, particularly following its withdrawal from offshore retail markets and reliance on local regulations. The exchange’s performance reflects broader trends affecting crypto-linked stocks as Bitcoin trades around $87,000, down from its all-time high earlier this year.
The weak debut highlights concerns over HashKey’s financial sustainability, with significant losses and an elevated cash burn rate despite processing substantial trading volumes of over $81.8 billion.(Source)
