HashKey Holdings’ shares fell about 5% of their Hong Kong buying and selling debut, a muted reception that underscores investor warning towards the alternate’s enterprise mannequin regardless of its dominant place within the metropolis’s regulated crypto market.
The inventory opened beneath its IPO worth and slid to round HK$6.34 by mid-morning. The decline adopted the discharge of prospectus disclosures earlier in December, displaying heavy losses however speedy development in customers and exercise.
The IPO comes at a time when bitcoin has pulled again from its all-time excessive earlier this 12 months, to commerce round $87,000, taking down the valuation of most crypto-linked shares globally.
HashKey controls roughly three-quarters of Hong Kong’s licensed crypto buying and selling market and processed greater than $81.8 billion (HK$638 billion) in quantity in 2024, in line with the prospectus.
However its ultra-low payment technique, with expenses largely beneath 0.1%, has saved income development far behind working prices tied to licensing, custody, compliance, and infrastructure. The alternate reported cumulative web losses of about $385 million (HK$3.0 billion) between 2022 and mid-2025, with a month-to-month money burn that continues to be elevated.
Traders seem like weighing whether or not scale alone can repair that imbalance. Early buying and selling suggests the market is reserving judgment, ready for clearer proof that charges can rise or that larger margin providers could make a significant contribution.
The weak debut may additionally replicate a narrower development narrative. HashKey has withdrawn from offshore retail markets, closing its Bermuda-registered entity, and is more and more tied to Hong Kong’s regulatory framework, making its outlook extra depending on native coverage, institutional participation, and capital market exercise than broader crypto cycles.
HashKey is a competitor to CoinDesk’s mum or dad firm, Bullish.
(UPDATE, Dec. 15, 2:52 UTC): Provides further broader market context.
