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HashKey became Asia’s first cryptocurrency exchange to list on a major stock exchange Wednesday, raising $206 million in a heavily oversubscribed Hong Kong IPO before shares tumbled as much as 9% in a volatile trading debut.
The listing marks a watershed moment for regulated crypto firms in Asia, though the turbulent first session underscores persistent investor caution around digital asset companies—even those operating under strict licensing regimes.
In announcing the listing, HashKey Group said the Hashkey Hong kong IPO represented a strategic turning point for the company. In a blog post, the firm described the listing as a foundation for broader ambitions beyond its home market.
“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,” — HashKey Group said in its statement.
The exchange has positioned itself as a compliant and regulated gateway to crypto markets in Hong Kong, aligning closely with the city’s licensing regime for digital asset platforms.
For policymakers, the Hashkey Hong kong IPO is being watched as a test of whether strict regulatory oversight can coexist with public market confidence in crypto-linked businesses.
The enthusiasm surrounding the Hashkey Hong kong IPO was evident in the subscription data. Launched on Dec. 9, the offering sold 240 million shares, raising $206 million in total, according to HKEX filings.
The Hong Kong public offering tranche was oversubscribed by nearly 394 times, with 24 million shares allocated to local investors. The international portion was also heavily subscribed, reaching 5.5 times the shares on offer and accounting for 216.5 million shares sold.
Nine cornerstone investors participated in the deal, including Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity and CDH. Cithara and UBS emerged as the largest cornerstone investors, receiving about 17.5 million shares and 11.7 million shares, respectively.
Despite the strong demand, the Hashkey Hong kong IPO delivered a turbulent first trading session. Shares briefly climbed about 5% above the opening price to roughly $0.91 before sliding to as low as $0.78 during the morning session. By the afternoon, the stock was trading slightly below its IPO price, around $0.84.
Speaking at the listing ceremony, HashKey chairman and chief executive Xiao Feng framed the Hashkey Hong kong IPO as both an opportunity and a responsibility for the company.
“Listing on the HKEX is a starting point that resembles greater responsibility,” — Xiao Feng, Chairman and CEO, HashKey, said.
He emphasized that regulatory alignment would remain central to the company’s strategy as a publicly traded firm.
“As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth,” — Xiao Feng added.
According to the company, proceeds from the offering will be used to strengthen infrastructure, enhance security systems and reinforce compliance capabilities.
These priorities reflect investor and regulator expectations that publicly listed crypto firms operate with standards closer to traditional financial institutions.
The Hashkey Hong kong IPO comes amid a broader wave of crypto companies seeking public listings in 2025.
Firms such as USDC issuer Circle and crypto exchanges Bullish and Gemini are also moving toward public markets, while US-based exchange Kraken disclosed in November that it had confidentially filed draft IPO documents.
For crypto investors, the mixed debut highlights the balance between long-term confidence in regulated platforms and short-term market caution.
For policymakers, the Hashkey Hong kong IPO offers an early signal of how public markets may price crypto businesses operating under tighter regulatory frameworks.
While the first day of trading showed clear volatility, analysts note that debut sessions often reflect short-term sentiment rather than underlying fundamentals.
Over time, the performance of the Hashkey Hong kong IPO is likely to be judged on execution, regulatory compliance and the company’s ability to scale beyond Hong Kong.
As Asia’s crypto sector continues to mature, the Hashkey Hong kong IPO stands as a closely watched case study — one that could influence how future digital asset firms approach public listings in regulated financial centers.
