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HashKey Group shares closed down 3% at HK$5.80 on their first day of trading on the Hong Kong Stock Exchange on December 18, 2025, after the crypto exchange raised $206 million in an IPO that valued the company at $2.6 billion.
The offering was priced at HK$5.95 per share, the top of the marketed range, with 87.7 million shares sold. Trading opened at HK$6.70 and ended at 2.7% lower, as profit-taking erased gains. Volume reached HK$7.92 million in 24 hours, with institutional investors accounting for 68% of demand, per exchange data.
CEO Livio Weng called the listing a “milestone for regulated crypto platforms in Asia,” noting HashKey’s 2025 trading volume and licenses in Hong Kong, Bermuda, and Japan. The firm plans to use proceeds for global expansion, RWA tokenization, and compliance upgrades amid Hong Kong’s push to become a digital asset hub.
HashKey CFO Eric Zhu told the press: “Our mission is to make digital assets widely accessible by building a fully compliant platform that connects users to the crypto industry.”
He added: “We’re confident that crypto adoption in Hong Kong and across Asia will soon match the penetration levels seen in the U.S.”
The debut follows Circle’s $1.1 billion U.S. listing in June and comes as Hong Kong approves more virtual asset trading platforms. Still, shares traded below peers like Coinbase.
HSK currently trades as $0.2870, down by 2.5% in the last 24 hours
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