HashKey, Hong Kong’s largest licensed crypto exchange, made its stock market debut on Wednesday, and the buzz was… a little lukewarm. Shares climbed 3% after the exchange raised $206 million in its IPO, pricing at HK$6.68 per share, right near the top of the marketed range. Not bad, but not exactly a fireworks moment either.
The listing comes at a tricky time for crypto. Bitcoin, the world’s flagship cryptocurrency, has lost roughly 36% in just a month after hitting an all-time high in October.
So even a modest 3% uptick feels like a small win in a volatile market.
刚看到 HashKey 在港交所敲钟。
— 空空 (@btcoindown) December 17, 2025
亚洲第一家加密 IPO，没有喧哗，但这一刻挺有分量的。
恭喜 HashKey，也算是港交所的一个新节点。 https://t.co/HU5YE683cW
Founded in 2018, HashKey isn’t just any exchange. It’s fully licensed and offers a suite of services including trading, over-the-counter transactions, staking, tokenization, and even asset management for retail and institutional clients. Essentially, it’s positioning itself as a one-stop shop for all things crypto in Asia.
Cornerstone investors like Fidelity, UBS, CDH Investments, and Cithara Fund backed the IPO, with JPMorgan and Guotai Haitong serving as joint bookrunners.
That kind of backing adds a layer of confidence for investors, especially in a market where crypto hype meets real-world skepticism.
What HashKey CFO Eric Zhu told News Outlets-
“Our mission is to make digital assets massively accessible. What we’re doing is creating a compliant platform that connects users with the digital assets industry. We’re confident the adoption rate in Hong Kong and Asia will catch up with the U.S.”
Despite the modest market debut, analysts see this as a milestone for regulated digital assets in Asia. William Ma, CIO at GROW Investment Group, said, “This is a big moment for digital asset and wealth management in the region. Hong Kong is proving itself as a key hub for regulated crypto.”
In short: HashKey may not have lit up the stock exchange like a crypto rocket, but its debut signals steady progress for Asia’s regulated crypto ecosystem, and that’s a win for anyone looking at the long game.
