• Within the IPO, the corporate bought roughly 240.6 million shares at HK$6.68 every, elevating roughly HK$1.6 billion (roughly $206 million).
• On the primary day of buying and selling, the motion of Hashkey inventory was restricted, with some ups and downs.
• By noon and the shut, the inventory had closed barely under the providing worth or roughly flat.

HashKey Holdings Ltd., the operator of Hong Kong’s largest regulated cryptocurrency change, has formally begun buying and selling on the Hong Kong Inventory Trade following its long-awaited preliminary public providing (IPO).

The itemizing was a major milestone for the corporate and town’s plans to turn into a high vacation spot for licensed cryptocurrency companies.

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The IPO raised roughly HK$1.6 billion (roughly $206 million) by promoting roughly 240.6 million shares at a worth of HK$6.68 per share, near the market worth.

That being stated, on the primary day of buying and selling, Hashkey inventory noticed restricted motion with some ups and downs.

The inventory rose greater than 6% above its providing worth within the early hours of buying and selling, displaying early enthusiasm from consumers. Nonetheless, by noon and the shut, the inventory had closed barely under the providing worth or roughly flat.

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The uneven efficiency signifies that merchants have gotten cautious, probably resulting from latest fluctuations within the crypto market, together with Bitcoin’s notable decline from its earlier yearly excessive.

Nonetheless, HashKey’s inventory market debut is a giant deal for Hong Kong’s crypto scene. That is the primary time a significant crypto change has listed there, demonstrating town’s dedication to turning into a high regulated crypto firm. That is very completely different from mainland China, the place cryptocurrency buying and selling is totally prohibited.

HashKey market place

Based in 2018, HashKey operates one of many largest licensed cryptocurrency exchanges in Hong Kong, serving each retail and institutional traders beneath official regulatory supervision.

The corporate additionally presents funding administration and buying and selling companies, tokenization and on-chain execution capabilities, and custody and danger administration infrastructure.

HashKey stated in its prospectus that it handles greater than 75% of Hong Kong’s onshore crypto transactions and has processed greater than HK$1.3 trillion in complete spot transactions.

There was very sturdy demand for this IPO, particularly from retail traders, who utilized for nearly 394 instances the out there shares. It additionally obtained strong help from main monetary establishments similar to Constancy Worldwide and UBS.

Regardless of having a dominant native market share, Hashkey reported a decline in buying and selling income this 12 months as a result of total crypto market slowdown. Income fell within the first half of this 12 months in comparison with 2024, highlighting its dependence on buying and selling volumes.

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