HashKey Holdings Shares Fall 5% on Hong Kong Trading Debut
HashKey Holdings' shares fell about 5% on their Hong Kong trading debut, opening below their IPO price and trading around HK$6.34 by mid-morning. The company controls roughly three-quarters of Hong Kong’s licensed crypto trading market and processed over $81.8 billion (HK$638 billion) in 2024.
Despite its dominant market position, HashKey reported cumulative net losses of about $385 million (HK$3.0 billion) from 2022 to mid-2025, driven by a high monthly cash burn. Its ultra-low fee strategy, largely below 0.1%, has limited revenue growth and left operating costs related to licensing, custody, compliance, and infrastructure outpacing income.
Investors are cautious, weighing whether the company's scale can convert into sustainable profits. Early trading reflects expectations for higher-margin services or fee increases. HashKey's growth outlook is increasingly dependent on Hong Kong’s regulatory framework, with a focus on local policy, institutional participation, and capital markets activity rather than broader crypto cycles.
Additionally, HashKey has pulled back from offshore retail markets by closing its Bermuda-registered entity and is now more closely tied to Hong Kong regulation. It also competes directly with Bullish, which is CoinDesk’s parent company.
