HashKey has emerged as Hong Kong’s largest licensed crypto alternate, however its IPO submitting reveals an organization paying closely for that place.
In keeping with filings revealed Monday with Hong Kong’s alternate, HashKey processed HK$638.4 billion (about $82 billion) in buying and selling quantity in 2024, round double the earlier 12 months as its Hong Kong platform scaled up with each institutional and retail customers.
The corporate’s payment take nonetheless hovered beneath 0.1 p.c, reflecting a pricing technique that prioritized market share over income. Whereas HashKey instructions round 75% of the Hong Kong market, its race-to-the-bottom payment strategy contributed to a web lack of greater than $151 million (HK$1.18 billion) in 2024. It would probably be a focus for buyers assessing the corporate’s IPO.
HashKey’s Bermuda alternate, launched as a global-facing venue providing a wider set of belongings, noticed buying and selling volumes collapse from roughly $23 billion within the first half of 2024 to about $1.4 billion a 12 months later. The submitting attributes the decline to a scarcity of on-off ramp functionality till late 2025 and a strategic pullback in advertising.
HashKey has been pushing into tokenization, staking, and Web3 occasions to diversify its enterprise, however the IPO submitting reveals these strains are nonetheless removed from significant.
Tokenization income reached solely about $0.9 million (HK$7.0 million) in 2024, then slipped to about $140,000 (HK$1.1 million) within the first half of 2025.
Web3 occasions – largely from its convention in Hong Kong within the spring – introduced in about $4.8 million (HK$37.1 million) in 2024 and about $3.0 million (HK$23.7 million) within the first half of 2025, making them considered one of HashKey’s bigger non-trading income strains whilst they remained small in contrast with its core alternate enterprise.
The submitting presents a diversified alternate with important market traction, however the enterprise mannequin continues to be working to discover a sustainable footing.
HashKey’s dominance in Hong Kong’s licensed market underscores the attain of its platform, however its skinny charges, modest new enterprise strains, and shrinking offshore exercise spotlight the monetary pressures across the itemizing. Whether or not that provides as much as a viable path ahead is now for buyers to resolve.
HashKey is a competitor to CoinDesk’s mum or dad firm, Bullish.
