HashKey Holdings Ltd.’s Initial Public Offering (IPO) in Hong Kong was successfully completed, raising HK$1.6 billion, equivalent to about $206 million. The company sold 240.6 million shares at a price of HK$6.68, close to the upper limit of its marketed range, demonstrating strong demand from investors.
This milestone for HashKey comes at a time of great crypto volatility and underscores Hong Kong’s effort to consolidate itself as a global digital asset hub. Demand was exceptionally high, with the top 20 entities cornering nearly 80% of the available institutional tranche. The entry of HashKey, a firm already operating under the city’s regulatory framework, adds weight to the digital asset licensing regime that Hong Kong implemented in 2022.
HashKey announced that it will use the funds raised in the HashKey Hong Kong IPO to boost its technology, expand its infrastructure, hire staff, and strengthen its risk systems. Its stock market debut occurs during a month of high listing activity in the city, which seeks to close the year with record figures, although attention will be focused on whether the stock manages to hold its ground in a volatile crypto market.
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