HashKey has emerged as Hong Kong’s largest licensed crypto trade, however its IPO submitting reveals an organization paying closely for that place.
In keeping with filings printed Monday with Hong Kong’s trade, HashKey processed HK$638.4 billion (about $82 billion) in buying and selling quantity in 2024, round double the earlier yr as its Hong Kong platform scaled up with each institutional and retail customers.
The corporate’s charge take nonetheless hovered below 0.1 %, 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 charge strategy contributed to a web lack of greater than $151 million (HK$1.18 billion) in 2024. It can probably be a focus for traders assessing the corporate’s IPO.
HashKey’s Bermuda trade, launched as a global-facing venue providing a wider set of property, noticed buying and selling volumes collapse from roughly $23 billion within the first half of 2024 to about $1.4 billion a yr later. The submitting attributes the decline to an absence 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 exhibits 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 one in every of HashKey’s bigger non-trading income strains at the same time as they remained small in contrast with its core trade enterprise.
The submitting presents a diversified trade with vital 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 traders to resolve.
HashKey is a competitor to CoinDesk’s mother or father firm, Bullish.
