HashKey Leads Hong Kong Crypto Market but Faces Heavy Losses Ahead of IPO
HashKey has become Hong Kong’s largest licensed crypto exchange, yet its IPO filing reveals major financial pressures. Ultra-low fees—kept under 0.1%—prioritized market share over revenue, resulting in a net loss of $151 million (HK$1.18 billion) in 2024, despite trading volumes nearly doubling to HK$638.4 billion (~$82 billion).
While HashKey holds roughly 75% of Hong Kong’s market, its Bermuda exchange struggled, with volumes collapsing from $23 billion in H1 2024 to $1.4 billion due to delayed on-off ramps and limited marketing.
Diversification efforts into tokenization, staking, and Web3 events remain minor. Tokenization generated $0.9 million in 2024, dropping to $140,000 in H1 2025, while Web3 events brought in $4.8 million and $3 million, respectively.
The filing highlights strong market dominance but also thin fees, modest non-trading revenue, and declining offshore activity—critical factors for IPO investors. HashKey competes with Bullish, parent of CoinDesk.
