Losses Mount in Hong Kong Crypto Market; HashKey Maintains Leading Position

HashKey Leads Hong Kong Crypto Market but Posts Heavy Losses Ahead of IPO

HashKey has become Hong Kong’s largest licensed crypto exchange, yet its IPO filing reveals significant financial pressures. Ultra-low fees—under 0.1%—have prioritized market share over revenue, leaving the company with a net loss of more than $151 million (HK$1.18 billion) in 2024, despite processing HK$638.4 billion (~$82 billion) in trading volume, roughly double the previous year.

While HashKey commands about 75% of the Hong Kong market, its Bermuda exchange saw trading volumes collapse from $23 billion in H1 2024 to $1.4 billion a year later due to delayed on-off ramps and reduced marketing.

Diversification efforts into tokenization, staking, and Web3 events remain small. 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 underscores HashKey’s dominant market position but highlights thin fees, modest non-trading revenue, and shrinking offshore activity—key considerations for IPO investors. The company competes with Bullish, parent of CoinDesk.