HashKey’s 2024 Trading Volume Doubles to HK$638.4 Billion Despite $151M Net Loss
HashKey aims to raise HK$1.67 billion in its Hong Kong IPO as user accounts surge past 1.4 million, despite HK$3.0 billion in cumulative net losses since 2022.
HashKey Holdings is seeking HK$1.67 billion ($215 million) through a Hong Kong IPO after rapid expansion from under 200 accounts in 2022 to 1.44 million by mid-2025. The crypto exchange reported HK$3.0 billion in cumulative net losses between 2022 and mid-2025, with HK$506.7 million lost in H1 2025, driven by heavy infrastructure investments in custody, compliance, and on-chain services. Average cash burn reached HK$40.9 million per month in Q3 2025. A strategic pivot toward institutional flows and licensed onshore platforms in Hong Kong follows reduced retail trading volumes. The company projects over 70 months of liquidity from cash, digital assets, and expected IPO proceeds.
- Tokenization: The process of converting real-world or digital assets into blockchain-based tokens for easier transfer and management.
- Staking: Locking cryptocurrency in a blockchain protocol to earn rewards or participate in network governance.
- Web3: A decentralized internet ecosystem that uses blockchain technology to give users control over data and digital assets.