Hong Kong based crypto exchange HashKey Holdings has reportedly raised approximately $206 million in its Hong Kong IPO.

Founded in 2018, HashKey Holdings specialises in blockchain technology and digital asset trading, providing a wide range of services, including a regulated digital asset exchange, institutional-grade custody solutions, brokerage services and a venture capital arm that invests in blockchain projects worldwide.

On Monday, Bloomberg reported that the crypto business sold 240.6 million shares in its Hong Kong IPO, with the offer price initially set between HK$5.95 and HK$6.95 per share. This pricing range positioned the final issue price close to the upper end, reflecting strong investor demand.

HashKey is the first fully licensed cryptocurrency exchange platform in Hong Kong to be listed on the stock exchange, demonstrating confidence in the city's regulatory framework and growing interest in cryptocurrency-related activities operating within a clear regulatory environment.

According to Reuters, the cryptocurrency exchange is expected to begin trading on the Hong Kong Stock Exchange on 17 December.

While authorities in Beijing have been banning cryptocurrency trading since 2021, Hong Kong operates under a freer economic system which supports digital assets.

According to the Bloomberg report, approximately 80 per cent of the institutional tranche was allocated to the top 20 participants, with investors participating in the IPO including UBS, Fidelity and Chinese investment firm CDH.

The IPO comes after cryptocurrencies reached record highs earlier this year.

In July, Bitcoin surpassed the $120,000 mark, reaching an all-time high of $123,153.22, Reuters reported at the time. The move marked a milestone for Bitcoin, indicating growing optimism about cryptocurrency regulation and adoption by institutions.

During the same month, the US passed the first major national cryptocurrency law aimed at establishing a clear regulatory framework for digital assets, marking a crucial moment for the cryptocurrency industry.

The legislation focuses on stablecoins, a type of cryptocurrency considered stable because the digital asset’s value is pegged to a reference asset which is either fiat money, exchange-traded commodities, or another cryptocurrency.

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