Ultra-low fees kept monetization in the basis-point range, leaving revenue unable to offset steep losses despite surging Hong Kong trading volumes.
Dec 1, 2025, 7:29 a.m.
HashKey has emerged as Hong Kong’s largest licensed crypto exchange, but its IPO filing reveals a company paying heavily for that position.
According to filings published Monday with Hong Kong’s exchange, HashKey processed HK$638.4 billion (about $82 billion) in trading volume in 2024, around double the previous year as its Hong Kong platform scaled up with both institutional and retail users.
The company’s fee take still hovered under 0.1 percent, reflecting a pricing strategy that prioritized market share over revenue. While HashKey commands around 75% of the Hong Kong market, its race-to-the-bottom fee approach contributed to a net loss of more than $151 million (HK$1.18 billion) in 2024. It will likely be a focal point for investors assessing the company’s IPO.
HashKey’s Bermuda exchange, launched as a global-facing venue offering a wider set of assets, saw trading volumes collapse from roughly $23 billion in the first half of 2024 to about $1.4 billion a year later. The filing attributes the decline to a lack of on-off ramp capability until late 2025 and a strategic pullback in marketing.
HashKey has been pushing into tokenization, staking, and Web3 events to diversify its business, but the IPO filing shows these lines are still far from meaningful.
Tokenization revenue reached only about $0.9 million (HK$7.0 million) in 2024, then slipped to about $140,000 (HK$1.1 million) in the first half of 2025.
Web3 events – largely from its conference in Hong Kong in the spring – brought in about $4.8 million (HK$37.1 million) in 2024 and about $3.0 million (HK$23.7 million) in the first half of 2025, making them one of HashKey’s larger non-trading revenue lines even as they remained small compared with its core exchange business.
The filing presents a diversified exchange with significant market traction, but the business model is still working to find a sustainable footing.
HashKey’s dominance in Hong Kong’s licensed market underscores the reach of its platform, but its thin fees, modest new business lines, and shrinking offshore activity highlight the financial pressures around the listing. Whether that adds up to a viable path forward is now for investors to decide.
HashKey is a competitor to CoinDesk’s parent company, Bullish.
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Protocol Research: GoPlus Security
Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Hedera Tumbles 10% to Crucial Support on Heavy Volume
Hedera’s 10% drop on Dec. 1 has pushed HBAR back to a key support zone, where consolidation, fading volume, and institutional selling pressure are shaping the next move.
Bilinmesi gerekenler:
- HBAR dropped from $0.1459 to $0.1308, breaking key trendline support on heavy volume.
- Trading activity jumped 25% above weekly averages, signaling institutional engagement.
- Price found support near $0.1307 as technical consolidation patterns formed.
