HashKey's $386M Loss: Infrastructure Investment for Growth
Update: 2025-12-09
Description
HashKey, a crypto exchange, revealed significant losses of over three billion Hong Kong dollars due to infrastructure investments. Despite this, they aim to raise up to one point six seven billion Hong Kong dollars in an IPO. HashKeys losses stem from building essential infrastructure like custody, compliance, and on-chain services. They believe a regulated market structure offers advantages, with revenue from trading, staking, and management fees growing faster than expenses. HashKeys user base shifted towards institutional investments, and they scaled back their retail platform due to lack of easy money conversion. With current cash and expected IPO proceeds, HashKey estimates over seventy months of liquidity.
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