Markets
Oy vey, what to know:
- HashKey, Hong Kong’s biggest crypto emporium (and licensed, no less!), moved a WHOPPING HK$638.4 billion in 2024-double last year. A real mishigas of money!
- But hold the mazel tov! Their brilliant “low fee” scheme? It cost ‘em over $151 MILLION! 💸 Talk about a schlemiel!
- They’re trying to sell tokens and throw Web3 parties, but let’s just say it’s not exactly printing money. It’s more like…mildly folding it?
So, HashKey is the big kahuna in Hong Kong crypto…but their IPO papers? A tragedy! A comedy of errors! It shows they’re PAYING through the nose for this “success.” Honestly, you’d think they were giving the crypto away with a nice side of latkes!
They say they traded HK$638.4 billion (about 82 billion dollars, which is a lot even I can understand) in 2024. Double what they did before! Everybody’s rushing in! Institutional types, retail schlubs… the works!
But they’re charging practically nothing for fees-less than 0.1 percent! A race to the bottom, you say? More like a dive off a cliff! This “strategy” resulted in a loss of over $151 million! Over a hundred million! Investors, are you listening?! This is not a good sign! 🤦
And their Bermuda exchange? Forget about it! It went from $23 billion in trades to a measly $1.4 billion. Turns out, you need a way for people to actually get into the exchange. Who knew?! And apparently, they stopped yelling about it. What a blunder!
They’re dabbling in tokenization, staking, and Web3 doohickeys… but these newfangled things aren’t exactly raking in the dough. They’re trying, bless their hearts. They’re trying.
Tokenization brought in a grand total of $0.9 million. And then… it dropped. To $140,000! Oh, the humanity! It’s a slow burn, folks, a slow burn. 🔥
Their fancy Web3 conferences? Earned them $4.8 million. Not bad, but peanuts compared to all the trading. It’s like funding a yacht with pennies! Still, it’s enough to buy a nice bagel and a lox.
Look, they’ve got a big presence in Hong Kong, sure. But small fees, flaky new business, and a shrinking overseas operation? It’s a recipe for a financial headache! Is it a viable long-term plan? That, my friends, is for the investors to decide. Good luck with that! They’ll need it! 🤪
And just so you know, these HashKey guys are competitors of the folks who run CoinDesk. A real clash of the titans! (Or maybe just two slightly panicked companies.)
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2025-12-01 10:46