Crypto Exchange HashKey Eyes US$2.47 Billion Market Cap in Hong Kong IPO

Shiba Inu , one of the leading meme cryptocurrencies, has experienced a lot of activity from "whales." Specifically, there have been more large transfers than on any day since June 6, according to the data provided by analytics platform Santiment. 

At the same time, the total amount of Shiba Inu held on exchanges increased by 1.06 trillion SHIB. This essentially means that a lot of coins are now available on exchanges (possibly for selling). 

Due to these factors, the token is likely to experience more volatility in the next few days, Santiment warns. 

Will SHIB regain its momentum?

According to CoinGecko data, SHIB is up by nearly 6% over the past 24 hours. The token's market cap is currently sitting just below the $5 billion mark. 

As reported by U.Today, a moderate relief rally could be in the cards for the popular meme coin, but traders should not anticipate a sharp price spike. 

There are at least 400,000 fewer Bitcoin on exchanges compared to the same time last year, in a positive sign for the market, according to the market intelligence platform Santiment. 

Over 403,000 Bitcoin (BTC) have moved off exchanges since Dec. 7, 2024, representing roughly 2% of the total supply, Santiment said in an X post on Monday, citing data from its sanbase dashboard.

Users often move their Bitcoin away from exchanges into cold storage wallets, which, in theory, makes it harder to sell and could signal long-term plans to hold onto it. 

“As Bitcoin's market value hovers around $90K, crypto’s top market cap continues to see its supply moving away from exchanges,” Santiment added.

DUBAI, UAE, Dec. 9, 2025 /PRNewswire/ -- At the BIG Series – Bybit Institutional Gala, Bybit Co-founder and CEO Ben Zhou delivered a landmark address outlining Bybit's strategic path into a fully regulated institutional era. Speaking before global regulators, banks, and market leaders, Zhou detailed how Bybit's full UAE Virtual Asset Platform Operator (VAPO) license is reshaping the exchange's global positioning and setting new standards for governance, infrastructure resilience, and institutional-grade market access.

This new license places Bybit under one of the world's most robust regulatory regimes, enabling the exchange to offer a complete institutional product stack from a rigorously supervised UAE hub.

Vision Rooted in Trust, Scale, and Regulatory Alignment

Zhou opened by emphasizing that institutional adoption is accelerating toward firms that can demonstrate both operational scale and regulatory certainty — and Bybit is now positioned to lead that shift.

"Bybit's growth this year reflects a market seeking reliability," Zhou stated.

"Asset inflows rose from USD 1.3 billion in Q3 to USD 2.88 billion in Q4, while our wealth management AUM expanded fivefold from USD 40 million to USD 200 million. Institutions want partners who can scale with discipline, transparency, and governance — and Bybit is delivering exactly that."

Zhou noted that Bybit's strengthened regulatory status marks an inflection point for the industry.

"The UAE's VAPO license gives institutions what they have been waiting for — a regulatory environment where innovation is supported by rigorous oversight," he added. "It anchors our compliance-first strategy and sets a model for how global digital finance will mature."

From Retail Strength to Institutional Certainty

Zhou highlighted that Bybit's institutional advantage is built on the strength of its global retail ecosystem — now spanning card, Pay, and fiat integration across 13 regions. This scale enables one of the deepest liquidity pools in the industry, providing measurable execution benefits to institutional desks.

He also pointed to accelerated collaboration with major financial institutions in Europe and the Middle East, reinforcing Bybit's role as a high-reliability execution venue for professional market participants.

TradFi and Crypto: A Single Market Within Five Years

Looking ahead, Zhou outlined his long-term view of the industry. Rather than parallel financial systems, he predicts a unified capital market driven by shared infrastructure standards, integrated workflows, and interoperable liquidity.

"In the next five years, TradFi and crypto will not be two separate worlds," Zhou said. "We are moving toward a single, globally connected ecosystem built on institutional-grade liquidity, custody, and infrastructure — and Bybit is building the operational backbone for that future."

Commitment to a Safer, High-Performance Institutional Market

Zhou closed his keynote by underscoring Bybit's commitment to create the market's most trusted institutional trading ecosystem — anchored in transparency, execution speed, and clear regulatory standards.

With its expanded regulatory footprint, deepening institutional partnerships, and rapidly scaling liquidity, Bybit is well positioned as a foundational pillar of the global digital asset market heading into an era of rapid institutional adoption in 2026.

#Bybit / #CryptoArk 

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit's Communities and Social Media

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Dogecoin started a recovery wave above the $0.140 zone against the US Dollar. DOGE is now facing hurdles near $0.1450 and might struggle to continue higher.

• DOGE price started a decent upward move above $0.140 and $0.1410.
• The price is trading above the $0.140 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.140 and $0.1380.

Dogecoin Price Faces Resistance

Dogecoin price started a recovery wave from the $0.1350 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1380 and $0.140 resistance levels.

There was a decent upward move above the 23.6% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. However, the bears seem to be active near the $0.1440 and $0.1450 levels. Dogecoin price is now trading above the $0.1410 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1405 on the hourly chart of the DOGE/USD pair.

If there is a recovery wave, immediate resistance on the upside is near the $0.1450 level and the 50% Fib retracement level of the downward move from the $0.1532 swing high to the $0.1351 low. The first major resistance for the bulls could be near the $0.1490 level.

The next major resistance is near the $0.1530 level. A close above the $0.1530 resistance might send the price toward the $0.1620 resistance. Any more gains might send the price toward the $0.170 level. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level and the trend line. The next major support is near the $0.1380 level.

The main support sits at $0.1350. If there is a downside break below the $0.1350 support, the price could decline further. In the stated case, the price might slide toward the $0.1265 level or even $0.1250 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1400 and $0.1350.

Major Resistance Levels – $0.1450 and $0.1530.

SINGAPORE, Dec. 9, 2025 /PRNewswire/ -- MetaComp Pte. Ltd. ("MetaComp"), Singapore's leading licensed stablecoin cross-border payments and treasury management service provider, today announced it has raised US$22 million in its Pre-A funding round. This is one of the largest Pre-A raises this year for a Singapore-licensed stablecoin payments provider, closing amid a highly selective funding landscape. The raise follows the November launch of StableX Network that comprises its upgraded VisionX risk-intelligence engine, marking MetaComp's transition into scale-up mode as the region accelerates its shift towards regulated stablecoin settlement.

Dr. Bo Bai, Chairman and Co-Founder of MetaComp, said, "Asia is entering a new stage of digital finance where settlement infrastructure must meet the standards of global trade. StableX and VisionX give enterprises the speed of stablecoins with the safeguards of regulated finance. For us, this round goes beyond capital support. It is validation from top-tier investors that regulated stablecoin settlement will be one of Asia's defining financial rails over the next decade."

The round was backed by Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund and Beingboom Capital, with 100Summit Partners as exclusive financial advisor. The investor mix reflects deep expertise in supply chain, fintech infrastructure and institutional wealth management across Asia, underscoring MetaComp's strategic role in strengthening regional settlement infrastructure.

Tin Pei Ling, Co-President of MetaComp, said, "With regulations around stablecoins gaining clarity, enterprises now have the clarity to modernise their settlement processes. Our volumes, now exceeding US$1 billion a month across more than 30 markets, show that businesses want real-time payments that combine speed with compliance. This funding allows us to scale StableX and VisionX across Southeast Asia and build the Web2.5 infrastructure that the region's digital economy can depend on."

A Web2.5 architecture that unifies SWIFT and stablecoin networks

MetaComp holds a Major Payment Institution licence issued by the Monetary Authority of Singapore under the Payment Services Act 2019. With a strong emphasis on compliance, security, and institutional-grade infrastructure, MetaComp delivers an end-to-end suite of digital finance solutions — including OTC and exchange trading, fiat payment rails, regulated digital asset custody, and brokerage services. Together with its parent company Alpha Ladder Finance Pte. Ltd., a MAS-licensed Capital Markets Services (CMS) licensee and Recognised Market Operator (RMO), and through its proprietary Client Asset Management Platform (CAMP), MetaComp provides a Web2.5 treasury management services to its payment clients in a secure and integrated environment that bridges traditional finance with digital assets.

The StableX Engine, launched in May 2025, is MetaComp's intelligent FX and liquidity engine designed for cross-border B2B flows. Supporting both traditional SWIFT rails and multiple stablecoin networks, the engine delivers 24/7 FX execution, optimal path routing and automated liquidity management. It currently supports more than 10 leading stablecoins including USDT, USDC, RLUSD, FDUSD, PYUSD and WUSD, with plans to expand to other globally liquid and compliant asset types.

The StableX Network builds on this foundation by providing a real-time cross-border settlement layer. Powered by the StableX Engine for FX and liquidity and the VisionX Engine for compliance, the network enables instant, transparent and cost-efficient settlement across fiat and stablecoin environments. VisionX Engine integrates multiple KYT databases, real-time monitoring and dynamic risk scoring, enhancing inter-institution collaboration through a shared intelligence layer. This Web2.5 framework brings together the assurance of regulated finance with the speed and reach of digital assets.

Investor Confidence and MetaComp's 2026 Expansion Plans

These funds will accelerate the expansion of StableX Network, enabling local-fiat in, stablecoin rails across borders and local-fiat out. MetaComp will deepen its footprint across Southeast Asia, South Asia and the Middle East, where enterprises are demanding compliant, high-speed settlement infrastructure that can keep up with rising regional trade flows. The proceeds will also strengthen MetaComp's core technology development and global market expansion, enhancing its service capabilities for enterprises operating across multiple regulatory jurisdictions.

Noah commented that MetaComp's integrated Web2.5 "Payments + Treasury Management" strategy, anchored in stablecoin cross-border payments and enhanced by digital asset custody, positions the company to achieve significant scale in B2B settlement scenarios across emerging markets in Asia, Africa, and Latin America. Supported by Singapore's comprehensive MAS licencing regime and MetaComp's solid access to institutional banking channels, Noah believes that the company is poised to become a global leader in Web2.5 financial solutions. Noah will leverage its strengths in global high-net-worth client services and treasury management, to collaborate closely with MetaComp on compliant digital asset and cross-border treasury solutions, delivering more secure and efficient payment capabilities for clients.

Ron Cao, Founder and Partner of Sky9 Capital, said, "Stablecoin payments are entering a structural growth phase, and MetaComp has secured an advantageous position. The team's expertise across traditional finance and blockchain has translated into products with real commercial traction. We see MetaComp using payments as a foundation to scale into higher-value financial services and emerging as a next-generation leader in cross-border payment & treasury management infrastructure."

Frank Li, Director of Beingboom Capital, echoed this sentiment, "MetaComp is building a critical layer of digital financial infrastructure that improves stability, efficiency and compliance in global settlement. Asia's regulatory momentum provides a strong base for this growth, and we are confident the company will play a central role as digital finance continues to advance across the region."

About MetaComp Pte. Ltd.

MetaComp is a leading licensed cross-border FX and digital assets infrastructure provider headquartered in Singapore and licensed by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating on a P2B2C (platform-to- business/partners-to-clients) model, MetaComp empowers institutions, payment service providers, fintechs, and global enterprises to navigate the evolving cross-border payments and the digital asset economy with confidence.

MetaComp's latest innovation, StableX, is a next-generation cross-border FX and liquidity routing infrastructure designed to simplify and accelerate global fund flows. Powered by stablecoins and USD, StableX intelligently optimises multi-currency conversions and settlements, enabling faster, more cost-effective, and highly competitive cross-border transactions. As the FX layer within CAMP, StableX combines the programmability of digital assets with the reliability of regulated infrastructure, delivering a scalable, compliant and seamless ecosystem for the future of global finance.

To learn more about MetaComp and its regulated infrastructure and solutions, visit www.mce.sg or follow us on Twitter @MetaCompHQ.

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HashKey Holdings Limited, the company operating Hong Kong's largest crypto exchange, has officially filed to go public in the region.

HashKey's initial public offering marks the first time a dedicated crypto exchange has sought a public listing in Hong Kong. While OSL Group operates a digital asset trading platform, the company's IPO came prior to its foray into crypto.

According to the company's prospectus released Tuesday, HashKey plans to offer 240.57 million shares for global investors, allocating 24.06 million for Hong Kong buyers and the remainder for overseas investors.

The shares are priced in a range of HK$5.95 to HK$6.95. At the top end of that range, the offering could raise as much as HK$1.67 billion ($214.68 million) in gross proceeds. Based on an offer price of HK$6.45 per share, HashKey estimates it will receive roughly HK$1.43 billion ($183.82 million) in net proceeds from the global offering.

HashKey's Hong Kong public offering commenced at 9 a.m. HKT on Tuesday, while applications for the offering are expected to close on Dec. 12 at noon. The final pricing of the IPO is scheduled to be determined and announced on Dec. 16, with trading set to start the following day on the Hong Kong Stock Exchange under code 3887.

Use of proceeds

HashKey plans to allocate roughly 40% of its net proceeds to product innovation and infrastructure upgrades over the next three to five years to bolster its competitive position, according to the prospectus. Another 40% is earmarked for market expansion and new ecosystem partnerships.

The company said it plans to direct 10% of the proceeds to operations and risk management, with the remaining 10% set aside for working capital and general corporate purposes.

HashKey has been reporting net losses since 2022. In the first six months of 2025, HashKey booked a net loss of HK$506.7 million ($65 million), compared to a loss of HK$772.6 million ($99.2 million) in the same period last year.

The prospectus also shows that revenue for the nine months ended Sept. 30, 2025, rose 4% year-over-year to HK$557.6 million ($71.7 million), up from HK$536 million ($68.9 million) in the same period a year earlier. The increase was driven primarily by growth in asset management services, even as trading volume fell 24%.

"Our net losses and operating cash outflows [primarily] reflect the nature of our business development cycle and the substantial upfront investments required to establish a licensed, compliant and scalable digital asset platform," HashKey wrote, adding that its development cycle aligns with the typical evolution of crypto trading platforms prior to reaching profitability.

Local regulations

The HashKey IPO comes as Hong Kong continues to refine its crypto regulations, simultaneously fostering growth and establishing oversight for the sector.

In 2023, Hong Kong set up its licensing regime for virtual asset service providers in the region, laying the foundation for broader supervisory authority over the crypto sector. Earlier this year, Hong Kong established its first licensing regime for stablecoins and issuers.

More recently, the Securities and Futures Commission said it will allow licensed crypto trading platforms to tap global liquidity through shared order books, a move intended to improve market depth and expand product offerings.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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