Key Takeaways:
JPMorgan Chase & Co. has downgraded Hashkey Holdings (03887) to ‘Neutral’ from ‘Overweight’, cutting its price target on the Hong Kong-listed crypto exchange by 44% from 9 HKD to 5 HKD.
The move follows what the bank described as a “mixed” second-half 2025 earnings report from Hashkey, according to a research note published March 31. While the exchange’s trading volumes and market share were better than expected, overall revenue missed JPMorgan’s forecast by 6 percent.
JPMorgan highlighted that Hashkey’s gross margins have declined and are expected to remain at relatively low levels through the first half of 2026. Citing a weaker crypto market atmosphere since the start of the year, the bank has lowered its revenue forecasts for Hashkey for 2026 and 2027 by 19 percent and 21 percent, respectively. This contrasts with the performance of US-based exchange Coinbase, which has seen its own share of analyst revisions.
“Despite HashKey’s strong market leadership and expansion plans in Hong Kong, we expect the stock to face pressure from a more uncertain revenue outlook,” the report said. JPMorgan noted that investor appetite for high-beta, loss-making companies is decreasing in the current risk-averse environment, a sentiment that could affect other players like Binance as well.
This article is for informational purposes only and does not constitute investment advice.
