HashKey Holdings’ shares slipped 3% on Wednesday in their Hong Kong trading debut, closing at HK$6.51 after being priced near the top of the marketed range at HK$6.68, according to CNBC.

The cryptocurrency exchange raised $206 million in its initial public offering, becoming the first digital asset company to list publicly in the city. The debut came amid a sharp downturn in the crypto market, with bitcoin down about 36% from its October record high above $126,000.