Aletheia Capital has initiated coverage on HashKey Group with a Buy rating and a target price of HK$9.5, suggesting a potential upside of approximately 38%. The investment research firm highlights HashKey's strategic position as an institutional-grade digital asset infrastructure provider, likening it to a potential Asian counterpart to Coinbase. The report emphasizes HashKey's strong foothold in Hong Kong's licensed market and the regulatory barriers that could support its growth. Aletheia Capital anticipates short-term growth for HashKey driven by increased trading volumes and the introduction of new features. In the long term, the firm sees significant potential in high-value-added services such as custody, real-world assets (RWA), and on-chain financial services, which could further bolster HashKey's market position.